Investors that have not registered completions of new units with the Dubai Land Department (DLD) face being fined AED10,000 ($2,272), it has been said.
A notice to investors from the DLD, reportedly seen by Emirates247, states that real estate developers that have not registered transactions with the department face being fined, and will have to fork out double the regular 4 percent registration fee (8 percent of the price).
The changes take effect from Sunday April 17 and apply to all property disposals that are not registered with the department after 60 days from the date of signing the reservation form or sale contract – whichever is earlier.
According to the newspaper, the notice, which was not available on the DLD’s website, says: “Please take note that, effective April 17 2016, the property registration services department will start applying and levying fines for not registering &/or delaying registration of property disposals and related real rights with the Land Department (sale, building sale, grant, building registration, mortgage, musataha, lease to own arrangement, usufruct, long term lease) &/or not paying or delaying payment of applicable fees in connection with such dispositions &/or not paying or delaying the transfer of received fees to the Land Department in accordance with [various circulars], as per the following:”
The notice then lists the penalties in line with various real estate regulations in the emirate.
The DLD has been contacted by Arabian Business for further information and comment.
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.