New law aims to curb 'flip' sales

[NwAli]

Dubai has issued a new law requiring home buyers to register their purchases before reselling them. The new law requires purchases of even uncompleted apartments and villas bought 'off plan' to be registered with the department first before they can be passed on to a new buyer. The move is seen as an attempt to prevent speculators from 'flipping' the ownership of an uncompleted home soon after making the purchase. The practice has fuelled rapid inflation in property prices


What Now Reara Will Charge 2 % transfer And the developer will charge some amount ??? who will buy floor and keep it for an year before selling them ??

[shahrez_khan]

Thank u Man as I was looking for this information.

It means every buyer will be treated as an end buyer and will get register with RERA.

I have checked with my developer and they said that LD hasnt asked for any buyer detail so far so how and when they will start doing it , is still a mistrey.

Transfer Fee i believe will be less as they were saying at one stage that transfer fee charged by developers is illegal.

Now what charge these developers will come up with would be interesting.

[cheemz]

To be implemented by Nov 1st 2008 says RERA.
But lets be honest, do they have the capacity to run such a system within a months time??
I highly doubt it...

[cheemz]

Originally Posted by cheemz

To be implemented by Nov 1st 2008 says RERA.
But lets be honest, do they have the capacity to run such a system within a months time??
I highly doubt it...

Sorry, 2 months time!

[shahrez_khan]

where did you get this date from.

Is there anyway this date can be varified ?

did anyone else come accross this date as well.

[talk]

Originally Posted by shahrez_khan

where did you get this date from.

Is there anyway this date can be varified ?

did anyone else come accross this date as well.

I can't find any date stating when this law will start,but Arabain Business News states that developers have 60 days to register a sale with Land department,up untill the new law comes into force.So basically that means 60 days grace at the moment.