Real estate related news and press releases covering MENA region.
Dubai fines 22 real estate companies for violations
Jun 27, 2012
Dubai's Real Estate Regulatory Agency (Rera) has said Dhs900,000 has been imposed in fines on 22 real estate companies and brokerage firms during the first six months of this year, Emirates 24-7 has reported. "Such procedure came as last step after exhausting all means to ensure compliance and safeguarding the rights of concerned parties," said Yousef Al Hashmi, director of Rera's Real Estate Licensing Department. Ten types of violations were observed during the first six months. Twelve companies failed to register the real estate brokers, while other companies violated the type of licensed activity by performing other activity. Other irregularities include failure to mention the company's registration number, failure to register the licence in the brokerage registry and failure to renew the broker ID card.