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Established in 2007, the Real Estate Regulatory Agency (RERA) is an arm of the Dubai Land Department responsible for the regulation of the real estate sector. The Agency also formulates rules and regulations that qualify activities of brokerage, lease contract registration and certification.
Some of the path-breaking initiatives introduced in recent times by RERA include the Ejari that makes it mandatory for all tenancy contracts to be registered. Ejari means My Rent in Arabic, and it has ensured a standardized contract for all leased properties in Dubai. Since all the details of the tenancy contract are available with RERA, it provides a legal safeguard for tenants and landlords. It has also introduced Emart which is the latest real estate solution for owners and developers in Dubai to list properties for rent, sale and auction.
RERA also maintains a rent index of all the areas within the emirate. This helps both landlords and tenants check whether the rent is according to the market value of the area. The agency also launched the Rental Increase Calculator, a user-friendly online tool that helps calculate the rental increases in a specific area of Dubai. The calculator shows the average rents in the area for similar properties and determines whether the increase demanded by the landlord or developers is legal or with a certain amount of unwarranted fees. It has recently launched a Service Charge and Maintenance Index calculator as well, where residents can find out about these charges of their properties online.
All developers involved in real estate projects in Dubai need to be registered with RERA. This is to ensure that only reputed companies with proper documents, including a trade license from the Dubai Department of Economic Development and the title deed of land in which the property is going to be built, are provided full protection against unjust rent increases.
RERA is now playing a big role in making sure that investors of off-plan properties are not left in the lurch due to incomplete projects. It has imposed stricter laws like developers are required to pay 100% of the land price in which the property is to be built. It also takes a proactive role in maintenance of the escrow account with developers required to provide periodic details to RERA of the transactions made from the account.
• Maintains Rental Index, Service and Maintenance Charge Index
• All developers of real estate projects must be registered with Rera
• Keeps a close watch on escrow accounts
Source: S. Dhar, Special to Classifieds
The writer is a freelancer