| 01 Aug 2010 |
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Emaar to advise owners on quality standards
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Emaar PropertiesEmaar Properties
will work with owners associations on an advisory capacity if the quality standards in the communities fall below a certain level, Emirates 24|7 can reveal."As the master developer, we will work with owners associations on an advisory capacity if the quality standards fall below what is expected. It is in the interest of home owners to uphold best practices in community management as it is their community, and upholding its standards is imperative for long-term value," a company spokesperson said.
Real Estate Regulatory AgencyReal Estate Regulatory Agency (ReraRera) has stringent measures in place to ensure that only licenced and registered owners associations managers can manage an owners association. This will also help mitigate some of the risks, she added.
"The ReraRera regulations with respect to Law No 27 of 2007 concerning jointly owned properties in Dubai will help bring in world-class community management practices. The onus of managing the communities is now on the owners associations and the quality upkeep of the communities is their responsibility."
The Dubai-listed developer is also working towards formation of owners association in all its communities within the time frame established by ReraRera.
"Even before the law was officiated by ReraRera
, we have taken initiatives to set up owner committees to represent the owners. In fact, 16 interim owner committees are already functional in various EmaarEmaar communities, some as old as five years."Also, until the establishment of the owners associations, we are in the process of communicating to all our community members about the formation of interim owners associations."
Article (11), (2) of the direction for Jointly Owned Property Declarations provides that a "jointly owned property declaration" must be lodged by the developer in respect of an "existing project"
within six months from the date of the direction coming into effect (April 13, 2010).
EmaarEmaar said restrictions on entering into supply agreements on behalf of owners association will in no way impact its revenue from facilities management (FM) services.
"Owners associations have the right to enter into supply agreements that they believe will benefit
Asked of EmaarEmaar always take prior permission from ReraRera to set/collect service and utility charges, the spokesperson said that the company adheres to all regulations by ReraRera and other concerned authorities across all its community management practices.
"EmaarEmaar routinely sends their service charge budgets to ReraRera for scrutiny," the spokesperson added.
© Emirates Business 24/7 2010
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