Dubai, known for its reputation as a top investment and tourism haven, has some of the most progressive governing bodies in the region. The Dubai Land Department or the DLD has been making great inroads into improving the quality of residential life for inhabitants. Some time last year, the Real Estate Regulatory Agency or RERA had sent out notifications to concerned parties, including landlords, real estate companies and estate agents representing property owners in the region. This notification mandates that residential contracts that are signed upon, starting 2012, must be registered with the DLD.
The existing system relied upon the data submitted to the governing authority by landlords. This was then used to compute the fees levied for housing that were then incorporated into the utility bills. The new system holds a lot of promise in living up to the expectations of the authorities. It is expected that the new system would allow the government to collate the necessary demographic and rental data in various parts of Dubai. This would then be incorporated into the Dubai rental index. The data collected will also give insights into the type of accommodation that’s preferred by the residents, thereby allowing residential constructors, to tweak their product mix in favour of demand.
Other advantages include the admission of such data in the case of legal disputes. Due to standardization of the information stored in the system, disputes can then be easily and speedily resolved, in a fair manner. As the grey areas disappear under the new system, it would lead to a betterment of ties between tenants and landowners, thereby leading to improved relations and greater confidence in the market.
Access to utility services that are essential to everyday living shall henceforth be accessible only to those that have registered their rental deeds under the new system. Failure to do so, either by oversight or by design, could result in delays at several governmental authorities. This could have an adverse effect on expats, as this information could get reflected on their visit records. More departments are expected to join the network, as the interlinking process improves connectivity between various governance authorities.
The new legislation currently applies only to those individual contracts that are being signed in 2012. For existing contracts, tenants and landlords, both, have time till the renewal of the contract comes up. For more information on this issue, why not come speak to one of the leading names for rentals in Dubai, Move in Dubai. One can find a wide selection of the finest rental properties in Dubai over here. Besides this, they will also guide you on the latest developments in the rental market, so that your compliance with the authorities is total. Real Estate Dubai