With the real estate market flourishing at a rapid pace in the UAE, the margin for investment has widened. When it comes to Dubai, the Dubai Land Department (DLD) oversees the execution of the real estate processes and regulations in the Emirates.
DLD offers services to buyers, sellers, investors as well as developers. If you are a real estate developer in Dubai and want to get started on a project, you need to get it registered by DLD.
We have prepared a detailed guide about the procedure, documentation requirements and terms that will help you to register for a real project in Dubai.
All about Registering for a Real Estate Project in Dubai
Through this service, real estate developers in Dubai can register for a real estate project. They can open an escrow account and get the units’ approval to sell them off-plan.
Here is how you can request for registration of a real estate project in Dubai.
REQUIRED DOCUMENTS
The required documents to register for a real estate project in Dubai include the following:
- Foundation contracts for the owner and developer’s company
- In case the owner of the land is different from the project developer, then a project development contract is required.
- A copy of the Emirates ID is required if a project development contract is used. Those who are authorised to sign are to submit the ID copy.
- On behalf of the project, sales and marketing, the main developer must submit a no-objection letter.
- Statement of 50% of the construction value guaranteed by the bank.
- Permits for the final building.
PROCEDURE
To register for a real estate project in Dubai, the procedure is as follows:
- A real estate licence must be issued from the licencing authority. After that, for the self-registration system, obtain a username.
- Log into the Oqood portal and go to the ‘developers’ self-registration system’. Submit the real estate project registration request and its requirements.
- To register a new project, review and audit the application and accept.
- After the application is accepted, the developer will be able to download the units through a DLD-approved surveying company.
- The developer is then required to register for the trustee account and fill in the account details.
- The registration fee must be paid.
- The certificate will be able to receive through the electronic system.
The service time for the project registration is 30 minutes. Also, the survey has a duration of 7 days.
FEES
The fee for the registration of a real estate project in Dubai is AED 150,000. Other charges include
- AED 10 Knowledge Fees
- AED 10 Innovation Fees
The payment is to be made through the Noqodi system.
TERMS AND CONDITIONS
To register for a real estate project in Dubai, the following terms and conditions must be taken into account:
- The property must be located in long-term leasehold or freehold areas.
- If there is an absence of 20% in the bank guarantee, the following conditions must be met:
- A- The value must be deposited in the DLD account through a bank transfer.
- B- A technical report of the actual completion percentage must be provided. If the percentage is less than 20%, then the difference must be deposited in DLD account through a bank transfer.
- In case you have already secured the property mortgage, a no-objection letter from the bank is required.
- To get approval for downloading the units, the real estate project plans must be attached by the planning authorities. These authorities must be approved in Dubai.
- The registration process for the developer must be completed in the Trakheesi system in Dubai.
This concludes the details to register for a real estate project in Dubai. However, with a myriad of investment options, one can get confused. To help you in the matter, you can choose a real estate agent in Dubai. That said, if you are searching for a property to invest in, go through these properties for sale in Dubai.
Stay connected to dubizzle’s property blog for more information on real estate processes and their details in the Emirates.
