Dubai: Developers in Dubai will need to pay off the 4 per cent property registration fees within 60 days – and delays beyond that would lead to penalties being imposed.
The Dubai Land Department said there is no reason why developers should delay handing over the 4 per cent (of the property value) as fees since they would already have collected that amount from the property owner.
“We cannot stress enough the importance of educating investors about the legal period specified in accordance with the emirate’s legislation, given the lack of knowledge of some investors,” said Mansoor Zain Alsharif, Manager of the Real Estate Registration Assurance Section at DLD.
The 4 per cent value is based on the agreement between the seller and the buyer, whether when registering a whole or partial sale. This is how a property investor can settle registration fees with the developer and complete the procedure:
• An approved bank cheque via one of the methods and means of payment through the Noqodi service (developer wallet) available on the Dubai REST app, available on the App Store and Google Play;
• By depositing the fees in the approved escrow account that is established by the real estate company responsible for developing the property through a third party, which is usually a RERA-aproved bank.
• Try ePay smart payment channels.