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Dubai, United Arab Emirates, 02 June 2024: Dubai Land Division (DLD) has fined three builders in Dubai AED 500,000 every for selling and advertising actual property initiatives with out finishing the required registration procedures for off-plan initiatives, in accordance with Legislation No. 8 of 2007 on Actual Property Improvement Escrow Accounts in Dubai.
The escrow account is a checking account designated for an actual property venture, the place the funds collected from consumers of off-plan models are deposited. This account goals to manage the development technique of the models bought, making certain the safety of investor rights.
Ali Abdullah Al Ali, Director of the Actual Property Management Division at RERA at DLD stated, “The Actual Property Management Division constantly screens the market in Dubai to make sure that all actual property firms adjust to the legal guidelines and laws governing actual property actions.” He added, “We urge all to stick to those legal guidelines and laws to keep away from any authorized motion. By doing so, we are able to create a safe funding surroundings. Traders should confirm that off-plan initiatives are licensed and registered with an escrow account by checking via the Dubai REST software of the Dubai Land Division, and shouldn’t make any funds exterior the venture’s escrow account.”
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