By Gavin Gibbon
Real Estate Regulatory Agency has called on all real estate companies and brokers to abide by the rules and regulations
A Dubai real estate company has been fined AED50,000 for breaking advertising laws.
Action against the unnamed company was taken by the emirate’s Real Estate Regulatory Agency (RERA) after it was found to have violated the laws “related to the escrow account and permits of real estate advertisements”.
The company committed a series of violations related to the promotion and advertising of real estate projects not registered under its name. This included issuing investment contracts to customers of those projects, receiving amounts outside the escrow account, and launching a promotional campaign without obtaining the necessary permits from the authorities.
Should the company be found guilty again, RERA has warned that the fine will be doubled, its license suspended, office closed and the matter will be passed over to the courts.
RERA has called on all real estate companies and brokers to abide by the rules and regulations, “to ensure the highest levels of transparency and safeguard the rights of all parties, including investors and developers, RERA regularly launches awareness campaigns across various channels and is in constant communication with all parties to inform them about the systems and share with them the latest circulars aimed at establishing reassurance and encouraging correct practices”.