Abu Dhabi Municipality invites real estate developers to register their projects in accordance with the Real Estate Regulatory Law

Media In – Abu Dhabi 19 May 2018 / WAM /
Abu Dhabi Municipality has invited real estate development companies to accelerate the registration of their projects in accordance with the Real Estate Regulatory Law No. 3 of 2015.
This came during the regular meeting with the trustees held by the team of developers management and licenses of real estate units in the municipality with the participation of Abu Dhabi Commercial Bank, Dubai Islamic Bank, Abu Dhabi First Bank, Al Hilal Bank and Union Bank. These banks participated as custodians of escrow accounts for real estate development projects.
The meeting comes in order to activate the initiative aimed at strengthening the partnership and cooperation with the major institutions in support of the comprehensive development in the Emirate of Abu Dhabi and the effective participation in establishing and implementing laws that will regulate the real estate market and open regular investment fields according to sustainability standards and values. .
The Abu Dhabi Municipality stressed that the mechanism of work in the real estate sector has become based in the framework of the new law on several key axes, including the management and supervision of the escrow accounts for real estate development projects .. Noting that the account is based on the best real estate practices and ensures the protection of the rights of clients, developers and investors in all transparency and clarity and up The quality of services provided to them, which encourages attracting more investments to the land and real estate sector and ensures sustainable growth.
The municipality said that the mechanisms of real estate movement are in accordance with Law No. 3 of 2015 regarding the regulation of the real estate sector, which came into effect in January 2016. The law contains 7 executive regulations that promote the principles of governance and transparency and protect the rights of all parties concerned. The registration of real estate residents, insurance mortgages, the project guarantee account and finally an executive regulation on licensing.