Dubai Fines 30 Real Estate Firms For Breaching
- Publish date: Thursday، 08 February 2024 | Last update: Wednesday، 24 April 2024
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The Real Estate Regulatory Agency (RERA), Dubai Land Department's regulatory branch, fined 30 real estate firms for non-compliance, imposing a Dhs 50,000 penalty on each.
The fines aim to regulate the industry and discourage negative practices in advertising. RERA stresses the necessity for real estate companies to adhere to specified advertisement terms. Compliance involves securing advertising licenses, providing accurate information, and integrating a QR code for property data verification.
Ali Abdullah Al Ali, RERA's Real Estate Control Department Director, emphasized the agency's vigilant monitoring of market activities. The fines resulted from 30 violations, reflecting RERA's commitment to transparency, stakeholder service, rights protection, and sustainable sector development. This aligns with the Dubai Land Department's strategy to lead globally in real estate investment by providing seamless services, effective legislation, digital infrastructure, and human capital empowerment.
Ali urged companies to consistently follow RERA's instructions, laws, and regulations through training and information acquisition. Compliance ensures a safe, stable, and sustainable environment for DLD's customers.
He also cautioned the public against engaging with unpermitted real estate ads lacking a QR code. RERA's dedication to enhancing transparency and fostering a compliant, customer-centric real estate environment remains central to its mission in alignment with the Dubai Land Department's overarching strategy.