Dubai, United Arab Emirates, 02 June 2024: Dubai Land Section (DLD) has fined 3 builders in Dubai AED 500,000 each and every for selling and advertising actual property tasks with out finishing the specified registration procedures for off-plan tasks, in line with Regulation Negative. 8 of 2007 on Actual Property Building Escrow Accounts in Dubai.
The escrow account is a deposit account designated for an actual property challenge, the place the budget gathered from consumers of off-plan gadgets are deposited. This account targets to keep an eye on the development means of the gadgets bought, making sure the safety of investor rights.
Ali Abdullah Al Ali, Director of the Actual Property Regulate Section at RERA at DLD mentioned, “The Real Estate Control Department continuously monitors the market in Dubai to ensure that all real estate companies comply with the laws and regulations governing real estate activities.” He added, “We urge all to adhere to these laws and regulations to avoid any legal action. By doing so, we can 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 Dubai Land Department, and should not make any payments outside the project’s escrow account.”
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