However, Real Estate Regulatory Agencies like RERA, SAMA, AERA, Ministry of Municipality and the regulatory arm of the Land Department of UAE, has immediate concerns in terms of Governance, Compliance, Monitoring and Operational Automation.
Ascent Escrow ProMart© is a real estate Escrow Software, designed to bridge the current gaps in the Real Estate Industry, thereby ensuring an optimistic stakeholder’s growth.
There is an expectation of exponential demand for more office spaces and dwelling units in the coming years, considering several ambitious programs and development plans rolled by the government.
However, fraudulence and complexities in the transactions, forced Regulators like RERA and SAMA to implement stringent regulations on investors and developers. This regulatory step was only to sustain the real estate industry in the region and to ensure transparency in the transactions. Developers Escrow software is beneficial for real estate transactions.
In the consequence, the tighter regulations of Qatar, Oman, Dubai, Abu Dhabi, Riyadh and Jeddah in Saudi Arabia conservative business plans from property developers are intended to create a stable environment for lucrative investors.
Ascent property management software effectively addresses and resolves all these compliance issues of Real Estate Regulators further helping in cash management and escrow trust account management. Additionally, the system is designed to create more professional and stable market for investors in Qatar, Oman, Dubai, Abu Dhabi, Riyadh and Jeddah in Saudi Arabia to establish a legislative legal framework for real estate transactions with state-of-the-art technology.
The Ascent Escrow ProMart© Software’s received Intellectual Property Rights Certificate from Ministry of Economy, UAE, for its innovation and technology advance.
RERA extends support to the land department of UAE to regulate the relationship between companies managing properties and residential buildings, as well as regulating the work of real estate brokers and owners associations. The department sets legislations to regulate the relationship between all contracting parties and to organise the exchange process of properties.
The newly implemented regulations on loan concentration would protect the reliability of banks, dealing with real estate projects. These regulations are aimed at mitigating risks in bank balance sheets in the context of mega projects.
Any stakeholder dealing with RERA is subjected to maintain a trust account, where the Trust Account Escrow Software enables the money received from end user and financing parties and the money received by registered developer or its representatives, for sell-off plan for registered projects, which will be considered as Trust Money.
This trust money must be deposited in a guarantee account and used exclusively for the assigned projects. The money shall be released from the Guarantee Account in accordance with these guidelines with the help of the Trust Account Escrow Softwares.
Manual reconciliation of a trust account may pose further challenges to existing silos. Lack of transparency in real estate transactions may sabotage the trust and can be a bottleneck for exponential growth. In addition, it may be time consuming, less-customer friendly and highly risky.