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Developers warned not to sell in corridors, parking lots at Dubai's Cityscape event

cityscape, dubai, developers, brokers, warning

Dubai - Regulator warned developers that it will penalize the violators and may cancel their registration from the records as well.



By Waheed Abbas

Published: Thu 26 Sep 2019, 3:38 PM

Last updated: Fri 27 Sep 2019, 8:53 AM

Property developers and brokers taking part in the Cityscape Global 2019 have been warned by the Real Estate Regulatory Authority (Rera) not to chase investors in the corridors and parking lots.
Inaugurated by Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority (DCAA), the 19th edition of the three-day Cityscape Global opened at the Dubai World Trade Centre on Wednesday.
The regulator warned developers that it will penalize the violators and may cancel their registration from the records as well.
"We would like to inform you that Rera warns developers and brokers of malpractice during Cityscape from chasing investors in corridors and parking lots. Violating these instructions will incur penalties on the real estate developer or broker that may result in a fine and or the cancellation of their registration from the records," said Rera's notice sent to all participating exhibitors.
"Exhibitors are obliged to provide their services through their respective stands only," Rera said.
Visitors going to Cityscape Global on the first day confirmed that they were approached in the corridors, asking them if they were interested in buying certain properties.
"I have been visiting Cityscape for years and was very surprised to see a woman who did not represent any developer, but still offered to take me to them if I wished to buy a property," said MD, who visited Cityscape.
"I declined to go with her, as I know that only developers or registered real estate agents can sell properties," he added.
-waheedabbas@khaleejtimes.com


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