While an internal escrow account for its Remraam community had been in place for some time, Mizin has fast-tracked the independent endorsement of this account by RERA to safeguard its customers' investment.
The escrow account and subsequent RERA endorsement will serve to strengthen confidence among Remraam customers that Mizin is carefully and proactively protecting their interests by consistently updating regulators on all aspects of construction throughout the project.
Ahmad Sharaf, CEO of Tatweer Investments, said:
"This RERA endorsement reinforces our commitment to meeting our customer's needs and maintaining a high level of transparency across all of our processes. Mizin remains committed to creating a trusted and regulatory environment in Dubai's real estate industry and ensures strict compliance with the latest regulations. We believe these regulations are critical for the long-term sustainability of the market."
The endorsement of the escrow account follows Mizin's announcement that its Remraam development was amongst the first projects to have completed the mandatory registration of all units with the Land Department within the specified timeframes in full compliance with Dubai Law Number 13 of 2008.
Construction across all phases of the community continues as scheduled with 87% of the water network for the 23.5 million sq ft Remraam community completed.
The excavation work for the foundations has been completed on 83% of the buildings, while foundations have been poured on 48% of all building and selected buildings have reached the 6th floor.