Properties that are available for sale before construction are known as off-plan properties. Off-plan properties in Dubai have attracted local and foreign investors alike. Given their flexible and convenient payment plans alongside high ROI, the off-plan properties in Dubai have become quite popular in the last decade.
Speaking of its rising demand, Dubai Land Department (DLD) and Real Estate Regulatory Agency (RERA) initiated Oqood for developers to manage their off-plan properties in Dubai.
Oqood in Dubai includes several services for developers and investors to manage their off-plan properties. For that reason, it is crucial to understand Oqood by the Dubai Land Department when you purchase an off-plan property in the City of Gold.
What is Oqood Dubai?
Oqood is an Arabic word which translates to Contract. Emirates Real Estate Solution (ERES) has offered an online portal, Oqood, for off-plan real estate management. Oqood offers the following services related to managing off-plan properties in Dubai:
- Property management
- Sales and purchase transaction management
- Monitor project progress
- Account management
- Payment management
- Contract management
Besides, Oqood Dubai is a one-stop solution for developers and investors to form a single portfolio or window of their off-plan properties. That said, Oqood portal regulates, monitors and automates off-plan property management. Providing a safe and secure portal, the system protects the rights of all the stakeholders.
Advantages of Oqood System in Dubai
Oqood is the only portal offering off-plan property management with the best practices of the Dubai Land Department (DLD). Besides, Oqood service in Dubai has the following features that help buyers and developers:
- Eases the registration process by providing quality services as per the DLD standards
- Bilingual portal supporting English and Arabic language
- A formidable system that helps manage and monitor the progress of the off-plan project
- Regulates the off-plan real estate market
- Provides property developers with regulated procedures to manage the off-plan projects and take requests accordingly
- Valid source of information regarding off-plan projects
- Authentic platform to perform sales transactions of the off-plan properties
- Users can view updated statistics, units investment and payments across a plethora of off-plan projects in Dubai
Oqood Portal Sections
Oqood Dubai is an easy-to-use system with uncomplicated sections. These sections allow users to add, edit or delete the added participants, and properties and manage the contracts. The Oqood system has several sections. However, you will have to sign up for the portal to use all the services.
Let’s go through the following Oqood sections and how to use them.
Participants
The participants are individuals, companies or developers involved in the off-plan projects in Dubai. You can manage your participants by simply adding them to the Person Management screen. You can add the participants by following these steps:
- Select the Participants Management or Company Management to proceed with the process
- Add individual or company names and details in Arabic or English
- Enter the contact details and personal information (passport or residence details).
- After entering the details, click on Save, and the user will receive a confirmation message.
You can add multiple participants to your list and search for them using their personal or contact details. Furthermore, developers can edit the participants or company details from their lists.
Properties
Developers can add their new off-plan projects or manage the existing projects. Additionally, they can add details about project progression, add payment plans and other things to know before buying an off-land property.
Besides, adding payment plans is essential before performing any procedure on the approved off-plan properties. You can add, edit, view or manage the off-plan properties. Moreover, if the developers have off-plan villas for sale in Dubai, they can add these houses with all the details.
This Oqood section allows the users to terminate the contract with the developer due to the delayed off-plan project. However, it must be approved by the Dubai Land Department. Moreover, when an individual files a complaint against a delayed project, RERA can terminate the project and remove it from the property section.
Procedures
Another main component of the Oqood system is that it allows main procedures for off-plan properties. This section includes all the procedures requiring DLD approval for certificates and contracts.
These procedures include the following:
- Lease-to-own properties in Dubai
- NOCs
- Registering the sale of the mortgaged property
- Mortgage pre-approval in Dubai
- Property approval procedure
- Contract details
- Property cancellation
- Property modification
- Voucher details
- Project name and Property numbers and type
NOCs
One of the common real estate questions by sellers is on obtaining a no objection certificate (NOC) for re-selling their properties. Oqood has a separate section where individuals or companies can obtain NOCs to resell the property.
Contracts
Different types of contracts are generated as a result of different procedures. Both the parties involved in the off-plan property sales transaction sign the documents. Users can search for their contracts and register them via the Contracts Section on the Oqood System.
Vouchers
Registration of property transactions or different procedures requires individuals to pay a specified fee. The Oqood system helps generate payment vouchers related to different procedures.
Administration
Another section of the Oqood System is Administration. It allows the developers to manage, edit, add or delete sub-users. That said, these sub-users will be part of the main account.
Oqood certificate and portal have eased several processes related to buying, selling and managing off-plan properties. To learn more about these projects, you can find the FAQs about off-plan properties in Dubai.
FAQs
What is the difference between a title deed and Oqood?
A title deed is an ownership proof of completed properties. Meanwhile, Oqood is used for off-plan properties.
What is the meaning of Oqood in Dubai?
Oqood means ‘Contract’ in Arabic.
How much is Oqood registration fees?
Oqood registration fees in Dubai is around 4% of the property value.
Besides, investing in an off-plan property in Dubai comes with multiple benefits, such as payment options and high returns on investments. Additionally, you can rent apartment in Dubai and earn an income by receiving rent on your off-plan properties after they are ready to use. For more on diffrent terms used in property transactions, go through this real estate glossary.
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