COVER STORY
Branching out By Linda Benbow of real estate developments 2. Restructuring and revamping real estate registry 3. Launching electronic system for developers and projects’ registry 4. Restructuring and revamping accounts trustees’ registry 5. Adopting new mechanism for real estate developers’ registration 6. Issuing accredited and authentic financial data and reports on developers and their projects 7. Fees-setting and collecting charges from real estate developers Abdullah Mohd Mohd Saleh, Senior Officer – Customer Care, explained some of the activities that take place at the branch office in the Emaar building. “We are here for the customer; to serve people,” he explained with a smile. “We check that all their papers are in order, that nothing is missing. We explain exactly what is needed to register their properties, and how to go about it. When everything is complete, we do all the necessary registering and issue an ownership document.” There are no big queues at this cool and quiet office, which is appreciated by most customers. There have been other branch offices in the past, one at Tecom, which is now defunct as the bulk of all registrations have been completed. Another previous branch was opened, and is now closed, at Dubai Holdings building. Once a property has been built and handed over to the buyer, he makes sure that it is acceptable and signs for it and then goes to Emaar who issues a No Objection Certificate (NOC). This NOC ensures that both developer and customer are fully knowledgeable about all relevant matters such as management
Sheikh Juma bin Thani Al Maktoum
charges, security, charges for the lifts and other facilities. “All the papers are then given to us. We check that all monies have been paid and finalised. We check that the documents state the correct address of the property and project name, its size and how, much has been paid for it, the buyers name and his nationality and passport number and municipality number. We then give the buyer a reference number that he can quote in future correspondence.” In the case of a mortgaged Emaar property, both buyer and bank representative should go to the branch
office and sign all papers together. All the details of sales transactions are entered onto the computer that is linked directly to the Land Department, and then a final Title Deed is given to Emaar, who will give it to their customer. “We are here to register transactions and update our database.” There is also a vice versa deal with Emaar Properties having a representative on the ground floor of the Land Department building, near the creek, for those who want to reregister their properties, mainly as second sale, or re-sale of their villa or apartment.
“We are here for the customer; to serve people,” Abdullah Mohd Mohd Saleh
DUBAI REAL TIMES
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ith the amount of sales that Emaar Properties have managed to gain over the past number of years it made sense for them to try and tackle the matter of registrations of documents at the Land Department in a way that was simple and convenient for the customer, the government body and the developer. That is why a branch of the Land Department was successfully set up in 2007 within the Emaar Business Park on Sheikh Zayed Road, on the ground floor of Building One (the building nearest the new villas near Emirates Golf Club). The private, transparent offices are manned by trained Land Department staff from the Strategic & Excellence Department – Customer Care. Recently, the staff here were joined by RERA’s Sheikh Juma bin Thani Al Maktoum, Head of Trust Account, who is now also heading this facility. The Department of Real Estate Development Guarantee Accounts is one of RERA’s most critical departments, with the power to enforce Law No (8/2007) covering guarantee accounts of real estate developments. It is the responsibility of the department to: • Issue an executive bylaw consistent with law • Create and update developers’ registry • Create and update trustees’ registry • Approve real estate projects • Administer trust accounts • Control accounts financially and technically Among the departments achievements are: 1. Issuing the executive regulation which amends Law No (8/2007) that covers guarantee accounts
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