Simsari announces strategic partnership with Real Estate Regulatory Agency in Dubai

The partnership will see Simsari act as a service provider and technology partner, in order to create a series of online marketplace applications through which users can interact and transact with one another, through RERA.

As part of the agreement, Simsari will supply RERA with IT application infrastructure, online auction mechanisms and a full service transactions and payment gateway.

Abdulla Salman, Deputy CEO of Simsari said:

"This partnership highlights our commitment to bringing transparency to the real estate market, and is a significant step towards connecting buyers and sellers to each other, through RERA. The private portals powered by Simsari will support RERA in its ongoing quest to be an open and effective regulatory body for the Dubai real estate industry."

The joint venture will initiate in the development of RERA's 'Bid Now' online auction platform for private land and real estate auctions online along with the 'RED' system web enablement, a search service that provides access to land appraisal reports, previously only available offline and onsite at RERA Both applications will offer secure property transactions via the Dubai Government e-payment gateway which facilitates the secure completion of transactions online.

"As the Dubai real estate sector continues to see exceptional growth and interest on a global scale, our ongoing mission is to create a transparent and effective regulatory environment and condition through which entities dealing in properties and real estate can conduct business in a secure and regulated manner Through our partnership with Simsari.com, we look forward to strengthening our online offerings, which will help to provide members with the opportunity to execute sales transactions and simple access to standardized industry forms and documentation" added Marwan Bin Ghalita, CEO of RERA.

'Bid Now' is a Simsari powered private auction platform which allows real estate sellers to set a reserve price, enabling validated, registered users to take part in a bidding format to win a given property.

This new business model features a secure and easy property upload facility that is linked to Dubai Government e-payment gateway, which enables entire transactions to be completed in a transparent and open online environment.

The 'RED' system, available through the RERA community portal, will provide registered members with access to land appraisal reports, previously only available onsite at the RERA office.

The quick and easy online service allows visitors to purchase reports through the Dubai Government e-payment gateway.

Registered users can log-in with a username and password, and view samples of the reports via the sites homepage, before being prompted to pay.

As part of the joint venture, Simsari will also provide RERA with the technological infrastructure designed to facilitate the standardization of all legal documents for online transactions, all available through the RERA community portal.

For further information about Simsari, and the Simsari - RERA joint venture understanding please visit Simsari at Cityscape Dubai from 06-09 October 2008 at the RERA stand.