Most of the real estate brokerage companies in Dubai are ignoring Real Estate Regulatory Agency's (Rera) rules when it comes to newspaper advertising.
A search of newspaper listings shows that even some of the top brokerage companies don't mention their Rera registration numbers, leave alone mentioning the trust account number for off-plan properties or title deed number for completed properties.
Rera regulations state that when a real estate brokerage company advertises "off-plan" properties, the advertisements must mention the project name, the trust account number and the broker office registration number. And for completed properties, they need to mention the title deed number and the broker office registration number in the advertisements.
"If brokerage companies fail to comply with the advertisement guidelines mentioned above, we send a notice to them through the Department of Economic Deve-lopment (DED) asking them to comply with our guidelines. If any company fails to comply with our guidelines, we issue penalty through the DED and take legal action," a senior agency official said.
This newspaper has reported about Rera's recommendation that people should only use service of Rera-registered brokers. They should also check the broker's Rera accreditation at the agency's website (www.rpdubai.com) before dealing with them.
By Parag Deulgaonkar
© Emirates Business 24/7 2009
