The Dubai Land Department (DLD) continues to introduce various initiatives to ensure convenience and transparency in real estate processes. The launch of Munaqasat by DLD is another breakthrough in this regard. Introduced through the Real Estate Regulatory Agency (RERA), the service aims to regulate the tendering processes for jointly owned property (JOP) in Dubai.
The newly launched Munaqasat service by DLD is part of the Mollak system. Let’s delve into more details about its process and key features.
More About the Munaqasat Service by DLD
Munaqasat service by DLD is aimed to regulate tendering processes for all matters related to services and maintenance for the jointly owned property (JOP) sector in Dubai. The service is launched through the Real Estate Regulation Agency (RERA) and is part of the Mollak system.
This legal system is designed to seamlessly establish a direct link between jointly owned property companies and service providers. Munaqasat service will further contribute to the comprehensive management of JOPs in Dubai, facilitating and simplifying the tendering process. Moreover, the enhanced transparency in the sector will benefit in various aspects, such as ensuring top-quality services at competitive prices.
Word from the CEO of RERA
The statement by His Excellency Marwan bin Ghalita, the CEO of RERA, also reflected the resourcefulness of the noteworthy Munaqasat service features.
Praising the new service, the RERA CEO stated, “The jointly owned property (JOP) sector holds great significance in Dubai and contributes to the development of the broader real estate sector. It underscores our commitment to sustainability, innovation, and meeting the needs of investors and residents alike. Providing an integrated service for organising and regulating tenders related to maintenance services will foster a healthy and transparent environment in the real estate market. This, in turn, will promote the competition necessary to deliver the highest quality service standards.”
DLD Launches Munaqasat Service: Key Highlights
- This service guarantees transparent transactions and ensures top-notch tender-processing services at competitive prices to JOP companies.
- Munaqasat simplifies the tendering process, establishing direct connections between jointly owned property companies and service providers.
- All procedures are digitised, providing accurate budgets for service fees and maintenance.
- Munaqasat contributes to improved governance in the real estate sector, enhancing transparency in all transactions.
- According to His Excellency Marwan bin Ghalita, the launch of Munaqasat reflects the department’s continuous efforts to enhance the real estate sector’s readiness and sustainability. It strengthens effective partnerships among all involved parties.
Tender Submission Deadline and Forthcoming Features
All JOP companies are required to submit tenders using the new Munaqasat service. The deadline for the 2024 tender and budget submission on the system is October 2023. Moreover, the Munaqasat service will get an additional feature by 2024.
The forthcoming feature will allow joint-property owners to conduct performance evaluations of service providers. The owners’ committees will also have access to view presented tenders, further enhancing transparency and engagement in the property sector through a streamlined system.
FAQs
What is Munaqasat and how does it work?
Munaqasat is a service launched by the Dubai Land Department (DLD) to regulate tendering processes for services and maintenance in jointly owned properties (JOPs) in Dubai.
What additional features can joint-property owners expect from Munaqasat in 2024?
In 2024, Munaqasat will introduce features allowing property owners to evaluate service providers’ performance. Owners’ committees will also gain access to view presented tenders, enhancing transparency and engagement in the real estate sector.
This brings us to the end of our overview of the newly launched Munaqasat service by DLD. While Munaqasat service covers the technical and financial aspects, the jointly owned property law in Dubai ensures adherence to legalities.
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For more updates on the digitised Munaqasat service by DLD, stay tuned to the dubizzle property blog.
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