The Real Estate Regulatory Agency (Rera), the regulatory arm of Dubai Land Department, has imposed Dh900,000 fines on 22 real estate companies and brokerage firms during the first half of 2012.
Yousef Al Hashmi, director of Rera’s Real Estate Licensing Department said the agency observed the repeated violations by these entities, but initially issued circulars to the violating brokerage firms regarding the importance of abiding by and complying with regulations.
“Such procedure came as last step after exhausting all means to ensure compliance and safeguarding the rights of concerned parties.”
Ten types of violations were observed during the first six months. Twelve companies failed to register the real estate brokers, while other companies violated the type of licensed activity by performing other activity. Other irregularities include failure to mention the company’s registration number, failure to register the licence in the brokerage registry and failure to renew the broker ID card.
Rera continuously performs inspection, follow-up activities of real estate brokerages that are not registered with the agency. This comes in line with a strategy to regulate the real estate professions in Dubai and to facilitate the real estate activities for individuals and companies. Rera aims to ensure compliance to the solid legal structure that enhances good dealings, transparency and guarantees sector’s maturity.