Sunday, November 23, 2008

Changing times

It's been a case of catch-up, it still is, with laws lagging behind the frantic pace of Dubai's huge development.

I don't just mean development in terms of real estate but also the explosive population growth, vehicle ownership growth, the rapid increase in tourist arrivals. And technology that the world's lawmakers are struggling to include in their legislation, such as mobile phones and the internet.

For example the dangerous habit of driving while using a mobile phone should be illegal, but that still isn't written into law in many countries.

In Dubai we have an awful lot of legislation still to be introduced in so many areas.

Anyway, on the real estate front we're starting to see very welcome laws controlling what has been a free-for-all, and introducing much needed protection.

There's a good example in the papers, which shows what a dramatic shift there's been:

If you click on the image to enlarge it you'll see what a remarkable change there's been from what we've seen in the past.

A registered developer has applied for cancellation to RERA (the Real Estate Regulatory Agency) of a project and for resale of the plots.

Written objections are invited to RERA and contact details of the developer are given for anyone wanting more information or clarification.

In the recent past there was no regulatory authority, a developer could be a fly-by-night cowboy who could simply walk away from a project.

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