New Year brings with it splendid new opportunitiesJanuary 4, 2016 10:46
Another RERA deadline…
RERA’s new Strata regulation might be a bit over-ambitious, given the body has struggled to successfully implement their Strata law so far.
November 22, 2010 11:39 by Eva Fernandes
This week Emirates 24-7 reports that a new Strata regulation is on the way that will hold developers accountable if a purchaser is provided with a disclosure statement that is incomplete or inaccurate. “Strata law will make developers pay for lies…literally” was the headline.
Given the previous tardy implementation of the Strata Law, you will excuse Kipp if we postpone any excitement at this new development until at least a few days past the January 13th 2011 deadline.
The Strata Law was first introduced in 2007 in an attempt to give the joint-owners of property more rights: for one thing owners have been complaining for years that they are being over charged by their developers for maintenance. The Strata Law (effective April 2010) aimed to combat this by requiring property developers to register a Jointly Owned Property Declaration (by October 13 2010), which would present the rights and obligations of the owners. The end plan was to see the management and operation of the property handed over from the developers to the Owners association.
But (perhaps unsurprisingly) there was a lot of confusion surrounding the registration, and developers weren’t too hasty to register with RERA before deadline. In fact, even a month after the deadline for registration had passed, the National reported “it is believed that no owners’ associations have yet been registered.” Property owners were complaining that they were yet to be granted legal standing by developers. The issue at the time, it seems, was twofold: on one hand some developers were yet to register new associations with the government, and on the other hand, those registrations that were handed in on time were yet to be processed by RERA (Real Estate Regulatory Authority).
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