Author : Shuchita Bist
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The new law makes it mandatory for property developers to register their sold properties with real estate register in Dubai |
Dubai has issued a Law No. 13 of 2008 making it compulsory for developers to register their properties with the Dubai Lands Department. The Government of Dubai wants real estate developers to register their holdings and stop selling unregistered off-plan properties.
The new law with 15 articles makes it mandatory for property developers to register their sold properties on the registry. It will invalidate any transactions on unregistered properties. While the law gives developers a 60-day grace period to register any transactions carried out before the issuance of law, it also gives buyers a 30-day grace period to register their purchased properties.
The new law aims to help regulate Dubai's booming real estate sector and boost investor confidence in the property market.
Source : Gulf News
