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The system is fully compliant with the new law and will help Tatweer track all registrations of secondary developers in the areas falling under its purview. It will also ensure engineering specifications are strictly adhered to, according to the original master plans.
Mohammed Al Habbai, CEO of Dubailand, said:
"We are glad our partnership with the Land Department has begun paying dividends. We have seen a dramatic increase in positive services for our investors, which in turn reflects our dedication to comply with the Land Department Authority's rules and regulations."
"The announcement of Law No 8 concerning real estate development trust accounts has a positive knock-on effect for Tatweer. Our partnership with the Land Department aims at establishing a registration system for all Dubailand projects including projects developed by third parties."
The Land Department rule on escrow accounts puts an end to any developer launching a project and collecting deposits without giving an adequate guarantee that the funds will be used for the intended purpose. The law also ensures the timely start of construction work.
Al Habbai said: "Developers will be able to interact directly with the registration system at the Land Department from the first day of the deal. It will bridge the time gap between the first installment and the final registration in the Land Department database, which can at times take between two and three years. The system also guarantees property owners' rights even before they complete their mortgage payments.
"The system exemplifies Dubailand and the Land Department's objective to provide the highest quality services to their customers and to guarantee the delivery of properties to the end users through registered brokers," he added.
Dubailand has already announced full compliance of regulatory processes with regard to both its own projects as well as the investors' properties within its developments with regard to the stipulations laid down by the Land Department.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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