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Get your Dubai Real Estate Facts checked

Get your Dubai Real Estate Facts checked!

If you are considering planning to invest in the Dubai Real Estate industry here are some important terminologies to get yourself familiar with.

DLD

The Dubai Land Department (DLD) is a government agency in the United Arab Emirates (UAE) responsible for regulating the real estate industry in Dubai. It is responsible for the registration and regulation of real estate transactions, including sales, leases, and mortgages.

The DLD also maintains a database of real estate property records and issues various types of licenses and permits related to real estate. Some of the services provided by the DLD include property registration, property valuation, real estate development approvals, and real estate brokerage. The DLD works to ensure the transparency and integrity of real estate transactions in Dubai and to promote the growth of the real estate sector in the city.

RERA

The Real Estate Regulatory Agency (RERA) is an agency of the Dubai Land Department (DLD) responsible for regulating the real estate industry in Dubai. RERA was established in 2007 with the goal of improving transparency and investor protection in the Dubai real estate market.

RERA’s responsibilities include registering and regulating real estate brokers and sales agents, enforcing regulations related to real estate transactions, and issuing and enforcing rules and regulations related to real estate development in Dubai. RERA also operates a dispute resolution centre to help resolve disputes between parties involved in real estate transactions.

RERA is an important resource for both buyers and sellers of real estate in Dubai, as it helps to ensure that transactions are conducted in a fair and transparent manner. It is also a useful resource for real estate professionals, as it provides guidance on industry regulations and requirements.

TITLE DEED

In Dubai, a title deed is a legal document that serves as proof of ownership for a piece of real estate. It includes details about the property, such as its location, size, and any buildings or structures on it. The title deed also includes the name of the owner and any encumbrances or restrictions on the property.

In Dubai, the title deed is issued by the Dubai Land Department (DLD) and is registered in the DLD’s database. It is an important document to have when buying or selling a property, as it serves as evidence of ownership and is required for the transfer of ownership.

It is important to note that in Dubai, there are two types of title deeds: freehold and leasehold. Freehold title deeds give the owner full ownership rights to the property and the land it is built on, while leasehold title deeds give the owner the right to use the property for a specified period of time.

OQOOD

Oqood is a system for registering and managing off-plan property transactions in Dubai. It was implemented by the Dubai Land Department (DLD) in 2007 as a means of increasing transparency and investor protection in the Dubai real estate market.

Under the Oqood system, developers must register their off-plan projects with the DLD and obtain an Oqood certificate for each project. This certificate serves as a record of the project and includes details such as the project’s location, size, and number of units. The Oqood certificate is required for the sale and transfer of units in the project.

Buyers of off-plan properties in Dubai are required to pay a deposit and sign a sale and purchase agreement with the developer. These agreements are registered with the DLD under the Oqood system, and the DLD issues an Oqood certificate to the buyer as proof of ownership.

The Oqood system helps to ensure the transparency and integrity of off-plan property transactions in Dubai and helps to protect the rights of buyers and developers.

OFF PLAN PROPERTY

Off-plan property refers to real estate that is being sold before it has been built or completed. It is a popular option for buyers who are looking to purchase a property at a lower price and are willing to wait for the property to be built.

Off-plan properties are typically sold by developers who are in the process of developing a new real estate project. The developer will typically release a certain number of units in the project for sale on a pre-construction basis, before the project has been completed. Buyers can purchase these units and pay for them in installments as the project is being developed.

There are a number of risks involved in purchasing off-plan property, including the risk that the project may not be completed as planned, or that the final product may not meet the buyer’s expectations. However, off-plan properties can also offer significant benefits, such as the opportunity to purchase a property at a lower price than a similar completed property in the same market.

It is important for buyers of off-plan property to carefully consider the risks and benefits and to do their due diligence before making a purchase. This may include researching the developer’s track record, reviewing the terms of the sales and purchase agreement, and obtaining independent legal advice.

DLD WAIVER

A DLD waiver is a document issued by the Dubai Land Department (DLD) that allows an owner to transfer ownership of a property without having to pay certain fees or charges. These fees or charges may include things like the property registration fee, the mortgage registration fee, and the transfer fee.

There are various circumstances under which a DLD waiver may be granted, such as in the case of a property being inherited, or when a property is being transferred as part of a divorce settlement. In some cases, a DLD waiver may also be granted to promote economic development or to encourage investment in a particular area.

It is important to note that the availability of a DLD waiver will depend on the specific circumstances of each case, and the DLD has the discretion to grant or deny a waiver request. In order to obtain a DLD waiver, an owner will typically need to provide supporting documentation and may need to apply through an authorized real estate broker.

