x Abu Dhabi, UAEFriday 21 July 2017

Developers sign up for regulatory authority

The RAKIA Real Estate Regulatory Authority was created in February to regulate the implementation of the escrow account law for freehold property under RAKIA.

DUBAI // The Ras al Khaimah Investment Authority (RAKIA) said Tuesday that so far five developers have registered with RAKIA RERA, the property regulator set up in the UAE's northernmost emirate to safeguard investors and ensure construction funds are not misused. The RAKIA Real Estate Regulatory Authority was created in February to regulate the implementation of the escrow account law for freehold property under RAKIA, the government body overseeing the growth of Ras al Khaimah. Developers have to register with RAKIA RERA and open an escrow account before they can start selling property units. The five property developers that have registered with the body are Select Group, the developer of Pacific; Manazil Real Estate, which is developing Marbella Bay; Pure Real Estate, developer of Blue Mirage; Stallion Properties, which is developing Santorini; and e-myproperty, the developer of Bab Al Badr. Yes Properties, the developer of The Quay, is now completing the registration process and will soon open an escrow account. The authority will also monitor the progress of construction by sending inspectors to project sites to make sure contracts are adhered to, RAKIA said in a statement. * with Reuters