Shaikh Saif bin Mohammed al Shabibi, Minister of Housing, and Shaikh Walid bin Khamis al Hashar, CEO, Bank Muscat, signed an agreement on Sunday to provide registration and documentation services.
As per the agreement, a real estate registry office will be opened at Bank Muscats main building in Airport Heights to offer documentation services for activities such as buying and selling real estate, mortgage, land received as gifts, partition, inheritance and other real estate transactions applicable in the ministrys one-stop-shop.
The ministry will provide specialised staff in the field of registration, documentation and legal services to work at the registry office at Bank Muscat from 8:30 am to 2 pm in addition to the possibility of extending working hours to the evening.
The one-stop-shop links all government ministries and stakeholder agencies whose clearances are mandatory before construction work on any real estate development can begin in earnest.
The required permits will be issued within a maximum of 27 days from the date of submission of completed applications, with the requisite supporting documentation.
The one-stop-shop will not only speed up the approvals process, but crucially, it will also make the increasingly important property sector more transparent, and therefore, more attractive to local and international investment.
Furthermore, the centre will enable interested investors and developers to access market data that will be imperative to their decision-making processes, while providing them with assurance and comfort that their investment decisions are sound and evidence-based.
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