The Land Department (DLD) is imposing fines of up to Dh10,000 per unit on developers who have not issued title deeds to investors.
A circular to this effect (in Arabic) reads: “The escrow section of DLD carries a periodic review of its Oqood data base. In the case of projects which are completed 80 per cent and more and where the developer is not taking necessary actions to transfer this property registration from Oqood to the final registration system within 30 days from receiving this letter, the section will take necessary action to stop the validity of any transaction on these projects with the possibility of imposing financial fine of Dh10,000 on every unit.”
Humaid Abdullah Al Shamsi, Deputy Director, Land Department (DLD) told XPRESS: “We are imposing fines to developers who are putting off issuing title deeds to their investors. There is a procedure that we follow where we give them a month’s notice to put their act together. If they fail to do so, then we penalise them.”
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