Developers Strive to Keep Up the Owners Associations Deadline

The developers in Dubai have already started using the strata consultants in order to keep up the October’s deadline for registration of the owners association, it is said that the extension to the deadline is likely.  Kent A O'Brien, the CEO of the Strata Global said that the October deadline to complete all documentation process and to register owners' associations with RERA (Real Estate Regulatory Agency) will be extended further. Graham Yeats, the Head of the Strata Management at the Cluttons also reacted in a similar way.

He further added: “The pressure to meet the deadline will be there. Even RERA will have to do a lot of processing within a short span, but it will be worthwhile in the end.” O’Brien said that there are developers of Dubai real estate who have been proactive till date and are continuing in the same way, however there are few others those who have been hoping that they will not be able to spend any money on compliance.

Several developers are already using the consultants for their registrations and the main document is the JOP declaration, which outlines the details of the project, which includes the method of calculating the cost sharing. For this to be calculated in an equitable manner, RERA is ensuring methods for that and the consultants can assist with this formula. He concluded that although the deadline is quiet tight, the proactive developers are still trying their best to reach the goal.