13 days to property registration deadline: Dubai landlords face fines

13 days to property registration deadline: Dubai landlords face fines
DLD sets Oct. 30 deadline for landlords to complete formalities
By 24/7 news
Published Monday, October 19, 2015

DLD Regstration

All sold units require to be registered before October 30 and failure to comply will attract action and penalties: DLD. (Shutterstock)
With only 13 days (nine working days) left for property owners to complete their unit registration with the Dubai Land Department (DLD), real estate developers have started reminding landlords to complete the formalities by October 30, 2015, following which they could face penalties.

In notices sent to their clients, developers said: “As mandated by the DLD all sold units require to be registered before October 30 and failure to comply will attract action and penalties from the department. To facilitate your unit registrations, visit our office to take this forward with the least delay.”

The developers further stated that in the event of non-compliance they will not be responsible for any action or penalties that are likely to be implemented by DLD.

In April 2015, ‘Emirates 24|7’ reported that developers were informing buyers/owners that DLD had implemented a new regulation that ensured all registration charges of 4 per cent were payable upfront by the end user against their respective units instead of the earlier provision of payment on completion and all had to meet the deadline of June 30, 2015, or face heavy penalties. The deadline was, however, extended by six months.

It is not clear whether the deadline is likely to be extended again, but real estate brokers rule out any such possibility.

In an emailed reply to ‘Emirates 24|7’, DLD had said that they would be applying the laws and regulations of Executive Council Resolution No. 30 of year 2013 in the case of violators.

Article (6) of the resolution states: “Without prejudice to any severer penalty provided for by any other law, anyone who commits any of the acts stipulated in Article (5) of this resolution shall be fined with double the prescribed fees.”

Article (5) states: “Following actions shall be deemed as fees evasion: providing false data about the value of the real estate transaction; using any trick or way of whatever kind or nature to evade the payment of fees and doing any other act that would evade the payment of fees.”

Though DLD has ruled out doubling of property registration fee as penalty, property agents said owners, missing the deadline, would have to pay double the current registration fee (8 per cent of the property registration fee). Even a top real estate brokerage firm said owners, failing to comply with the regulation, will face “tough” penalties.

Posted on October 19, 2015 in Dubai news, Property, Real Estate

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