BCS welcomes RERA initiatives

Peter Crogan, Chief Executive Officer of BCS Strata Management Services, expressed his full support for RERA's announcement that service charges will be frozen until such time that Owners Associations are formed so that they can be involved in forming their budgets for 2009 and moving forward.

He also characterised the initiative announced by RERA to develop an online system for the registration of Owners Associations as timely and appropriate. According to RERA, the online registration system will be available for use beginning March 15, 2009.

"BCS Strata Management Services looks forward to the full implementation of the Dubai Condominium Law, which establishes a framework for relations between owners and stakeholders of joint property," Crogan said. "The law will provide significant relief to property owners here, who will be free to form Owner's Associations that will have their own elected management boards. These Owner's Associations, in cooperation with RERA, will set their own budgets and service charges for the maintenance of joint property, and select the provider of their choice to provide those services.

"As well, the implementation of this online system for the registration of Owners Associations clears the way for Owners Associations to become operational under the law. We are therefore greatly encouraged by both of these announcements, and look forward to continuing to work with the Dubai Land Department, RERA, developers and property owners to enhance the long-term value of the emirate's real estate sector."

BCS Strata Management was launched in 2007 to bring international best practices in strata management to the real estate sector in the UAE. The company currently works with a range of major property developers in the country.