New DLD platform brings transparency into real estate market

Thursday, 21 November 2019 14:28

Developers in Dubai will no longer be able to collect service charges from property owners.

This comes after the Dubai Land Department and RERA launched a new platform, known as Mollak, to help bring transparency and investor confidence in the real estate market in the emirate.

Approved property management companies or property owners will now take on all collection responsibilities.

Mohammed Bin Hamad, Senior Director of Real Estate at RERA, explains that as a result the running cost of buildings will be reduced by up to 15 per cent.

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