KM Properties has signed an Escrow account with National Bank of Dubai (NBD), making it one of the first developers to fully adhere to the new legislation.

With this signing, KM Properties has once again led the way with regards to the Dubai Land Department's implementation of Law No. 8 of 2007 concerning guarantee accounts of real estate.

This account will protect all its existing and future property owners and investors. KM Properties, which became the first private developer to embrace Law No. 8 when it registered with the Land Department in August as a real estate developer, now offers Escrow facilities on its multiple properties.

"An Escrow Account is an important and effective mechanism that is used to reduce risks over Real Estate investments in Dubai. The working idea of this mechanism is dependent heavily on the supervision role of RERA (Real Estate Regulatory Authority) - division of the Dubai Land Department - over all amounts deposited by clients, and by verifying that the developer is spending these deposits in the best way in favor of its developments" said co-founder and group director of KM Holding, parent company of KM Properties, Khulood Abdulla Al Rostamani.

"KM Properties started one year ago to prepare all its departments and divisions to comply with the new law - the Law No. 8- as soon as the government of Dubai issued it. This task was carried out to make it possible for KM Properties to lead the way in complying with the new law," he added.
 
KM Properties, one of the largest property developers in the Emirate, has set up an Escrow account in conjunction with National Bank of Dubai (NBD). KM Properties already has strong relationships with the bank having recently entered into a strategic agreement with NBD for the granting of mortgages on KM Properties' commercial and residential developments.

"We are glad that KM Properties has chosen to partner with us to safeguard its investors' interests. In addition, customers of KM Properties can benefit from the finance assistance value offer made possible by our strategic partnership," said Group Head of Corporate and Institutional Banking, National Bank of Dubai Rajesh Thapar.

NBD offers mortgages of up to 85 per cent on residential units and 75 per cent on commercial spaces at Tamani Exclusive at El Matador tower located in Jumeirah Village Triangle, as mortgage partner to KM Properties.

This appointment will complement NBD's leading position in the mortgage finance market, adding value both to KM Proeprties and its customers.

Visitors at the KM Properties stand at the Cityscape Dubai exhibition 8E20 on Hall No. 2 at the Dubai International Exhibition Centre will be treated to an educational seminar conducted on the spot by the NBD and KMP Sales teams where valuable insights will be shared on property investing in relation to the significant features of having an Escrow account. - TradeArabia News Service