Seminar examines new RERA law
Dubai , September 17, 2007
Al Tamimi & Company Advocates and Legal Consultants hosted a seminar to examine the role of the new Real Estate Regulatory Agency (RERA) in Dubai.
The implementation of the recently enacted Law No (8) of 2007 concerning Guarantee Accounts of Real Estate Developments (escrow accounts) was also taken up for discussion.
The seminar focused on the real effects the new law will have on developers, real estate investors, brokers and banks was a part of a collaborative market awareness campaign, said an official spokesman.
The event was attended by CEO of RERA Marwan Bin Ghalita, partner and head of Al Tamimi & Company's Property division Lisa Dale, partner and head of Al Tamimi & Company's Banking & Finance department Husam Hourani and over 160 real estate and banking professionals.
Delegates were urged by Al Tamimi & Company and RERA to ascertain first and foremost how the new law affects them and the appropriate registration measures required by Dubai Land Department to avoid non-compliance with the law, which attracts a penalty of imprisonment and/or a fine of not less than Dh100,000 ($27,253).
A developer's registration at the Land Department may be cancelled in case of bankruptcy, failure to commence construction within six months of receiving approval to sell off-plan, cancellation of license, violation of this new law and any other laws and/or by laws regulating real estate development activity.
'RERA was established and launched as a part of Dubai's 2015 vision for economic development and falls in line with the current developments within the real estate sector,' said Bin Ghalita.
'As a government entity under the Land Department, RERA's main objective is to establish the foundation for a globally attractive real estate sector that satisfies and guarantees all stakeholders' rights and expectations.'- Trade Arabia News Service