Rera, Al Fajer in first property transfer
Dubai, April 18, 2009
Dubai-based Real Estate Regulatory Agency (Rera) and Al Fajer Properties have announced the first ever transfer of property using the new online system and guidelines developed by Rera.
Over the past few years Rera has been diligently working with the Dubai Land Department, Developers and its preferred partners to bring transparency and clarity to Dubai's burgeoning real estate market, which yesterday culminated in its first successful transfer of property using these new systems.
In conjunction with Emirates Real Estate Solutions (ERES), a subsidiary of Dubai Land Department, Rera has developed a comprehensive online platform called 'Oqood.' which allows the registration, tracking and centralization of all real estate contracts in accordance with Dubai Land Department regulations.
The Oqood system is an online web based system developed by Emirates Real Estate Solutions in line with Dubai Land Department's requirements, explained an official.
The system allows for each developer and their properties to be registered within the system and ensures the legal sale, transfer and titling of properties in Dubai.
The system also ensures accountability to all parties involved by tracking developer and end user information with regard to their properties.
Hence, no registered property sale/transfer can take place unless initiated through the Oqood system which ensures transparency between the developer, end user and the Dubai Land Department.
'We are delighted to see the rapid implementation and use of the Oqood systems within the sector. The Oqood online platform not only ensures transparency within the real estate market, but also helps streamline property registration and transfer processes in line with Dubai's real estate laws and regulations,' said Ahmed Al Qaizi, CEO of Emirates Real Estate Solutions.
'This first set of successful transfers through Oqood is testament to the hard work of Rera and the Dubai Land Department. We are also happy to have had Al Fajer Properties be the first registered developer to successfully use the Oqood system for property transfers,' he added.
Sheikh Maktoum bin Hasher Al Maktoum, president of Al Fajer Properties, said this was a great milestone for the real estate sector in Dubai.
'Al Fajer has been working tirelessly in the last 12 months during its restructuring efforts to conform to best practices and satisfy all requirements whereby ensuring all customers are registered and that we are in compliance with all Rera regulations,' he pointed out.
The new guidelines and systems developed by the Land Department will bring a better sense of transparency instilling more confidence in the market. We are confident that this will not only be beneficial for the developers and our customers but for Dubai as a whole,' he added.-TradeArabia News Service