photo credit: trippinlarry
Dubai’s land laws appear to be tightening in response to calls for more legislation to control developers of investment property.
The Land Department and the Real Estate Regulatory Authority (RERA) are now issuing public notices when builders apply for the cancellation of real estate projects.
One notice, reproduced on the ‘Life In Dubai’ blog, announces Bonnington Land Limited has applied to call off two town house plots and an apartment scheme at Jumeirah Village.
Anyone wanting to object to such cancellations can write or email RERA in a move designed to improve industry accountability.
“In the recent past there was no regulatory authority, a developer could be a fly-by-night cowboy who could simply walk away from a project”
, said Life in Dubai.
The emirate has already set up a property court system to settle disputes quickly and efficiently with an initial system of 10 judges.
The Dubai Land Department has also stepped up administrative improvements, including allowing developers to apply for interim registration online.
At a seminar to launch the change, Mohammed Sultan Thani of the department said:
“Dubai has witnessed the issuance of specific real estate laws that prioritise the interests of the country and all industry stakeholders.
“The laws also seek to establish trust in the market, attract foreign investment, and sustain the sector’s growth.”
Life in Dubai
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