Attended a Dubai property group meeting held today where RERA addressed the procedure for transfer.

What RERA says is that the transfer fees applied by a developer for transfer is illegal. The developers misguide the investor by calling it administration fees.

A percentage of the sale what they claim is termed as illegal. Very soon RERA will introduce a fixed administration fee that a developer can charge.

In time to come no longer a developer can charge a percentage of the sale fee but will be able to charge a fixed fee.

I highlighted the delays I experienced on my investment where having paid 60% of the project value with only 10% of the project complete. What RERA says is get the problem to them. I told them of the cancellation notice that has been served to me. RERA says that they have no right to cancel the contract.

I have been told specifically not to make any payments directly and tell the developer future payments will be made to the trust account, meaning ESCROW. In time to come no developer can ask for direct payments. I have ben told to send a fax to the developer mentioning that henceforth all payments will be made to trust accounts.

Let's see what happens.

Meanwhile I raised the problems that a lot of international investors had with developers. I was told that they can address their grievances to info@dubailand.gov.ae

If anyone has any grievances, they could probably email RERA on the above address and see what happens.

From what I see everything will be streamlined in time to come and RERA means business. Had a chance to interact one on one with Mr. Marwan Ahmed Bin Ghailita ( CEO of RERA ). A man of action and with a vision to streamline the whole process in Dubai.

Hope this info is of use to you guys.

Regards

Roshan

that is really interesting to read, good work roshan!

regarding transfer/registration fees, if you're contract already stipulates that there is a percentage fee (eg 2%), would this still stand regardless of any new rules coming in? would a new rule only be valid for contracts which are drawn up after the rule is introduced?

I would strongly recommend you to go RERA. They have a complaint desk and they seem to be very pro active.

I am taking both my investments to RERA and ensure that I make payments based on construction.

Regards

Roshan

Roshan,
Just so you are aware (this is no complaint towards you) I contacted that e-mail address with a few enquiries and never got a reply from them.
Couple of weeks ago, I guess they could be snowed under though.

Roshan,

Oh I was there, it was really embarassing for them. People kept asking questions and the guy couldnt answer them properly so he referred them to the head of the lands department lol

Man they were brave to say that Emaar are doing something illegal (indirectly) lol.

The first part of the conference talk was interesting... everything is now done through the internet dadadada... 2008 we are keeping up with technology ... then the second part was were things started going pearshaped lol.

Inv.

Inv,

I went to RERA today only to be asked whether I have an appointment. The appointment is rescheduled for Monday. I came back Dhs 5 poor as I had put a parking ticket for 2 hours anticipating a marathon session

Watch out for this space

These meetings are more for networking than anything else. Be assured I will be there for the next meeting.

If you were there, you must have seen how the Nakheel rep got taken left, right & centre.

Regards

Roshan

I will try and give you another address.

Roshan

Not just him, even the Dubai Lands Department guy and the speaker and everyone who was sitting in that far corner I wonder why there werent any Emaar, Dubai Properties, Damac etc guys present there.

Let me know how your RERA meetings go! I am curious to understand what they are up to. They seem to be creating alot enemies in the development scene lol.

Inv.

Hi Roshan
good work pls you can let us know when & where these meetings are held?

Mirpuri

I do not know when the next one is, but I will let you know.

Roshan