Sunday, November 24, 2013

Complete your property transaction in Dubai within 12 minutes-Developers get authority from Land department

Dubai developers will now be able to register property transactions and complete them in mere 12 minutes compared to seven days required previously.Dubai Land Department (DLD) tweeted, saying, “The LD has granted developers the authority to register property transactions. However, the department will carry the auditing process and issue the contracts.”

The department added: “Now your transaction can be completed in just 12 minutes instead of 7 days.”

According to DLD, it has successfully achieved a “new” record in saving the client’s effort and time, achieving its objective of offering client satisfaction, transparent transactions and internationally premium real estate services.Real estate agents say these are primary market transactions between the first purchaser and developer.

Already in July, DLD had launched “registration trustees” service for the secondary market sales, allowing customers to complete transactions outside official working hours through licensed legal offices. The service, however, costs Dh4,000 per transaction.

The department also got a pat on its back when World Bank’s 2013 Doing Business Index ranked it has the fourth best in the world for ease of real estate and property registration. A year back, it was placed at number 12 globally by the same index.

DLD Director-General Sultan Butti bin Mejren said in September that total property transactions crossed Dh162 billion in the first nine months of 2013 compared to Dh90bn same period last year.

Dubai raised registration fee from 2 per cent to 4 per cent of the property value from October 6 aimed at eliminating speculators and controlling price volatility.