Digital title deeds, anyone?

dubai — The chief of the Real Estate Regulatory Agency (Rera), the regulatory arm of the Dubai Land Department, has warned property developers to meet the quality of projects as promised to investors.

Addressing the Cityscape Global Conference in Dubai on Sunday, Marwan bin Ghalita, CEO of Rera, said there are no more complaints from investors and all the projects launched since 2012 have been delivered.

“Around three to four years ago, my office used to be full of complaints but nowadays, I receive two complaints a month. I don’t even call them complaints because it’s a misunderstanding as somebody didn’t read his contract. However, we are watching what is being delivered and what was promised to investors. The Land Department is doing a lot of processing work to make the investor happy and deliver his title deeds and legal work in a speedy way,” he said.

The Rera executive advised investors to read their contracts thoroughly or hire lawyers to know their rights and obligations.

Bin Ghalita said the department is introducing new technologies whereby the title deeds will be issued digitally to the investors.

“This year, we are talking about more advanced technology. We have introduced software that can give more decision-making tools to manage the investments. The investor’s title deed will be authenticated smartly, so no more paperwork will be done with the Land Department. With blockchain, all the processes will be done automatically and title deeds will be issued digitally.

— waheedabbas@khaleejtimes.com