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
Beyond the deadline for registration, owners had the right to request a 30 day extension for their developer, after which RERA could hand over control of the registration to owners and consequently force developers to pay back the cost which could be as high as Dh100, 000. Yet the general inertia of developers’ actions caused many to pause before blowing the whistle. Adrian Quinn, the head of Essential Community Management, told the National that if property developers were able to ignore deadlines for the registration of the Strata law, there is no guarantee they won’t just ignore the fine imposed upon them by RERA. He said: “They’ve got to be realistic (…) I tell owners, yes, we can do this, total the cost and charge the developer. But if the developer hasn’t done anything on other issues …”
So, the Strata law was first announced in 2007, directions were then issued in May 2010, with a majority of developers failing to meet the first deadlines in October without any repercussions. The ineffective execution of the law so far makes Kipp just a little skeptical about the latest big deadline. We’ll be watching closely come mid-January.
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