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Qatar issues new real estate law

: Thursday, March 13 - 2014 @ 10:26

Qatar has issued a new law that includes stiff penalties on real estate developers and construction firms violating norms, the Peninsula has reported. The new legislation stipulates that a fine of not more than QR200,000 is to be imposed on any real estate developer who does not start the project within six months of getting the approval without acceptable reasons. Construction firms which fail to hand over units to buyers within the deadline mentioned in the agreement without justifiable reasons, or if the sold units do not fulfil the technical standards mentioned in the contract, will also be subject to one year jail, or a fine not more than QR50,000, or both. The same punishment will be applicable to anyone who sells real estate units showing fake designs or anyone who receives loans without approval from the authorities concerned, the report said.

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Thursday, March 13- 2014 @ 10:26 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.

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