DUBAI: June 30, 2015, has been set as a deadline for registration of all “sold” units in the emirate by property owners and failure to do so will result in penalties, according to a media report
Developers have started to send the notice to all unit owners, asking them to comply with the new Dubai Land Department rules before June 1, 2015, reported Emirates 24/7.
“Further to the notification received from the Government of Dubai Land department dated 19/03/2015 concerning “Registration of Real Estate Actions and Rights in Property Registry & Interim Real estate Registration, Payment of fees to the Department” – we seek your urgent action to complete registration of your unit(s) with Dubai Land Department (DLD) before June 1, 2015,” reads the notice sent by a Dubai-bourse listed developer to unit owners.
It adds: “As mandated by DLD all sold units require to be registered before June 30, 2015, and failure to comply, will attract action & penalties.”
The Dubai-based news portal had earlier reported that buyers in “off plan” projects have to pay the registration fee of 4 percent of the property price at the time of booking or within 30 days from purchase (either of the option depends on the developer). Earlier the buyer could defer the fee payment at the time of resell or at handover.
“There are still a number of unit owners who haven’t paid the registration fee to the DLD… ones those who have failed to register at the time when the registration fee was at 2 percent,” said a senior executive with a top development company on conditions of anonymity.
“Those who have the title deed need not worry. What penalties or action will the land department take is still not known,” he added.
DLD had doubled the property registration fee to 4 percent from 2 percent of the property value, starting October 2013. The new fee covers all property transactions in the emirate of Dubai except for the industrial sector, including warehouses, the Emirates 24/7 report said.
However, developers do mention those units owners who have fulfilled their obligations are require to send a scanned copy of title deed, it added.