Thursday, August 26, 2010

Developers strive to keep up the Owners Associations deadline

While the developers have begun using the strata consultants to keep up the October deadline for registration of owners association, it is said that an extension to the deadline is likely.

The CEO of Strata Global, Kent A O'Brien, said that the October deadline to complete all documentation process and to register owners' associations with RERA (Real Estate Regularoty Agency), will be extended further.

The Head of Strata Management at Cluttons, Graham Yeats, also responded similarly.

"The pressure to meet the deadline will be there. Even RERA will have to do a lot of processing within a short span, but it will be worthwhile in the end," he said.

The developers in Dubai, who have been proactive till date, are continuing that way. But, few others are hoping that they will not have to spend money on compliance, O'Brien said.

Yeates said that several developers are using consultants to handle the registration. The main document is the JOP declaration, which outlines the details of the project, including the method of calculating the cost sharing.

RERA will ensure that this is calculated in an equitable manner and consultants can assist with this formula. Although it is a tight deadline, the proactive developers are working towards reaching this goal, he concluded.

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