REAL ESTATE
Shelter to one and all .... appreciates in value with the passage of time....
This sectors covers the following businesses:
In Dubai , it is regulated by the Land Department and Real Estate Regulatory Authority (RERA). Real Estate covers residential and commercial premises like apartment buildings, towers, villas. Laws in Dubai allow ownership of property in designated areas only.
- Developers
- Real Estate Management
- Real Estate Brokers for leasing and freehold
In Dubai , it is regulated by the Land Department and Real Estate Regulatory Authority (RERA). Real Estate covers residential and commercial premises like apartment buildings, towers, villas. Laws in Dubai allow ownership of property in designated areas only.
DEVELOPERS
Developers are owners of the land and can be individuals or corporates registered as Jebel Ali Free Zone Offshore Entity for properties to be owned in Dubai.
Developers give contracts to construction companies to build and handover the project. Escrow accounts are maintained and regulated in Dubai. Booking amounts collected from buyers are deposited in the Escrow account by the developers and payments to contractors are made from this account.
Developers give contracts to construction companies to build and handover the project. Escrow accounts are maintained and regulated in Dubai. Booking amounts collected from buyers are deposited in the Escrow account by the developers and payments to contractors are made from this account.
REAL ESTATE MANAGEMENT
These companies are engaged in the business of managing the whole property viz, negotiating the lease rents with tenants, preparing annual lease contracts, registering the contracts with land department, taking care of all MEP and any maintenance works and services provided to the tenants. Usually landlords pay an annual lumsum and / or a % of the lease rent income as their remuneration.
REAL ESTATE BROKERS
Brokerage firms as well as Brokers in Dubai are registered and regulated by RERA. They provide services for leasing as well as freehold properties. In leasing transactions, commission usually equal to one month rent or a lumsum are earned by them.
In freehold transactions, brokerage as a % of the purchase consideration is earned by them. They also assist in mortgages in case of loans taken against the property.
Specially customized ERP software is required in this sector.
- ERP software review and implementation assurance
- Project reports with or without feasibility studies
- Finance appraisal and loan from banks for projects
- Formation of Jebel Ali Offshore Companies
- Improving systems and controls
- Review agreements of lease and freehold
- Statutory Audits
- Professionally managing a troubled borrower's business as banks monies are at stake.