The Dubai Multi Commodities Centre Authority (DMCCA), which oversees and regulates the DMCC free zone, organised a series of Strata Law workshops for some 55 sub-developers of Jumeirah Lakes Towers (JLT).
Running over three days, the six interactive sessions addressed several issues related to the implementation of the Strata Law.
The Strata Law, which came into effect on April 1, 2008, relates to the ownership and management of jointly owned property, in Dubai’s property developments. These include parking areas, lifts, pools, gyms, gardens and other shared facilities.
The sessions were in keeping with DMCC’s “whole of project” titling structure adopted for Jumeirah Lakes Towers, and outlined a simple eight-step process that sub-developers must undertake to bring their individual projects in conformity with the law, and enable them to transfer title to their unit buyers.
Executive chairman, DMCC, Ahmed bin Sulayem said that as a responsible master developer, DMCCA is taking a proactive approach in adopting the Strata Law for its Jumeirah Lakes Towers development, and aims to set the benchmark in the application of Strata Law among Master Developers.
“We had organised a similar workshop in April in an effort to spread awareness of the law and its implications. As the subsequent step in ensuring practical and easy adoption of the law, more informational and interactive sessions such as these will prove useful for our sub-developers,” said Sulayem.
Industry experts participating in the workshops included general manager, Nakheel Owners Association Management, Jim O’Hare, director, LandPartners (Surveyors), Alan Fox and Fergus Appleton (Concordia).
They addressed challenges faced by sub-developers in implementing the Strata Law, and suggested strategies and a clear 8-step process to comply with the law.
“By organising these workshops, we hope to provide the necessary guidance to enable sub-developers meet their obligations with respect to the Strata Law and at the same time enhance end-user confidence,” said executive director, Asset Management, DMCC, Phillip Caraiscos.
“The workshops helped sub-developers understand the importance of positioning themselves with regards to the provision of facilities management services and owners association management in their individual developments. In addition, it enables them to better understand the distribution of service charges.”
DMCCA, as Master Developer and owner of the Jumeirah Lakes Towers development - a prestigious mixed-use, free-zone, freehold community - recently announced the establishment of a strategic alliance with the Owners Association Management division of Nakheel Asset Management, who are recognised practical experts on this newly introduced legislation, and currently manage over 9,750 apartments through 125 owners associations to date. – TradeArabia News Service