Thursday, 12 July 2012

What is RERA? [Quick Review]


RERA is an abbreviation for Real Estate Regulatory Authority. It is government agency whose establishment was supported by Dubai Land Department. RERA is being established with the aim to regulate the real estate sector in Dubai. RERA was established in 2007 by His Highness Sheikh Mohammed Bin Rashed Al Maktoum, vice president and Prime Minister Ruler of Dubai. It is a legal arm of Dubai Land Department which is responsible to regulate real estate sector of the emirate and help to formulate strategies and regulatory activities to control landlords and property management companies. It also regulates activities of real estate agents. RERA also finalize specific standards to authorize lease contract registration and certifications. Moreover, it also issues licenses for real estate developers.

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