Dubai firm fined Dh50,000 for violating advertising, escrow account laws

The regulator called on all real estate companies and brokers to abide by laws and regulations.

The Real Estate Regulatory Agency (Rera) has imposed a Dh50,000 fine on a real estate company for violating the laws related to the escrow account and permits of real estate advertisements.

The company was found to have committed a group of violations related to the promotion and advertising of real estate projects not registered under its name. The violations also included issuing investment contracts to customers of those projects, receiving amounts outside the escrow account, and launching a promotional campaign without obtaining the necessary permits from the concerned authorities.

Upon reviewing the group of violations that the company committed against the laws related to the escrow account and permits of real estate advertisements, Rera imposed a Dh50,000 fine with a warning to double the value of the fine if the company is found to be non-compliant, suspend its license, close its office, and transfer its violations to public prosecution.

The regulator called on all real estate companies and brokers to abide by laws and regulations, ensure the highest levels of transparency and safeguard the rights of all parties, including investors and developers.

Rera regularly launches awareness campaigns across various channels and is in constant communication with all parties to inform them about the systems and share with them the latest circulars aimed at establishing reassurance and encouraging correct practices.

In order to provide the best possible service in a rapid manner and to ensure the comfort and happiness of customers, it has activated a new toll-free call centre number [8004488] for all Dubai Land Department and Rental Disputes Centre enquiries.

-waheedabbas@khaleejtimes.com

 

• Dubai