RAKIA-RERA

RAKIA’s foray into real estate was followed by the setting up of a Real Estate Regulatory Authority (RAKIA-RERA) in 2009 with the sole intent of serving as a local authority that would ensure compliance to construction regulation standards set forth by it and other local authorities. Such regulations and standards shall be applicable to RAKIA projects and all other developments in the emirate. RAKIA-RERA will establish standard procedures and guidelines that will be adopted in all developments within RAKIA’s designated zones as will be set forth in various manuals progressively. Such regulation manuals would ensure development compliance including but not limited to environment, health and safety standards. As such, once all criterions of RAKIA-RERA are met and necessary regulations are complied with, RAKIA-RERA would issue No Objection Certificates (NOC) and Building Permits to respective developments and necessary charges will apply to the applicants. RAKIA-RERA would provide technical support and shall be available for clarification of queries related to Quality, Inspection, Architectural, Structural, etc as relevant. For RAKIA projects, RAKIA-RERA shall be responsible for escrow account management, matters that have financial implications and legal issues. It intends to have constant coordination with developers to mutually maintain and manage the cash flows related to relevant projects. It shall also manage the cash inflows from various applicants such as consultants and contractors. In near future RAKIA-RERA intends to provide online support by making its services available through a dedicated portal. With this initiative, various day to day transactions will be readily available including all regulation, standards, submission requirements etc. set by RAKIA-RERA that shall be adopted by consultants and contractors. This will simplify procedure, reduce processing time and enhance quality