The tallest tower in Dubai does not have an OA yet
04/03/2013
Owners’ Association was actually implemented before the crisis began, but it was just officially practiced after the onset of such financial devastating phenomenon. Since then, the Real Estate Regulatory Agency (RERA), a regulatory arm of Dubai Land Department (DLD), has required all the developers to organize a group of tenants who will be responsible for managing the properties they live in.
So, all property developers in Dubai are obliged to do so in accordance with RERA’s property law. However, some of them have still not yet formed an Owners’ Association which is under the Article of Law No. 27 of 2007 that should be legally formed upon the registration of the first sale transaction of a unit in a jointly-owned property, for their properties so far, including the builder of the tallest tower in the world, Emaar Properties. Based on the report, there is currently no such Owners’ Association for Burj Khalifa until now, which is considered the icon tower for the Emirate and UAE in general.
According to the spokesperson of the company, he said that due to unique nature of the tower, it is very important that the management structure should serve the interest of all stakeholders. For this reason, Emaar is constantly working with relevant authorities such as RERA in order to make sure that the interest of all the third second parties are absolutely protected.
On November 22, 2012, most of the owners elected themselves as Association Members or named themselves on the Board of the Interim Owners’ Association. However, as the Dubai-based Law Firm submitted their applications for registration in January 2013 through electronic system, it has failed to complete the process because of the fact that all the requested documents are not completely available; for it was just held by the First Party or Developer.
In the first place, not all the Second Parties are agreeing with RERA’s implementation to take control of their properties from developers through the formation of Owners’ Association, including some of the high net-worth individuals who purchased a number of apartments or the complete floors in Burj Khalifa.
So, all property developers in Dubai are obliged to do so in accordance with RERA’s property law. However, some of them have still not yet formed an Owners’ Association which is under the Article of Law No. 27 of 2007 that should be legally formed upon the registration of the first sale transaction of a unit in a jointly-owned property, for their properties so far, including the builder of the tallest tower in the world, Emaar Properties. Based on the report, there is currently no such Owners’ Association for Burj Khalifa until now, which is considered the icon tower for the Emirate and UAE in general.
According to the spokesperson of the company, he said that due to unique nature of the tower, it is very important that the management structure should serve the interest of all stakeholders. For this reason, Emaar is constantly working with relevant authorities such as RERA in order to make sure that the interest of all the third second parties are absolutely protected.
On November 22, 2012, most of the owners elected themselves as Association Members or named themselves on the Board of the Interim Owners’ Association. However, as the Dubai-based Law Firm submitted their applications for registration in January 2013 through electronic system, it has failed to complete the process because of the fact that all the requested documents are not completely available; for it was just held by the First Party or Developer.
In the first place, not all the Second Parties are agreeing with RERA’s implementation to take control of their properties from developers through the formation of Owners’ Association, including some of the high net-worth individuals who purchased a number of apartments or the complete floors in Burj Khalifa.
Advanced Dubai Maps
Our Advanced maps give you detailed information such as Plot numbers, Building Pictures, Location and Views.
I need a job. As marketing manager
Aloha from Maui, Hawaii....My name is Mark, I'm a broker with Maui Coast Properties and have several vacation rentals available.
"No Commission" & "No Down Payment" & "No Cheques" Ready to move Apartment France Cluster. DubaiZoneDXB@gmail.com
0525115511
Sajad
Need 2 villas in Spring, vacant only,type 4, Side by side or opposite to each other.
Required Full building for sale in Dubai freehold areas.
Budget upto 100 million
