Real Estate Development Sector in Ras Al Khaimah
Alsuwaidi & Company
Key provisions of the New Law
RERA’s Scope: Specification of the responsibilities and authority of the Real Estate Regulatory Administration (RERA) within the Ras Al Khaimah Municipality Department.
Developer Registration: Introduction of a ‘Real Estate Developer Register’ (Developer Register) at RERA, making it mandatory for real estate developers to register to operate in Ras Al Khaimah.
Establishment of Committee: Creation of the ‘Committee for the Development of Real Estate Projects’ with defined responsibilities and authority.
Establishment of Committee: Creation of the ‘Committee for the Development of Real Estate Projects’ with defined responsibilities and authority.
Project Registration: Establishment of a ‘Real Estate Development Projects Register’ (Projects Register) at RERA, outlining the prerequisites for registering development projects and the conditions for their removal.
Key provisions of the New Law
Off-Plan Sales: Explanation of conditions and procedures for developers to conduct off-plan sales of units, including the rights and obligations of developers in these transactions.
Permit Requirement: Requirement to obtain a permit from RERA for eligibility to acquire a developer license.
Transaction Registration: Mandate to register all transactions related to development units in the Initial Register.
Escrow Account Rules: Specification of conditions for opening and utilizing an Escrow account.
Key provisions of the New Law
Escrow Account Trustee Register: Establishment of an ‘Escrow Account Trustee Register’ (Trustee Register) with conditions for registration and defining the responsibilities of account trustees.
Sale Agreement Termination: Provision for the termination of sale agreements in case of purchaser default, addressing developer liability for construction defects, and granting authority to the Projects Committee for stalled projects.
Dispute Resolution: Explanation of the procedures for seeking judicial recourse, arbitration, or mediation in relation to provisions within the New Law.
Key provisions of the New Law
Fines and Fees: Creation of a schedule for fines and fees under the New Law, along with methods for collecting unpaid fines and fees.
If you would like to know more about the new decree and its implications for you, please contact our legal consultants in Dubai.