Property in Dubai
RERA imposes violation fine on real estate companies, brokerage firms
The RERA (Real Estate Regulatory Agency), the regulatory arm of Dubai Land Department, has imposed Dh.900,000 fine on nearly 22 real estate companies and brokerage firms during first half of this year for violating rules.
The RERA Real Estate Licensing Department Director, Yousef Al Hashmi, said that the agency noticed repeat violations by these entities, but issued circulars to the violating brokerage firms, regarding the need to adhere to the rules.
This extreme step has been taken after exhausting all means to ensure compliance and safeguarding the right of concerned parties, he said.
RERA has been working to create a professional real estate environment, governed by the laws and regulations. Regulating the real estate brokerage profession aims at clarifying relations between various parties, firms, and clients to protect the right of clients against violation of laws and professional ethics that can be committed by real estate brokers.
There have been 10 types of violations by RERA over the first six months, while 12 companies failed to register the real estate broker, and seven other firms violated the type of licensed activity. Some other kinds of violations were also recorded.
RERA holds inspection, follows up activities by real estate brokers that are not registered with the Agency. RERA aims to ensure compliance to the solid legal structure that improves good legal dealings, improve transparency and guarantees the maturity of the sector.
Posted on 28/6/2012blog comments powered by Disqus