Dubai firm fined Dh50,000 for breaking laws

dubai — The Real Estate Regulatory Agency (Rera) has slapped a Dh50,000 fine on a company for violating the laws related to the escrow account and permits of real estate advertisements.

The realty firm was found to have committed a series of violations related to promotion and advertising of real estate projects not registered under its name. The violations also included issuing investment contracts to customers of those projects, receiving amounts outside the escrow account, and launching a promotional campaign without obtaining the necessary permits from the authorities concerned.

After reviewing the violations that the company committed against the laws related to the escrow account and permits of real estate advertisements, Rera imposed a Dh50,000 fine with a warning to double the value of the penalty if the company is found to be non-compliant, suspend its licence, close its office, and transfer its violations to public prosecution.

The regulator called on all real estate companies and brokers to abide by laws and regulations, ensure the highest levels of transparency and safeguard the rights of all parties, including investors and developers.

Rera regularly launches awareness campaigns across various channels and is in constant communication with all parties to inform them about the systems and share with them the latest circulars aimed at establishing reassurance and encouraging correct practices.

To provide the best possible service and ensure happiness of customers, it has activated a new toll-free call centre number 8004488 for all Dubai Land Department and Rental Disputes Centre enquiries.