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'I want to build a 'LinkedIn' for people with disabilities,' says Hafsa Qadeer, whose social enterprise 'ImInclusive' recently organised the UAE's largest career fair for Emiratis of determination
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KM Properties allowed to function under law 8
DUBAI — KM Holding's Dubai-based real estate development arm, KM Properties, is now officially allowed to develop and sell properties in accordance with Law 8, the city's new regulation on real estate purchases and escrow account deposits.
The first developer to register with the Dubai Land Department regarding adherence to Law 8, KM Properties yesterday said in a statement that it welcomes the passing of the new law as this will bring greater transparency in the UAE's real estate sector.
"KM Properties looks forward to working in tandem with the Land Department, which will ensure on behalf of our customers that their investments are in good hands," said Sanjeet Joher, COO, KM Holding. Law 8 requires real estate developers to obtain a licence from the Land Department to carry on property development business in Dubai. It also provides that initial payments for properties under construction or those that are about to be built shall be held in a bank in the form of escrow accounts which can be released only to the developer depending on the progress of its construction works.
"Being one of the respected companies operating in Dubai, we have high confidence in KM Properties that they will open the escrow account for all its recent projects since they made the first correct step by complying with the new rule," said Marwan bin Gileetah, executive director, Real Estate Association.
Omar Bushahab, director for evaluation and study, Land Department, said there have been proposals from banks overseas to set up shop in Dubai and offer the opening of escrow accounts for real estate developers.
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