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Real Estate Regulation

Real Estate Regulation

With rapid expansion of Realty Sector in United Arab Emirates and the continued trust and confidence shown by International Investors, both Institutional and Individuals alike, the Realty sector is poised for further 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 the industry to implement stringent regulations on investors and developers. This was only to sustain the real estate industry in the region and ensure transparency in the transactions. In addition, the tighter regulations of UAE and conservative business plans from property developers are intended to create a stable environment for lucrative investors.

Now, 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.

This calls for adequate and efficient support systems and state-of-art-technology tools that would support the growth of real estate industry, more efficiently and effectively. One such area that needs urgent attention is ‘Escrow Management to regulate the Land department’.

Ascent ProMart© Escrow Software intends to bring strong governance, compliance, monitoring and operational automation of current gaps in the industry, there by enabling the stakeholders to grow Real Estate Market in Emirates.

Ascent ProMart© is designed to adhere to regulatory compliance of Real Estate Regulatory Agency (RERA), the regulatory arm of the Land Department of UAE and addresses all the complex issues of RERA, its affiliated banks, investors, developers and other multiple stakeholders.

The proprietary software of Ascent is aligned with the goals of RERA and automates the manual processes of Trust Account Creation and maintenance along with direct and flexible reporting to keep a strong check and balance in the industry.

For this robust and scalable nature, Ascent ProMart© recevied Intellectual Property Rights Certificate from Ministry of Economy, UAE.

RERA Regulations

  1. A developer shall not advertise in local or foreign media, or participate in local or foreign exhibitions to promote the sale of units or properties off the plan unless it has obtained a written permit from the RERA
  2. Account Trustee is responsible to comply with central bank procedures concerning Ant-money – laundering (AML)
  3. All trustees (banks who are registered with RERA to manage such accounts) are required to maintain the unit wise details on the escrow system and refrain from using excel sheets to maintain the details