By Parag Deulgaonkar www.emirates247.com
Cluttons, property consultants and estate agents, estimates there are about 2,000 owners’ associations in Dubai with Burj Khalifa having seven.
The Real Estate Regulatory Agency (Rera) has set an October deadline to complete all documentation process and register owners’ associations.
“From this you can get an idea of the volume of work ahead for all parties. Some projects have more than one owners’ association. For example, Burj Khalifa has seven representing various categories,” says Graham Yeates, Head of Strata Management, Cluttons.
Asked how much it costs to register an owners’ association with the Real Estate Regulatory Agency (Rera), he said the final cost of registration has not yet been announced, but the charges are not expected to be exorbitant.
“Rera is doing all it can to expedite registration though developers are still awaiting final directions in some lodgement procedures,” he added.