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FINANCIAL NEWS
Rera to register 150 owners groups
28 Jan 2011
(MENAFN) CEO of the Real Estate Regulatory Agency (Rera), Marwan Bin Galaita, said that 150 home owners associations (IOAs) joined the agency, reported Gulf News.
The CEO of Landmark Group, Charles Neil, said that the number of developments would control the forming of 2,000 homeowners associations.
Bin Galaita said that the authority’s goal is to educate investors and raise their awareness, since the priority for investors was big returns and is now regulation.
The CEO of Rera said that its soon going start its first courses of its awareness campaign, which would be attended by 270 people. The campaign is aimed to educate investors about their rights, their obligations, their responsibility. Rera is also providing investors with a new website, which shows them the status of their project including the technical report, details of homeowners associations.
Rera had revealed previously, following the Land Department’s guidelines of the strata law, that in order to register, Dubai’s developers had 6 months to give the lead to home owners associations. After registration the associations would receive control over the maintenance of their units, service levels and costs and control over service fees.
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