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DLD fines 30 real estate companies for failing to comply with the terms and conditions specified in real estate advertisements

DLD fines 30 real estate companies for failing to comply with the terms and conditions specified in real estate advertisements

Dubai, United Arab Emirates, 8 February 2024: The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), emphasises that all real estate companies must adhere to the terms and conditions stipulated for real estate advertisements; this includes providing accurate and correct information to customers by obtaining advertising licenses. Additionally, it is obligatory to include a QR code to enable investors to identify and verify all associated property data advertised.

This resulted from the Real Estate Regulatory Agency fining 30 real estate companies for failing to comply with the terms and conditions specified in real estate advertisements, which are established to govern advertisements and curb negative practices within the industry.

Ali Abdullah Al Ali, Director of the Real Estate Control Department at RERA, highlighted that the agency has closely monitored real estate advertisements and market activities. As a result, 30 violations were identified among real estate companies, each incurring a
AED 50,000 fine for non-compliance with RERA directives. The agency had previously issued circulars and warnings to emphasise the provisions and conditions of real estate advertising and ensure compliance.

Ali Abdullah Al Ali emphasised the Real Estate Regulatory Agency’s ongoing dedication to enhancing transparency in the real estate sector, delivering top-notch services to stakeholders, safeguarding everyone’s rights, and fostering sustainability in the sector’s development and growth. This commitment is aligned with the DLD’s strategy of becoming the global leader in real estate investment. The strategy focuses on providing seamless real estate services, effective legislation, integrating data through partnerships, leading digital infrastructure, and empowering human capital.

Ali Al Ali urged all companies to consistently comply with the agency’s instructions, laws, and regulations. This can be achieved through continuous training or by acquiring information from training courses. Such compliance is essential to ensure a safe, stable, and sustainable environment that enhances the experience of DLD’s customers, He also encouraged the public not to engage with any real estate advertisement that does not have a permit and QR code.

Posted by : Editorial Team
Viewed 7917 times
PR Category : Real Estate & Retail
Posted on : Thursday, February 8, 2024  2:53:00 PM UAE local time (GMT+4)
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