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KM Properties registers the new Land Department’s Law
- August 12, 2007, 9:56 pm
KM Properties, a Dubai based company and the real estate development arm of KM Holding, became the first developer to register for the new Land Department’s Law, and now licensed to develop and sell real estate in adherence of the new Law 8 concerning real estate purchases and Escrow account deposits.
The Director of Dubai Land Development, Mr. Sultan Bin Butti, commented: ‘KM Properties was one of the first companies to respond instantaneously to the new law and immediately applied for registration to get licensed as a developer under the new rule. It straight away started to modify its situation in the Land Department by adding a new activity to exercise, which is the activity of real estate development. And this activity was only issued a couple of months ago.’
‘The new property Law 8 is increasing the confidence for investors outside and inside of Dubai. I am confident the size of investments will definitely increase given the assurances presented in the new rule,’ further commented Mr. Jomaa Bin Himidan, The Director’s Assistant.
Law No 8 states that all real estate developers are required to obtain a license from the Dubai Land Department to carry on property development business in the emirate.
Asked on the impact the new property law has had on the market, Mr. Marwan Bin Gileetah - The Executive Director of the Real Estate Association - was quick to say: ‘The Dubai property market is very healthy. There was a great response received from main and sub-developers. We also received thousands of questions about the new law from banks, legal offices, financial audit firms and real estate companies. That only shows this is a very healthy market. We also noted lots of inquiries coming from developers on getting licensed by our department.’
He added also: ‘Being one of the respected companies operating in Dubai, we have high confidence in KM Properties that they will open the escrow account for all its recent projects since they made the first correct step by complying with the new rule.’
Acting quickly upon the announcement of the new property law, the Dubai-based developer KM Properties has welcomed the passing of Law No 8 by the Government of Dubai Land Department, stating that the new legislation will bring about greater transparency in the emirate’s real estate sector.
‘KM Properties looks forward to working in tandem with the Land Department who will ensure on behalf of our customers that their investments are in good hands. This law allows for greater transparency in the real estate sector,’ said Sanjeet Joher, Group Chief Operating Officer of KM Holding, the parent company of KM Properties.
In meeting its requirement as a licensed developer under Dubai Land Department, Sanjeet Joher stated: ‘KM Properties will further promote hassle-free investment opportunities to local and foreign based investors following the new investment protection scheme supported by the Land Department. We are a responsible Developer in the market and we shall always work towards the welfare of our stakeholders while following the regulations set forth by the government of Dubai’.
Noting the overall impact the new property regulations has resulted to, Mr. Omar Bushahab - the Director of Evaluation and Study of Dubai Land Development - said: ‘Interestingly, we have received interesting proposals from banks overseas after the issuance of the new law saying they wanted to come to Dubai and offer the opening of escrow accounts for real estate developers. Additionally, the international investors are becoming so confident in the real estate in Dubai because the new law is offering a genuine guarantee for the projects they are investing.’
‘Such legislation is needed to protect both the consumer and legitimate developers, such as KM Properties, who are working to make Dubai a place where people from around the world would want to come and live and invest. Such a move can only help the real estate industry, and will have a positive impact on the overall economy of Dubai,’ concluded Joher.
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