Many people suppose that RERA is stand for Real Estate Regulatory Agency. However in fact RERA is stand for Real Estate Regulatory Authority in Dubai. RERA Dubai is the political Dubai Land Department. It is a lead agency which processes, governs and authorizes the property sector in Dubai.
History of RERA Dubai
RERA Dubai was founded on the 31st of July, in 2007 by His Highness Sheikh Mohammed Bin Rashed Al Maktoum, prime minister ruler and vice president of Dubai. RERA is distinct from the Dubai Lands Department (DLD) although both authorities are entangled in issues to do with property and real estate purchases and rentals.
Objective of RERA Dubai
The purpose and objective of RERA Dubai is to set policies and plans in the real estate sector in Dubai in order to grow international investments. RERA is a part of Dubai Land Resources Department. The agency has its own financial and administrative independence with full legal authority to regularize the real estate sector in Dubai.
RERA Dubai also tell people on regulatory acts while purchasing the real estate in Dubai. Land resources may be in security department till the establishing up is complete. The estate could be broken but just afterwards a certain commendation granting local planning. The estate provided cannot be either bought nor traded till the handwritten direction of His Highness Sheikh Mohammed Bin Rashed Al Maktoum is received. Tallying to the policy of privacy the Dubai Land Department does not release any information regarding its customers. Data about the land conditions could be given when the Dubai Land Department analyzes the status of Land relations.
Associate the guidance of the announcement by RERA Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum of the Dubai fundamental plan 2015 to advertise economic development and government modernization and offer substantiating growth and successfulness for all areas, Dubai has provided super paces in placing the standard for the world in some sectors. This residential area and marketplace is the special address for all the authoritative and reliable information regarding the Dubai real-estate sector.
RERA is set to model a pure international real estate approach system which factors the ‘old and the new’, the ‘customary’ and international ‘best practice’ approach. RERA fundamental goal and objective is to ensure Dubai real estate patterns and practitioners are elevated to the highest position known world wide for quality service, practices and simplicity of making out business in Dubai.
The Dubai Real Estate sector is attracting top smart guy from around the globe and millions of dollars of Foreign Direct Investment(FDI). This unforeseeable development and pursuit at a world-wide scale, provides Dubai authority to bring out a new concept of an online, virtual, real estate residential area.