Al Manal Development has become the first company to issue pre-registration certificates for its La Vista Residence project in compliance with the new system that has been recently introduced by the Real Estate Regulatory Authority (RERA).
Al Manal Development chairman Juma Al Ghurair said this follows his company’s leading role in being first to implement the recently introduced Escrow Account law which was introduced to protect property investor funds.
“Dubai is competing on a world market – and its business practices and laws have to be best practice if it wants to increase its share of international property investment,” he said. “The creation of RERA and the introduction of the new laws and systems have provided certainty and stability from which everyone can benefit.”
The RERA system covers three areas, allowing property developers to input all Pre Sale, Change of Ownership and Mortgage activities.
The Pre Sale area includes full registration of the buyer’s information, details on the property sold and the amount it was sold for.
The Mortgage section can only be filled in after the pre registration is complete and will include the mortgage plan that has been chosen and approved for the buyer.
The Change of Ownership section will update any change of ownership so RERA and the property developer can keep track.
“We are happy to see that Al Manal Development continues to take a leading role in implementing our new laws and systems,” said RERA Chief Executive Officer Marwan Bin Gholaitah.
“The pre registration system will give developers more credibility and create more trust between them and their customers knowing that the information regarding the property is safely registered in a secure system that has been approved by RERA,” he said.