| 08 Jan 2009 |
|
Majority of developers unprepared for strata
- Text size
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
x
DISCLAIMER
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Access to this article is subject to specific terms and condition.
Loading ...Free Newsletter
Get the latest news from Real Estate and other Free newsletters.
Post a Comment
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.