Majority of developers unprepared for strata |
|
Network this!
Although strata management is making its way to rule books in the UAE, almost 60 per cent of the property developers in the country are still unprepared for such laws, a top company executive said.
Peter Crogan, Chief Executive Officer of BCS¬ Strata Management Services, said: "Developers need to move fast and get their act together so that the new law can be smoothly integrated into Dubai realty. Clearly, developers are running out of time. They need to move fast to ensure that there is a fair level of awareness of strata management and of shared responsibilities in a jointly owned property."
Dubai is expected to issue the country's first code on strata management shortly, as part of raising standards and cementing investor confidence in the emirate's property market. The Dubai Condominium Law will set proper guidelines on the management of common areas and facilities collectively referred to as "strata" in multi-user developments.
The condominium Law will define the role of the owners association, a representative body comprising unit owners in a development, as well as the developer's role in the day to day management of shared facilities such as elevators, garden, gym and pool. "Strata law is still a very new concept in the Middle East. One of the main challenges would be educating tenants that developers will not own or manage common areas anymore. However, once such ambiguities on property ownership are cleared, the real estate market will see an increased inflow of foreign investment and transparency," said Crogan.
BCS Strata Management Services is employing its experience and expertise to build awareness on the law, in addition to providing industry leading strata management services to developers in Dubai and Abu Dhabi.
Real Estate Regulatory Agency (Rera)Real Estate Regulatory Agency (Rera)
in Dubai has tied up with BCS Strata Management Services to educate over 4,000 industry professionals this year under the Rera Real Estate Accreditation programme at the Dubai Real Estate Institute.By Staff Writer
© Emirates Business 24/7 2009
Community Comments (0) - 
Comment on this article 
Comment on this article
The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.
Loading ...
Zawya Comment Policy:
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Post Your Tender Notices for FREE
(No Sign-in Required)
Zawya Tenders is a Tender Notices service entirely driven by contribution
from issuers in both public and private sectors. It is not an e-tendering service and is entirely FREE.
As an Issuer, you can benefit from posting an unlimited number of Tender
Notices for FREE and reaching out to an online community of bidders.
The service also offers you a tool to track the interest of bidders to your
tenders 'live' online.
from issuers in both public and private sectors. It is not an e-tendering service and is entirely FREE.
As an Issuer, you can benefit from posting an unlimited number of Tender
Notices for FREE and reaching out to an online community of bidders.
The service also offers you a tool to track the interest of bidders to your
tenders 'live' online.
| Real Estate Tenders | Due Date |
Community Buzz
Stories
Companies
Most viewed companies by Community in the last 24 hrs
| Company Name | Country | Industry |
| Consolidated Contractors Company | Overseas | Construction and Design |
| Saudi Telecom | Saudi Arabia | Telecommunications Services |
| Saudi Binladin Group | Saudi Arabia | Construction and Design |
| Emirates Aluminium Company | UAE | Metal Production |
| Dodsal Engineering and Construction | UAE | Construction and Design |
| Emirates Telecommunications Corporation | UAE | Telecommunications Services |
| Saudi Electricity Company | Saudi Arabia | Electric Utilities |
| Pepsi Cola International (Middle East) | Region-wide | Beverages |
| Roads and Transport Authority - Dubai | UAE | Regulatory and Administrative Bodies |
| Al Azizia Panda United Company | Saudi Arabia | General Retailers |
Projects
Most viewed projects by Community in the last 24 hrs
| Project Name | Country | Sector |
| Takreer - Ruwais Refinery Expansion | UAE | Oil and Gas |
| Emirates Aluminium (EMAL) - Smelter Complex - Phase 1 | UAE | Industry |
| ENEC - Nuclear Power Plant | UAE | Power and Water |
| Abu Dhabi DOT - Abu Dhabi Metro | UAE | Infrastructure |
| Dubai RTA - Dubai Metro | UAE | Infrastructure |
| SATORP - Jubail Refinery and Petrochemical Complex | Saudi Arabia | Oil and Gas |
| Al Safwa - Jeddah Cement Plant | Saudi Arabia | Industry |
| Qatar Bahrain Causeway Foundation - Qatar Bahrain Causeway | Qatar | Infrastructure |
| Qatar Bahrain Causeway Foundation - Qatar Bahrain Causeway | Bahrain | Infrastructure |
| Al Futtaim Carillion - Marina Hotel (Yas Island) | UAE | Real Estate |