New DLD platform brings transparency into real estate market

Thursday, 21 November 2019 14:28

Developers in Dubai will no longer be able to collect service charges from property owners.

This comes after the Dubai Land Department and RERA launched a new platform, known as Mollak, to help bring transparency and investor confidence in the real estate market in the emirate.

Approved property management companies or property owners will now take on all collection responsibilities.

Mohammed Bin Hamad, Senior Director of Real Estate at RERA, explains that as a result the running cost of buildings will be reduced by up to 15 per cent.

More from Business

UAE advances agentic AI project targeting 50% of government operations

The UAE has launched the strategic phase of its agentic AI project, which aims to convert 50 per cent of federal government operations, services and tasks to AI-driven models within two years.
Dubai Business Forum – China to be held in Shenzhen in October

Dubai Chambers will host the Dubai Business Forum – China in Shenzhen on October 14, bringing together government officials, business leaders and investors from the two markets.
UAE-BRICS non-oil trade tops $312 billion

UAE Minister of Foreign Trade Dr Thani bin Ahmed Al Zeyoudi has taken part in a meeting of BRICS trade ministers in Jaipur, India, focused on strengthening trade and economic cooperation between member countries.
ADNOC affirms commitment to meeting customer requirements despite challenges

ADNOC says it remains focused on meeting customer needs despite challenging circumstances, following unprovoked attacks targeting its people and assets.