Cluttons, the real estate specialist that has enjoyed a dedicated presence in the Middle East since 1976 today unveils plans to introduce a new Strata Management Division. This move is a response to the imminent signing of the new “Strata Laws”, whereby all owners of freehold properties become members of legally constituted Owners Associations (OA). Owners will now be able to review and amend service charges through General Meetings with the OA body able to operate its own bank account, sue and be sued. The Real Estate Regulatory Agency (RERA), will adopt a new role working with both developers and OA's to ensure smooth transition of management, and that OA’s operate to the benefit of all parties.
Cluttons UAE already has some 50 buildings under management and is guided by a commitment to best practice in all areas of business. The Strata Management Division, as it will be known, will be a useful adjunct to existing and future clients, harnessing the resources of the Cluttons team, that comprises surveyors, cost accountants and experienced strata managers. The objective of the division will be to assist clients in the appropriate implementation of the Regulations and to also guide developers in the transfer of Owners Association management to the owners.
Some of the services on offer will include:
· Assisting the developer in determining the most suitable subdivision model for the project
· Considering various cost-sharing methods and preparing budgets to calculate service charges based on that formula after conferring with the service providers
· Preparing all the documentation required by RERA and fulfilling all the developers obligations under the new Laws
· Transition from developer to owners Association including the convening of the inaugural meeting of Owners
· Building valuation for insurances to safeguard owners and to assess the adequacy of the capital reserve, both of which are mandatory under the new Strata laws
Ron Hinchey, Regional Ambassador for Cluttons Middle East comments,
“It is great news to hear that the Dubai property industry is close to achieving its objectives. The new strata regulations will tie up previous loose ends and clarify grey areas evident at the moment. Furthermore, the team and I are delighted to announce the creation of the Cluttons Strata Management Division, which we hope will assist our clients to effectively transfer management from the developers to the owners.”
