PROPERTY exhibitors and event management companies have been warned not to include unlicensed developers at events.

The Real Estate Regulatory Authority (Rera) met organisers to inform them that all participants need to be licensed by the authority for them to showcase their properties to the public.

The regulator has also warned of intensified inspections and fines against violators.

“Rera engages with the organisers of property exhibitions, event management companies, venue owners, organisers/representative bodies to advise them that under Law 27 all developers must hold a Developer Licence,” a spokesman told the GDN.

“Each off-plan sales project must have a project specific Development Licence or Market Research Licence in order to participate in a property exhibition.”

He pointed out that it was imperative for organisers to run a check on the exhibitors to ensure they are working within the parameters of the law.

“Exhibiting without the required licences is breaking the law and sanctions will apply,” said the spokesman.

“Rera inspectors visit property exhibitions to ensure that all participating exhibitors have valid licences.”

The authority which came into effect from March last year allocated a six-month transition period, until August 31 last year, for property developers to adjust to the new regulatory standards.

This includes new measures like the nine-month Market Research Advertising Licence that allows a licensed property developer to research, advertise and test the market prior to committing to a development project licence.

“We advise all property exhibition organisers well in advance of the property exhibition to verify that all prospective exhibitors have a valid Developer Licence and a specific project licence for each off-plan sales development being promoted at the exhibition.

“To date this process of working closely with each property exhibition organiser has ensured that all exhibitors held valid licences.”

He said teams have already conducted spot checks at the property exhibitions to ensure that all participants have the correct licences.

“Should a violation occur Rera can impose sanctions, including fines, on the non-compliant developer,” warned the spokesman.

“Where violations are identified, Rera engages with the relevant parties, issuing a legal notification instructing the violators to rectify their status.

“Rera takes whatever legal action is required to ensure compliance with the law.”

Latest statistics reveal that Rera has so far licensed 536 real estate brokers, 364 sales agents, 90 licensed developers, 11 off-plan sales projects, 75 property managers and six Owners Association Managers.

According to the Economic Development Board, real estate developments totalling $26 billion are planned or under construction in Bahrain.

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