EJAARI

Ejari is a system for registering and managing rental contracts in Dubai. It was implemented by the Dubai Land Department (DLD) in 2010 as a means of increasing transparency and investor protection in the Dubai real estate market.

Under the Ejari system, landlords and tenants are required to register their rental contracts with the DLD and obtain an Ejari certificate for each contract. This certificate serves as a record of the contract and includes details such as the property’s location, the length of the lease, and the rent amount. The Ejari certificate is required for various purposes, such as obtaining electricity and water services and obtaining visas for tenants.

The Ejari system helps to ensure the transparency and integrity of rental contracts in Dubai and helps to protect the rights of landlords and tenants. It is an important resource for both landlords and tenants, as it provides a record of the terms of the rental contract and can be used to resolve disputes.

Links for reference

https://dubailand.gov.ae/en/

Dubai Property Prices and Real Estate Market Reports (dxbinteract.com)

 

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Tricolour Properties makes headlines at the Gulf News India Property Show

Tricolour Properties LLC Dubai participated in the 2 Day Gulf News India Property Show that kicked off on the 10th Dec at Dubai, World Trade Center organized by Maxpo Exhibitions.

The event was organised in association with India’s National Real Estate Development Council (NAREDCO) and witnessed 60 developers’ participation across pan India who projected over 75,000 properties for NRIs, which ranged from land plots, mid-high-rise apartments, villas and bungalows spanned across 50 cities – tier1, tier2 and tier3.

The event started off with an inauguration ceremony hosted by some noted and prominent delegates like Mr Abdul Hamid Ahmad, Chief Editor of Gulf News, Dr Aman Puri, Consulate General of India, Mr BU Abdulla, Chairman of BU Abdulla Group and Mr Mustafa Sasa, Chairman of Raj Group.

As per the Gulf News According to the General Consulate of India Dr Aman Puri from the NRI wing is heavily investing in the Indian Real Estate Sector and Construction Business in the South Asian Nation has made its way to become the third largest industry in terms of FDI inflow, besides its estimated to see the Indian Real estate grow to a size of trillion US dollar.

Mr Paras Shahadpuri, Chairman of Nikai Group, who was also part of the inauguration believes that Property and gold continue to be two traditional assets that NRIs are committed to investing in. The Indian economy is one of the fastest-growing economies in the world, real estate is proving to be an attractive investment for NRIs. Not to mention the rupee devaluation against the dollar, which has made NRI outflow even more attractive.

Mr Rajan N Bandelkar of the National Real Estate Development Council (NAREDCO) added that the exhibition is a great platform to showcase the multitude of properties available in India. NRI interest in real estate properties, especially among UAE expatriates, has always been high. NRIs will never shy away from investing in a home in India. It is one of the basic reasons why they leave India to work overseas so that they can build their dream home.”

Our CEO Mr Arvind Ragam, Chief Executive Officer of Tricolour Properties also made some headlines. He stated that he is bringing projects worth Dh500 million to the show with 44 monthly EMI plans for the current market and In some units, we are recording average property appreciation and rental returns between 20 and 30 per cent, which is very attractive to prospective buyers.

The show saw our stall hosting and attracting the most number of visitors and potential buyers. The most unique concept was the kids adorned in traditional attire and displaying the nameplates of the 6 cities we are branched out in.

The property show will continue to remain significant to the Tricolour Dubai Team as it did give some real exposure and valuable insights into the Real Estate India sector across PAN India, and real-time experience and reality of Marketing, Sales and Customer Relations.

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Tricolour Properties honours the cancer survivors in this month of Pinktober

 

 

Tricolour Properties, the Real Estate Developer wing of Tricolour Group, honoured the most courageous women who won the battle of breast cancer and are now proudly tagged as ‘warriors of the pink ribbon’. 

Marking Breast Cancer Awareness Month, Tricolour Properties took the call to invite the cancer survivors Ms Sapna Venugopal and Ms Umaima Tinwala to share their experiences and turmoil in fighting the monster. 

The two women, who are in their 40s, are among the millions of women worldwide each year who are diagnosed with some form of breast cancer and embark on a difficult journey of surgeries, chemotherapy and radiotherapy to overcome what can be a fatal illness. 

Sapna Venugopal 

Sapna Venugopal, 46, originally from Bangalore, was diagnosed in 2017 after finding a lump when showering. 

“It is a diagnosis I never wanted to hear. But when I came face to face with this fear, I chose not to run away. Instead, took it as an endurance challenge.” Says Sapna. 

Through her long journey of tests, treatment and surgery, Sapna said she had ultimate faith in her doctors at Mediclinic and the treatment they prescribed. 

“From day one, I had complete trust in the medical team and the world-class facilities here in the UAE. I am forever grateful to the medical team that took care of me,” she said. 

