real estate regulator RERA will soon implement a grading system for developers
in the emirate based on the quality of their previous work, CEO Marwan bin
Ghalaita has said.
Asked if the poor quality of some buildings
in the emirate would adversely affect the market in coming years, bin Ghalaita
said: “This is true. So what I am doing about that is I am classifying
the developer. So, any development that will come in Dubai, the developer will
be classified, as an A developer, a B developer or C developer. And I will make
it very transparent to the investors before he invests in any property in
Dubai, that he will know what kind of quality of what he is paying for.”
Bin Ghalaita added that
regulations would soon be changed to make it harder for developers to hand over
a project that was poorly constructed, thereby offering homeowners’
associations better protection from unscrupulous practice.
He said: “Before they hand over,
there will be a snag list, to certify that this has met the standard. This is
what we are doing. Quality should be better. Here in Dubai, some of the
developers promised people a world class structure, but when they delivered it
was not like that. It will affect the prices in the future, but will also
affect something very critical, it will affect the owners association money,
because the developer, once he has built the structure, he is gone. So it is
the headache of the owners association, to pay more money to maintain this
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.