KM Properties registers under new law
Dubai, August 12, 2007
KM Properties, a Dubai-based company and the real estate development arm of KM Holding, has registered itself under the new Land Department Law.
The company is now licensed to develop and sell real estate in adherence of the new Law 8 concerning real estate purchases and Escrow account deposits, said a statement.
It said the company is the first developer to register under the new law.
The Director of Dubai Land Development, Sultan Bin Butti, said: “KM Properties was one of the first companies to respond instantaneously to the new law and immediately applied for registration to get licensed as a developer under the new rule. It straightaway started to modify its situation in the Land Department by adding a new activity to exercise, which is the activity of real estate development. And this activity was only issued a couple of months ago.”
“The new property Law 8 is increasing the confidence for investors outside and inside of Dubai. I am confident the size of investments will definitely increase given the assurances presented in the new rule,” said Jomaa Bin Himidan, the director’s assistant.
Law No 8 states that all real estate developers are required to obtain a license from the Dubai Land Department to carry on property development business in the emirate.
Asked on the impact the new property law has had on the market, Marwan Bin Gileetah, Executive director of the Real Estate Association, said: “The Dubai property market is very healthy. There was a great response received from main and sub-developers. We also received thousands of questions about the new law from banks, legal offices, financial audit firms and real estate companies. That only shows this is a very healthy market. We also noted lots of inquiries coming from developers on getting licensed by our department.”
“KM Properties looks forward to working in tandem with the Land Department who will ensure on behalf of our customers that their investments are in good hands. This law allows for greater transparency in the real estate sector,” said Sanjeet Joher, group chief operating officer of KM Holding, the parent company of KM Properties.
Joher stated: “KM Properties will further promote hassle-free investment opportunities to local and foreign based investors following the new investment protection scheme supported by the Land Department. We are a responsible developer in the market and we shall always work towards the welfare of our stakeholders while following the regulations set forth by the government of Dubai”. -TradeArabia News Service