Dubai's RERA waives 2019-20 service charges fines
This year, all penalties levied on homeowners in Dubai for violations of service charges are waived. This is part of a joint agreement between RERA (Real Estate Regulatory Agency) and a grouping owners association (OA) management companies.
This year, all penalties levied on homeowners in Dubai for violations of service charges are waived. This is part of a joint agreement between RERA (Real Estate Regulatory Agency) and a grouping owners association (OA) management companies. Such fines apply to "outstanding" service fees for 2019 and this year.
In another step that goes well down with homeowners, service payments may be charged off installments.
“RERA directs [OA] management companies to review all expenses to cut down service charges,” the joint initiative notes.
This initiative has a broad canvas in that it encourages more lenient payment terms of service fees for owners. It is the cooperation between facilities management and OA companies that will ensure that charges are reduced by waiving overdue charges as well as contributing to more leniency towards annual budget planning.
Dubai Land Department has been working hard to reduce the service charges across Dubai. They are targeting a minimum cut of 20%. However, please wait for the official announcement.
