| 26 Aug 2010 |
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Deadline for house owners body may be extended
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Although proactive developers in Dubai have started using strata consultants to meet the October deadline for registration of owners' associations, an extension to the cutoff date might be a possibility, according to Strata consultants.
"I feel the October deadline to complete all documentation process and register owners' associations with Real Estate Regulatory AgencyReal Estate Regulatory Agency
[Rera] will be extended," Kent A O'Brien, CEO, Strata Global, told Emirates 24|7.
Graham Yeates, Head of Strata Management, Cluttons, feels the same.
"There will be pressure to meet the deadline. Even ReraRera will have a lot of processing to do in a short time, but it will be worthwhile in the end.
There are not many days left and Ramadan is in the middle of that, so fingers crossed. But at least many developers are nearing that point," he said.
Asked if developers in Dubai have started to use strata consultants to meet the deadline set by ReraRera, O'Brien said: "Those developers who have been proactive to date are continuing to do so. There are many still hanging on the hope they will not have to spend money on compliance.
The slowness would be quite alarming if you were an owner in any of the developments. The main culprits appear to be those developers who cannot comply or have FM interest and the new laws will terminate this arrangement."
Yeates added that most developers are using consultants to handle the registration.
"The main document is the JOP declaration that outlines the details of the project including the method of calculating the cost sharing.
ReraRera will ensure this is calculated in an equitable manner and consultants can assist with this formula.
Strata Global is currently advising developments where the interim owners' associations are involved, which amounts to 38 owners' associations and 20 home owners' associations in Dubai.
By Parag Deulgaonkar
© Emirates 24|7 2010
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