Business | Property

Rakia Rera to oversee implementation of emirate's escrow account law

Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, has revealed that the recent establishment of RAKIA Real Estate Regulatory Agency (RERA) by an Emiri Decree has created a new layer of protection for real estate investors in Ras Al Khaimah, as the Agency will oversee the implementation of the escrow account law for freehold projects under RAKIA.

  • Staff Report
  • Published: 11:21 June 29, 2009
  • Gulf News

Ras Al Khaimah: Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, has revealed that the recent establishment of RAKIA Real Estate Regulatory Agency (RERA) by an Emiri Decree has created a new layer of protection for real estate investors in Ras Al Khaimah, as the Agency will oversee the implementation of the escrow account law for freehold projects under RAKIA.

Several property developers have already registered their projects with RAKIA Rera, which now monitors RAKIA-supervised real estate developments with a collective value of Dh6 billion. Developers may only register with RAKIA Rera when the project's concept design has been approved, which will allow them to open an escrow account and start selling properties. RAKIA Rera will also oversee the proper conduct of construction by sending out a team of engineers to inspect projects and make sure that the emirate's construction policy and the key points in the contract are strictly followed.

Engineer Yahia Kambris, General Manager, RAKIA Rera, said: "The escrow account has been implemented to prevent mishandling of construction funds and ensure that investors' money is spent according to the master plan of the project. In this regard, RAKIA Rera has been established to strictly implement the emirate's escrow account law for projects under RAKIA's supervision. The establishment of the new real estate watchdog is an important step in our efforts to safeguard and protect the interest of investors and reinforce the reputation of Ras Al Khaimah as an attractive and practical investment destination in the region."

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