Sapna said she also had the privilege of a supportive partner. “You cannot fight it alone, no matter how strong you are. He was my rock and he told me that we will get through it together,” she said. 

Beyond the physical side effects of the treatments, the experience of fighting and beating cancer can have a profound emotional effect on women. Indeed, medical practitioners say the vast majority of patients emerge from treatment with a greater willingness to extend a helping hand to others. And Sapna leaves no stone unturned in spreading her voice to not only create awareness about the breast cancer, but also to stand up for the ones who are undergoing this turmoil by joining hands with Pink Ladies, Breast Friends and Al Jalila Foundation and donating a portion of her income as a jewellery designer and from furniture restoration to a cancer charity in her native India. 

A growing body of research and significant medical advances continue to improve the prognosis for millions of women with the disease. But perhaps the most important development has been the increase in public awareness and the willingness of women to check themselves regularly and seek help early if they notice a potential problem. 

Umaima Tinwala 

Umaima Tinwala, 40, originally from Mumbai, was diagnosed in 2014 after finding a lump when showering. Having seen her mother battle cancer for 10 years and eventually succumb to it, she knew what lay ahead. Being a single mum, all she wanted was to be there for her nine-year-old daughter.  

“No matter how strong you are, it is a huge shock. When I walked out of the hospital, that fear was not there anymore. I thought, now that I have it, I better fight it,” said Umaima. 

“I did face financial difficulty with the treatment,” she said. 

She recollected her struggle to find affordable treatment, including buying vials of chemotherapy in India and using them for treatment back in Dubai. 

“I was fortunate as everything fell into place as a lot of my family live in the UAE. So were able to help whilst I was having treatment. I don’t know what I would have done otherwise. It was a difficult year, with a lot of physical changes and mental challenges. Because I caught it early, I’m still here. After removing the tumour, doctors ran tests and said it was the most aggressive kind of cancer and could have rapidly spread had it not been detected so quickly.” She said. 

Spreading awareness being crucial, she engages herself in giving talks at various schools on how important early detection is. “Having gone through what I’ve been through, there is no way I want anybody else to go through it.” Says Umiama. 

Final note 

Many women ignore the early symptoms and risk chances of survival considerably. Listen to your body. Apart from having a healthy lifestyle, keeping emotions and stress at bay plays a key role in guarding your body against any forms of cancer, says the warriors of pink ribbon. 

I take privilege

“The bravery shown by these two lovely ladies in fighting the biggest battle of their lives is commendable and I take pride and privilege in honouring them for the unconditional support they are rendering to the sufferers in turning them to be the next warriors” says Arvind Ragam, CEO of Tricolour Properties – Dubai. 

Mr Arvind thanked the supporters namely Sameena Khanam – Deputy Director Brand and Corporate Communications, Zulekha Healthcare Group; Anul Mundra – Founder of Indian Expats Dubai; Gopal V – MD, Daily Dose Restaurant, Priyanka and Cutting Edge Marina for joining hands in this noble cause. 

Author ~ Sowmya Chittarvu

 

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Invest in Off-Plan Property in Dubai to yield ROI

Dubai has created a stable, sustainable economic ecosystem for people and companies to enjoy ultra-comfy living and lifestyle, launch start-ups, tap new opportunities and expand business beyond borders.

Over the years, Dubai has demonstrated to be resilient to global economic fluctuations and earned prestigious reputation as one of the world’s leading lifestyle and business destinations, garnering attention and confidence of global investors.

According to a report by Dubai Investment Development Agency (Dubai FDI) which is an agency of Department of Economy and Tourism (DET), Dubai has retained its top global ranking worldwide for attracting foreign direct investments in the year 2021. This ranking is based on ‘fDi Markets’ data of Financial Times which is a leading global data source on cross border greenfield FDI investments.

Dubai has surpassed major financial cities, such as London, Singapore, New York and Paris and continues to enjoy its status as a global financial hub.

The Real Estate market in Dubai has had the privilege to be rewarded by this and enjoy and reap the benefits of FDI.

Even Covid-19 Pandemic could only have a short-term impact on the Real Estate sector of Dubai. Dubai’s excellent governance and administration controlled Covid during the entire the entire pandemic which helped an event like Expo2020 to open its doors to the world.

Expo2020 Dubai, largest global business expo event of its kind that drew about 24 million visitors contributed to Dubai’s success story and made headlines as world’s most popular destination in TripAdvisor’s Travellers choice awards 2022, a leading global tourism portal.

The new UAE government reforms and policies implemented has strengthened the position of reviving the UAE economy by encouraging visa options for career, living and investments that has led to a significant boost and momentum in this region.

Dubai’s 2040 Urban Master Plan will further attract and factor to sustainable living, aid future growth and development and boost economy of this country.

