Abu Dhabi, 3/18/2016 2:00:00 AM - March 17, 2016 - Tourism Development & Investment Company (TDIC), the master developer of major tourism, cultural and residential destinations in Abu Dhabi announced today that it has acquired a ‘Master Developer’ licence from the Department of Municipal Affairs. This follows the launch of the new Real Estate Law which came into effect 1 January, 2016.
Mr. Sufian H. Al Marzooqi, TDIC’s Chief Executive Officer, said: “TDIC has always stressed its commitment to corporate governance and transparency across all of its projects. These new regulations will further enhance the Emirate’s real estate market, through strengthening confidence and security for developers, investors and the wider public.”
The new laws provide protection for customers of off-plan developments and preserve the rights of owners and residents in existing communities. They include guidelines regarding the sale and purchase of properties along with their registration, brokerage procedures, appraisal fees and insurance, mortgages, the management of common property and more.
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