India looks to learn from Dubai
A delegation of top Indian real estate developers, led by Union Housing Minister Girija Vyas, will be in Dubai early September to study the emirate’s real estate regulations, project approval procedures and working of Real Estate Regulatory Agency (Rera).
The National Real Estate Development Council (NAREDCO) brochure, emailed to Emirates24|7, states that the mission will study and explore the possibility of bringing in new construction technologies; foreign direct investments, including investments by non-resident Indians and setting up of joint ventures; speed up construction and financing of housing and real estate projects in India along with understanding the water desalination technology in Dubai.
The Council, which is responsible for policy formulation, was established in 1998 as an autonomous and self-regulatory body with Minister of Housing as its chief patron.
During the three-day visit, starting September 6, the delegation will also focus on setting up and working of Rera.
In June, the Indian parliament approved the Real Estate Regulatory Authority Bill that seeks to set up a real estate regulator for the sector.
Established in 2007, Rera is responsible for regulating the emirate’s real estate sector, formulating strategies, regulating the activities of companies that manage residential compounds, as well as the activities of real estate brokers and the owners’ associations.
Rera has been empowered to issues rules and regulations that qualify activities of brokerage, lease contract registration and certification, as well as issues license for real estate development entities.
Dubai is also set to release the Real Estate Investor Protection law, which aims to minimise legal disputes and protect investors' rights.
The draft of investor protection law, released in June, allows investors to get full refund if the developer fails to complete or handover a property within a certain timeframe or deliberately defrauds an investor or alters the specifications of the unit without obtaining requisite permission.
Investors can also claim compensation for breach of any warranty or undertaking contained in the contract for sale by the seller and the broker, misrepresentation by the developer or investor or broker, and specification in violation of the contract for sale after obtaining an expert's report to that effect.
Besides, Al Ittihad newspaper quoted Director-General Sultan Butti bin Mejren as saying Dubai Land Department was in the process of issuing seven new legislations over the next two years to regulate the market and protect it from speculators.
Follow Emirates 24|7 on Google News.