Dubai Land Department & RERA Simplify Strata Law Complexities At Dubai Property Group Meeting
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The new law was layered in Dubai, December 31, 2007, it is expected that the rules, regulations and governance to the rapid evolution of the growth in the goods sector. That law, however, is that there is still an excitement in the property sector, as the knowledge and understanding of the popular law remains unclear. In order to raise real estate professionals and specialists in the Real Estate Regulatory Authority (RERA) and Dubai Land Department, today, the problem at Dubai Property Group (DPG) monthly networking event which hosts Marwan Bin Ghulaita, RERA CEO, Emad Eldin Farouq, a major legal advisers Dubailand and Gary Bujde department, the executive director of the ISS Consulting. RERA presented to more than 250 members of the DPG, the provisions of the law and its impact on the owners, developers, municipalities and investors. He also reviewed the provisions of the law as regards Owners’ Associations (OA), the registration and maintenance of booking fees. “The law is designed for the day-to-day management of buildings and to overcome the complexity of the institution” master association and the community of statements by the introduction of a simple but complete system rights and obligations, “said Bin Ghulaita. “The implementation of new laws and regulations in Dubai more to protect investors and property of the Commonwealth on the broad, but also the potential irregularities violate the requirement to obtain profits at the expense of the city.” “The layers of the Act refers to the management of common property and the common facilities, such as parking spaces, firefighters, air conditioning, elevators, swimming pools, gyms, sidewalks, streets and gardens act as “layers” in a number of countries, “says Emad Eldin Farouq.” According to the law, the owner of an association should be defined as a regulatory framework to ensure the quality of facilities used a common development environment, as a result of the improvement of the quality of life and the Commonwealth. ” In response to the question of how the interview to determine taxes and determine the responsibilities of Owners’ Association, “Farouq said:” In accordance with the law, the developer still responsible for 10 years from the date of the issuance of the certificate of ownership The completion of repairs to buildings and healing gaps in parts of the structure of ownership. The developers are also responsible for the commitments that for 1 year from the date of completion of construction machinery, electrical equipment, sanitation and health facilities. ” An Owners’ Association is a not-for-profit unit of the unit and the owners have done, upon registration of the first unit of sale. It has a board of directors elected by a general assembly (3 to 7 members), and is responsible for the operation, maintenance and operation of public spaces (for example, parking, leisure facilities , Garden, elevators, tanks, pipes, generators and water pipes, bridges, lakes, fountains and water games.) “The law, which clearly defines the relationship between the developers and owners Owners’ Associations help eliminate ambiguity about who is responsible for the joint management of real estate and reduce the scepticism among investors,” said Gary Bujde. “According to the law, by their owners OA can be invited to participate in the budgeting of the joint property management process. Secondly, this operation is confidence and increase their investment owners, as it is to be more protected, better organized and managed. ” Landowners in Dubai the owner to pay the service of the new law. The tax is levied on the Owners’ Association and another on the fees charged to developers. “The fees are set by the General Assembly and must pay OA whose due date. A 20% discount should be possible to pay on time, but that could not pay face stiff penalties, “said Bujde. The Owners’ Association will be entitled to payment of fees in a special account with a bank by the elected members. The club is next, and then select a property, the management company for the management of funds collected and maintenance on the part of developers fees, by the association, to cover the common institutions. “The owner, which relate to new or unknown, the law often find it difficult to understand the different aspects of the law and the ongoing monetary liabilities, in conjunction with him,” said Adel Lootah, Executive Director of Dubai Property Group. “The purpose of this event was to draw attention to the new law, the details and nuances of our members and give them the opportunity to interact directly on issues RERA representatives of countries and Dubai.” |