March 25th, 2016 by Own A Space
Media has been advised by Abu Dhabi Municipality not to publish (selling and buying) property-related advertisements without getting prior approval. Publishing promotional advertisements has been refrained about selling, buying, offering rented property units or other advertising activities without prior approval from the Abu Dhabi Municipality. Violators will face legal action.
Mentioned above is part of the Real Estate Law which is to be introduced by the Department of Transport and the Department of Municipal Affairs, the Abu Dhabi City Municipality. The new real estate law has four pillars: project cost account, off-plan sale, participation in exhibitions and advertisements.
This new law provides clear structure aimed at safeguarding the rights of property traders, buyers, sellers, and brokers and achieving public interest. Creating an investment-friendly environment, it would streamline the real-estate sector.
Issuance of special permits to property developers and registering trustee accounts has already started by Dubai Municipality with banks to operate escrow accounts for projects. Special teams have been deputed to enforce the law pursuant to the resolution issued by Musabbah Mubarak Al Murar, acting General Manager of the Abu Dhabi City Municipality.
Real-estate registration division offices have been relocated adjacent to the land division in order to make all 39 services at the disposal of customers by the Municipality.
For more than a month, several induction workshops have been carried out by the Municipality in partnership with developers. The Municipality has organized visits to Aldar Properties, Tamouh and TDIC to enhance cooperation with partners. Four agreements have been approved with four banks, namely National Bank of Abu Dhabi, Dubai Islamic Bank, National Union Bank and Abu Dhabi Commercial Bank for registering trustees of project escrow account.
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