Dubai: Developers in Dubai will have to pay off the 4% property registration fees within 60 days – and further delays will lead to penalties being imposed.
The Dubai Land Department said there is no motivation behind why developers should postpone giving over the 4% (of the property value) as fees since they would have gathered that amount from the landowner.
“We cannot stress enough the importance of educating investors about the legal period specified in accordance with the emirate’s legislation, given the lack of knowledge of some investors,” said Mansoor Zain Alsharif, Manager of the Real Estate Registration Assurance Section at DLD.
The 4% value is based on the agreement between the seller and the buyer, whether when registering a whole or partial sale. This is how a property investor can settle registration fees with the developer and finish the procedure:
- An approved bank cheque through one of the ways and means of payment by the Noqodi service (developer wallet) available on the Dubai REST app, available on the App Store and Google Play;
- By depositing the money in the approved escrow account that is calculated by the real estate company responsible for developing the property by the third party, which is usually a RERA-approved bank.
- Try ePay smart payment channels.