By doing so, Indigo Group becomes one of Dubai’s first property companies to complete the necessary formalities to ensure that it complies with the law immediately. For the company, the compliance process included the backdating registration of both Indigo Tower and Indigo Icon projects that are in advanced stages of construction, as well as ensuring that all future projects, where required by Law No. 8, meet the newly introduced standards.
Indigo Properties Director, Mahesh Tourani, commented;
“It is with great satisfaction that we are able to confirm that Indigo Group is almost fully registered and compliant with Law No. 8 of 2007. The remainder of our projects are under process. When the law was introduced, we believed strongly that it would ensure that Dubai’s property market would enter a new era – where integrity and responsibility became watchwords for the sector and where consumer confidence in the market became the paramount concern.”
“This has indeed proved to be the case and we congratulate RERA on its vision to ensure that Dubai’s property market is seen locally, and internationally, as setting the standards that others should follow. The move is welcomed and will deliver increased market confidence, which in turn will create a more favourable climate for investors and end users alike.”
The main purpose of Law No 8 of 2007 is to provide the legislative protection to purchasers in off-plan transactions. More generally, the law seeks to introduce a regime of registration, licensing and regulation for all developers undertaking property development activities in Dubai.
Thursday, December 13- 2007 @ 11:20 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.