More than 400 sign with Rera

Dubai's Real Estate Regulatory Agency (Rera) has put together a list of real estate developers that have signed up with it in accordance to Law No 8 of 2007.

Dubai's Real Estate Regulatory Agency (Rera) has put together a list of real estate developers that have signed up with it in accordance to Law No 8 of 2007.

Marwan bin Galita, chief executive of Rera, has said that the list, which includes more than 400 companies, will make it very difficult for companies that haven't signed up with Rera to carry out any activities within the country.

Last year, Rera said that those that failed to register by January 1, 2008 would face penalties including being 'named and shamed', imprisonment, or payment of a fine not less than US $27,230 (AED100,000), or both for developers without the licence.

Speaking to Construction Week, Adel Lootah, CEO, National Properties, said it has signed up with Rera and is now looking forward to working only with those that are signed up with the agency.

"We always abide by the laws here and are happy to do so," said Lootah. "This regulation is good for all and will only make the real estate market more stable and trustworthy.

Whenever we do business now with another party we always ask for their Rera certification and that is what everyone in the industry should do in order to encourage good practice."

Rera has also said it will publish full-page adverts in local newspapers that will have a 'green' and 'red' list of developers. Those in the green list will have adhered to the escrow account law, while the red list will contain names of developers that have failed to register.

Galita said investors should make sure they are dealing only with licensed companies.

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