What is meant by RERA the real estate regulatory authority?
It’s a government regulatory agency of Dubai Land Department (DLD) that aims to end the disputes between tenants and landlords by setting policies and strategy regarding the real estate sector in order to increase and boost the foreign investment and eases the real estate services.
Real estate regulatory authority was founded in 2007 by His Highness Sheikh Mohammed Bin Rashid Al Maktoum.
In addition to that, one of real estate regulatory authority RERA functions is providing a transparent and effective legal framework to those who are involved in the real estate sector.
Also, the agency in the last short period has successfully registered all real estate development organizations.
Furthermore, real estate regulatory authority is aiming to regulate the rental agreements, ads in mass media, license real estate agents operating and real estate exhibitions.
Moreover, real estate regulatory authority RERA goal is to develop and build an online real estate society for everyone who is involved in the sector. Thus, the agency of RERA in cooperation with Dubai Land Department (DLD) has developed many smart applications that boost and facilitates the deals and communications between investors, developers, buyers and sellers.
Smart Application Developed by RERA and DLD:
- Investment Map Website,
- Smart Pay Service,
- Dubai Brokers,
- Smart Judge.
To Sum Up...
Real estate regulatory authority is an agency that aims to boost, enhance and eases the deals between two parties in a particular real estate agreement, in addition, it aims to improve and increase the foreign investment.