Update investors or face fines, developers told

Dubai Land Department begins to implement order which became mandatory on January 13

The Dubai Land Department has told developers to start sending disclosure statements to investors in projects that are under construction, Emirates 24|7 can reveal.
 
“We got a notice from the land department last month, asking us to send details of our project, the facilities therein and the estimated service charges to investors in our under construction projects,” Mohamed Ali, General Manager, ETA Star Properties, said.
 
“We have complied with the order and have sent the statement to all our investors,” he added.
 
This website had reported earlier that developers will be liable to pay compensation to purchasers if the disclosure statement, which becomes mandatory from January 13, is incomplete or inaccurate.
 
Since the introduction of Strata regulations in Dubai last year, an extensive disclosure is required pursuant to the directions when selling units in Jointly Owned Property (JOP), especially for “off plan” sales.
 
Interim provisions currently in force provide that an interim disclosure statement must be attached to any contract for the sale of a unit within a JOP, where the title to the unit has not been issued by the Land Department of Dubai, and the seller is the developer.
 
The interim disclosure statement must include extensive detail of the project and the unit as prescribed by the directions.
 
The disclosure statement must include a copy of the proposed JOP declaration for the project as well as extensive detail of the project and the unit as prescribed by the directions.
 
Real estate agents said property buyers are not yet insisting for disclosure statements since they were not aware of the new regulations.
 

"Buyers are not asking us about any disclosure statements. We still just need the no-objection certificate from the developer to register the property with the Land Department," a property agent said. 

 

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