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RERA urges investors to report rule violations
DUBAI - Dubai's premier real-estate watchdog, Real Estate Regulatory Agency (RERA), has urged property investors to report to the agency any violations of industry regulations, particularly in relation to law No 8 on escrow accounts.
"Should they get involved in disputes or litigations vis-a-vis real-estate development, investment and freehold, they are advised to approach the Property Court," said Marwan bin Galita, RERA's chief executive officer, in a statement on Tuesday. "They may also seek compensation and enforcement of obligations therein."
The statement comes after RERA met with 60 investors who purchased apartments at Dubai Lagoons, a project of Schon Properties located at Dubai Investments Park, over alleged disputes between the buyers and the developer.
"It could amicably unravel scores of disputes and shelter investors' interests over its year-long launch," it said, attributing the statement to Ghalita.
The statement stressed that the Lagoons project is still under way, although works have been delayed. RERA, which was launched after the start of the project, said it responded to complaints with an aim to safeguard investors' rights and interests.
It added that Schon Properties has maintained the required escrow accounts, which can only be withdrawn in instalments depending on the amount of work it has already done on the project.
It said an auditor has been appointed to look into the company's accounts, and an appraiser will also be named soon to examine the construction work.
"RERA spares no effort to create a scrupulous, stable, secure and safe real-estate market here so that investors would have more confidence," the statement said, adding that Dubai is all-set to enhance its achievement in the real-estate industry.
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