A major population of Dubai consists of expats and with a steep rise in rental pricing today residents are seriously considering giving a thought of availing the various investment options available in the current market.

With ‘Rent to Own’ and Budget friendly EMI options one could choose the off-plan property market for both short- and long-term investments with good returns and profits.

According to Dubai Land Department (DLD) DXB Interact Property Price Index 20221-2022 you can see how off plan property has picked up against ready properties in Dubai.

 

Off plan-vs-Ready-property-prices-index
Image credit: dxbinteract.com

 

Off plan-vs-Ready-property-prices-index
Image credit: dxbinteract.com

 

Let’s now throw some light on some more prominent reasons to understand as to why one should invest in an off-plan property in Dubai.

1. Low Price

It goes without saying purchasing a property when it’s just gone on floors is an affordable option when it comes to hitting your pocket.

Off Plan or as the word suggests also called as (not yet constructed) projects and are always sold at a relatively low price compared to much later time (after construction).

2. Flexible Payment Options

Normally during an Off-plan phase developers usually come out with great attractive offers and flexible payment plans which makes the deal quite affordable and budget friendly for a buyer or investor.

Besides it gives you the financial flexibility and freedom that you will probably not come across at a later stage of any project development.

Usually Schemes such as 50/50 which is up 50% down payment before completion and remaining 50 % payment upon completion and 1% per month etc are some of the payment plans that are normally laid out which gives a buyer major added advantage to consider.

These days the down payments could range anywhere between 20% to 80% prior completion.

3. High ROI

Dubai has only seen expansion and rise hence with a steady growth of the expat’s population, boost in economy and growth in business opportunities the demand for real estate supply will continue to rise exponentially.

One can only expect a steady and sharp rise in the Property prices and Rental Incomes and this demand is what makes Dubai a high ROI destination.

4. Capital Gains

When you invest in Off plan you will naturally see a visible marginal rise in the market value of the property even before its completion stage.

This itself is a great reason for you to consider even for short term investment as in an event should you decide to dispose the property you can at least choose to go ahead with some capital gain and quick turnaround profits.

5. Protected Laws

One cannot live in a state of denial that Off plan does come with its own share of risks. OfCourse, it does but all thanks to Dubai Land Department (DLD) and Real Estate Regulatory Authority (RERA) that encapsulates the buyers with all possible measures and protected laws that prove to be great rescue factors against delays, cancellations or fraud.

One law facilitates provision for a buyer to make an off-plan property purchase at a DLD approved bank.

Another law puts a cap on the developer who must have 20% of funds for construction as a bank guarantee and 10% performance bond guarantor as a contractor.

There is no doubt that such reassurance from the governments well protected stringent laws trust is easily built within a buyer and its only matter of time that a buyer should leap their faith and consider taking wise and sensible decision by investing in off-plan properties in Dubai that actually prove to yield good returns.

Dubai
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Why is dubai UAE an ideal investment destination

Why is Dubai, UAE an ideal investment destination?

Whether you’re an NRI or an Expat living in UAE, we all think about Investments that yield good returns and planning and securing your future is very important.

Have you given over thought to making investments in Dubai, UAE? So what makes Dubai an ideal investment destination? Let’s take a look!

Dubai Sales Index
Dubai Residential Sales Index
Image Source: Dubai Land Department

With time UAE has grown exponentially breaking records and proving favourable conditions for both living and business despite its extreme climatic conditions.

UAE’s strategic location that sits perfectly in the middle east right between Asia and Europe makes it a convenient and ideal place for business ventures.

It is said the UAE’s macro economic stability is the best in the world. It maintains strong financial reserves, durable banking sector which makes it safe and stable for foreign capital.

Dubai is considered one of the most futuristic city in the world with world class infrastructure, and has earned a prestigious reputation with regards to the Real Estate market sector.

It’s considered one of the most safest place in the world and is a homes to millions of expats across the world with a high standard of living and luxurious lifestyle.

Recently the Dubai Government launched new reforms in terms of Residency and Visa holders.

With property investments as low 2 million dirhams one can hold a permanent residence upto 10 years.

One can buy a house at relatively budget price with attractive payment plans like Rent to Own which works in favour of the investor or buyer right from day one.

Property prices in Dubai are a high ROI capital investment and is still a tax free paradise for Real Estate Investment, despite 5% VAT, hence there is no capital tax gain imposed .

Dubai has a Regulated Real Estate market with transparency, revised initiatives and regulations and enables seamless documentation and transaction during property purchase.

The excellence with which the UAE government controlled Co-vid Pandemic and the interests that the government holds onto it’s residents well being is what makes this destination stand apart and a desirable place to have your ultimate dream home.


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