Property developers urged to apply for RERA licence

The Real Estate Regulatory Authority (RERA) yesterday issued a statement advising developers that the six month transition period allowed for the regularisation of their activities comes to an end on August 31, 2018. All developers of off-plan sales projects are required to be licensed by that date.

It will be illegal for such developers to operate without a RERA Developer licence and off-plan sales project licences after September 1. In light of this, sanctions and penalties will apply for non-compliance with Law number (27) of 2017 on regulating the real estate sector.

Shaikh Mohammed bin Khalifa Al Khalifa, Chief Executive Officer of RERA yesterday stated that the response from real estate brokers has been overwhelmingly positive with more than 98 per cent of them already licensed. However, he urged developers of offplan sales projects to apply for a RERA licence immediately to avoid law violations.

He said, “RERA urges developers of offplan projects to apply for licenses before the expiry of the six months transition period on 31 August in order to comply with the law.

“Operating without a RERA licence will be in breach of the real estate regulations and sanctions will apply to those who do not comply with the law.” He encouraged developers to make contact with RERA as soon as possible to commence the application and approval processes.