Real Estate Developers in Abu Dhabi to Face up to Dh1 Million Fine

Published August 1st, 2018 - 07:20 GMT
A Dh1 million fine will also be incurred by developers for late projects. (Shutterstock)
A Dh1 million fine will also be incurred by developers for late projects. (Shutterstock)

As per new rules and regulations issued by the Cabinet, Developers in Abu Dhabi who do not register their residential units with the municipality will be subject to a Dh10,000 fine.

A Dh1 million fine will also be incurred by developers for late projects.

This as the new rules and regulations for real estate developers are slated to come into effect at the end of November, as per Al Bayan report.

Read More

UAE Leaders Open The Doors to $1 Billion Warner Bros. World in Abu Dhabi
Dropping in Demand Results in 2 Percent Fall in Abu Dhabi Rents

Hussain Ali Al Junaibi, head of the real estate registration team in Abu Dhabi Municipality, affirmed that the Dh10,000 fine will be incurred if registration doesn't take place within 21 days.

These regulations apply to real estate developers, not buyers.


Copyright © 2019 Khaleej Times. All Rights Reserved.

You may also like