The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (LD) imposed AED 900,000 fines on twenty two real estate companies and brokerage firms during the first half of the year.
Yousef Al Hashmi, director of RERA’s Real Estate Licensing Department said that the agency observed the repeated violations by these entities but initially issued circulars to the violating brokerage firms regarding the importance of abiding by and complying with regulations. Then RERA issued notices and warning to these firms before imposing fines on them. Such procedure came as last step after exhausting all means to ensure compliance and safeguarding the rights of concerned parties.
RERA works to create a professional real estate environment governed by clear laws and regulations, according to Al Hashmi. Regulating the real estate brokerage profession aims at clarifying relations between different parties, clients and firms in order to protect the rights of clients against any violations of laws and professional ethics that can be committed by real estate brokers.
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