The Dubai Land Department (DLD) has imposed hefty fines of AED1.5 million (approximately $408,400) on three real estate developers in Dubai for violating off-plan financing rules.
Protecting Investor Rights
The fines were imposed for promoting and marketing real estate projects without completing the required registration procedures for off-plan projects, in accordance with Law No. 8 of 2007 on Real Estate Development Escrow Accounts.
Ensuring Compliance
The Real Estate Control Department at RERA (Real Estate Regulatory Agency) continuously monitors the market to ensure that all real estate companies comply with the laws and regulations governing real estate activities.
Adhering to Regulations
Ali Abdullah Al Ali, Director of the Real Estate Control Department at RERA, emphasized the importance of adhering to regulations to create a secure investment environment. “Investors must verify that off-plan projects are licensed and registered with an escrow account by checking through the Dubai REST application of the Land Department, and should not make any payments outside the project’s escrow account.”
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