Business | Property
Rera quashes confusion over new law
Dubai's property regulator on Wednesday said developers' liability towards properties will remain for 10 years after completion, quashing any confusion rising from the latest Strata Law.
- Staff Report
- Published: 00:17 March 27, 2008
Dubai: Dubai's property regulator on Wednesday said developers' liability towards properties will remain for 10 years after completion, quashing any confusion rising from the latest Strata Law.
"The law is designed to handle the day-to-day management of buildings and to overcome the complexities of owners' association and master community declarations by introducing a simple but comprehensive system of rights and responsibilities," Marwan Bin Ghalita, chief executive of the Real Estate Regulatory Authority (Rera), told members of Dubai Property Group.
"The introduction of the new laws and regulations in Dubai will further protect real estate investors and the community at large, as well as deter potential violators from committing irregularities to achieve profits at the expense of the city."
The new Strata Law which was issued in Dubai on December 31, is expected to bring rules, regulations and governance to the fast growing property sector. The law, however, is still causing quite a stir in the real estate sector, as popular knowledge and understanding of it is still vague.
"The Strata Law relates to the management of common property and shared facilities such as parking, fire services, air conditioning, lifts, pools, gyms, walkways, roadways and gardens, collectively referred to as 'strata' in some countries," said Emad Al Din Farouq.
"Under the law, an association of owners should be established to as a regulatory framework to maintain the quality of the shared facilities environment of any development, which as a result will improve the overall quality of life and the community environment."
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