What is oqood registration

This highlighted the expediency with which the courts wanted the issue to be resolved and made transparent. India has already established its own version of Rera, and there are moves underway for other countries in Asia and the Far East to follow suit. It is under this ambit that recent reports of developers violating the laws has become somewhat concerning.

Investors and end users have a right to insist for their Oqood contracts and it is under the responsibility of the developer to assure that this has been done. To be sure, this is very different from developers waiving the fees of registration.

This is done as a marketing tool which is well within their rights to do so. However under no condition are the said developers exempt from registering the contract because of this waiver of fees that has been granted. It is the registration of such contracts that ensure all rights of the investor are protected in the event of project cancellation, a factor that became common place in the financial crisis between Given that all of the contracts have been mandated to be registered, the level of transparency in the industry has gone up manifold.

This makes it not only easier for institutional investors to understand what is going on in the markets, but also for the individual buyer to ascertain his or her rights and where they stand vis-a-vis each and every contractual issue and every real estate project. In terms of transparency, it has been an admirable achievement that has taken place in such a short period of time.

All the more reason why investors need to be proactive and vigilant in terms of their rights, and not be lured by some of the developer antics in surrendering the rights that are guaranteed to them under the law. This vigilance will ensure the protection of rights of the investor and the stability of the market in the medium term. You can manage them any time by clicking on the notification icon.

This section is about Living in UAE and essential information you cannot live without. By clicking below to sign up, you're agreeing to our Terms of Use and Privacy Policy. Friday, November 12, All Sections. Asking me to pay the subsequent instalments as per SPA signed, if not charging interest for the delayed period. Is the developer correct claiming due to technical difficulties not providing Oqood after 4 months of initial payment. Is the developer right to charge interest for the overdue amount not paid for want of Oqood.

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Get your free no-obligation quotes now! Breadcrumb Home Articles. Understanding the concept of Oqood registration and SPA when buying overseas. Updated 11 Jan Buying off-plan developments in Dubai When buying off-plan developments in Dubai, there are two important steps for any investors to understand. When deciding to purchase any off plan property in Dubai, it is highly advisable to be aware of: the profile of the developer, the status of the land locality, the price of the land of the particular community.