Saturday 3 December 2022

Bahrain property developers warned over Rera licence

MANAMA, August 27, 2018

Bahrain's property watchdog Real Estate Regulatory Authority (RERA) has warned the kingdom's developers to regularise their activities by the end of this week or face action.

Starting from September 1, it will be illegal for the developers to operate without a Rera Developer licence and off-plan sales project licence, reported BNA citing a senior official.
Following the end of the six-month transition period given to developers for the regularisation of their activities by August 31, all these violators will face strict action, remarked Rera CEO Shaikh Mohammed bin Khalifa Al Khalifa.

He pointed out that the response from real estate brokers had been overwhelmingly positive with more than 98 per cent of them already licensed. Now it was the turn of developers of off-plan sales projects to apply for a Rera licence immediately to avoid law violations.

"Starting from next month, operating without a Rera licence will be in breach of the real estate regulations and sanctions will apply to those who do not comply with the law," he added.

Shaikh Mohammed said that implementation of the Real Estate Sector Regulation Law 27 of 2017 had garnered favourable feedback from investors as it instilled greater confidence in the real estate sector besides encouraging further local and international investment and stimulate demand for real estate properties in Bahrain, stated the BNA report.

Calling upon the buyers of units in these non-compliant developments to be cautious, Rera chief said they will not benefit from wide-ranging consumer protection mechanisms that have been safeguarded by the Real Estate Sector Regulation Law (Law 27 of 2017) if they deal with a non-Rera licensed developer of an off-plan sale project.

To assist developers with licensing their off-plan sale developments, Rera has a comprehensive website which provides details on the steps to be followed to enable compliance with the Real Estate Sector Regulation Law, he added.

Tags: Bahrain | property | Real Estate Regulatory Authority | Rera |

More Construction & Real Estate Stories

calendarCalendar of Events