DUBAI--(BUSINESS WIRE)--The Real Estate Regulatory Agency (RERA) and Al Fajer Properties (AFP) today announced the first ever transfer of property using the new online system and guidelines developed by RERA.
Over the past few years RERA has been diligently working with the Dubai Land Department, Developers and its preferred partners to bring transparency and clarity to Dubai’s burgeoning real estate market, which yesterday culminated in its first successful transfer of property using these new systems.
In conjunction with Emirates Real Estate Solutions (ERES), a subsidiary of Dubai Land Department, RERA has developed a comprehensive online platform called “Oqood.” which allows the registration, tracking and centralization of all real estate contracts in accordance with Dubai Land Department regulations. The Oqood system is an online web based system developed by Emirates Real Estate Solutions in line with Dubai Land Department’s requirements. The system allows for each developer and their properties to be registered within the system and ensures the legal sale, transfer and titling of properties in Dubai. The system also ensures accountability to all parties involved by tracking developer and end user information with regard to their properties. Hence, no registered property sale/transfer can take place unless initiated through the Oqood system which ensures transparency between the developer, end user and the Dubai Land Department.
“We are delighted to see the rapid implementation and use of the Oqood systems within the sector. The Oqood online platform not only ensures transparency within the real estate market, but also helps streamline property registration and transfer processes in line with Dubai’s real estate laws and regulations. This first set of successful transfers through Oqood is testament to the hard work of RERA and the Dubai Land Department. We are also happy to have had Al Fajer Properties be the first registered developer to successfully use the Oqood system for property transfers,” said Ahmed Al Qaizi, CEO of Emirates Real Estate Solutions.
His Highness Sheikh Maktoum bin Hasher Al Maktoum, President of Al Fajer Properties was quoted as saying, “This is a great milestone for the Real Estate sector in Dubai. AFP has been working tirelessly in the last 12 months during its restructuring efforts to conform to best practices and satisfy all requirements whereby ensuring all customers are registered and that we are in compliance with all RERA regulations. An achievement such as this could only be possible through the hard work of RERA’s management team and AFP’s dedicated staff. To be the first developer to have successfully registered all customers and carry out the first ever property transfer is an honor and a tribute to the monumental achievement of RERA and our team. The new guidelines and systems developed by the Land Department will bring a better sense of transparency instilling more confidence in the market. We are confident that this will not only be beneficial for the Developers and our customers but for Dubai as a whole.”
His Highness Sheikh Maktoum bin Hasher Al Maktoum would like to also congratulate Sultan Butti Bin Mijrin, Director General of the Land Department, Marwan bin Ghalita, Chief Executive of RERA and Ahmed Al Qaizi CEO of Emirates Real Estate Solutions for all their hard work and dedication to improving the Real Estate sector in Dubai.
AFP reaffirmed its commitment to delivering the highest standards of quality and excellence in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Al Fajer Properties (AFP)
Al Fajer Properties LLC (AFP), was established in November 2004 as a wholly owned subsidiary of AFG (Al Fajer Group). Since then the company has built up a significant land bank of note. The company is currently in the process of developing its flagship project which consists of 9 commercial towers located in the Jumeirah Lake Towers Community. With an estimated project value of over AED 3 billion the company has positioned itself to become a leading player in the fastest growing real estate market in the world.
Dubai Real Estate Regulatory Authority (RERA)
RERA, Real Estate Regulatory Authority, part of the Dubai Land Department is a nodal agency that formulates, regulates, manages and licenses various real estates related activities in Dubai. RERA was established in July 2007 by a decree of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai.
RERA envisages a transparent and effective regulatory environment in which various entities pertaining to real estate can conduct their business. As part of this vision, RERA would like to create an online community and marketplace thus enabling various categories of stakeholders to interact and transact with each other and with RERA.
Dubai Land Department (LD)
The Dubai Land Department was established on January 24, 1960. LD has developed in sync with the rapid growth of Dubai. The number of lands registered at LD exceeds 50,000 plots all over the emirate. The process of registering real estate data is entirely computerised. All procedures related to sale, purchase, and mortgage are conducted electronically. The LD has left the era of manual work behind, keeping pace with advanced technology, which allows the department to provide clients with quality and time-efficient service. The LD places a high premium on customer care. Most clients are either UAE nationals and or GCC investors. The Dubai Land Department continuously strives to keep up with the development and prosperity of the emirate under the rule of His Highness Sheikh Mohamed bin Rashid Al Maktoum.