Thursday, July 28, 2011

Abu Dhabi mandates Tawtheeq rent contracts for property transactions

Tawtheeq registered tenancy contracts are now mandatory when applying for a parking spot near the residences, according to a new rule in the UAE Capital. In fact, the Tawtheeq-registered tenancy contract is necessary for completion of any transaction pertaining to property.

The tenancy contract will have to be duly registered as per the municipality-approved form to complete any of the transactions pertaining to properties registered in Tawtheeq e-system.

Further, the Abu Dhabi City Municipality has begun co-ordinations with the Abu Dhabi Distribution Company, The Department of Economic Development and Department of Transport, aiming to extend the Tawtheeq system.

The Manager of Tawtheeq at the Municipality, Ali Al Hashemi, said that this move forms a part of the efforts by the Municipality to make the Tawtheeq-registered contracts an essential part of real estate industry transactions and services in Abu Dhabi.

Following this practice, the Municipality will also enter into partnership deals with 12 other government departments, which will also require tenancy contracts as part of their transactions.

Launched in March, the Tawtheeq project aims to register all leasable properties and contracts in the capital, aiming to streamline the real estate sector in Abu Dhabi. All property management companies and landlords have been given the deadline of 30th September for signing up to the system, the Municipality announced.

At present more than 45,000 units in the Capital, which includes 22,500 commercial units, have been already registered on the Tawtheeq system. There are a total of 300,000 leasable units in Abu Dhabi, half of which are owned by real estate management firms, while half have been owned by landlords and individual owners, Al Hashimi said.

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