Aldar Becomes The First Licensed Master Developer Under New Real Estate Law
Abu Dhabi - UAE, March 15, 2016: Aldar Properties PJSC, the leading real estate developer in Abu Dhabi, announced today that it has successfully received a Master Developer license from the Abu Dhabi Department of Municipal Affairs under the provisions of the new Real Estate Law which came into effect 1st January 2016.
Talal Al Dhiyebi, Chief Development Officer at ALDAR Properties PJSC, commented: "We are very excited about the introduction of real estate law in Abu Dhabi. We believe it will bring a high degree of predictability and transparency to the market and thereby increase the attractiveness of the market to existing and a new generation of customers. We are proud to be the first developer licensed by the Department of Municipal Affairs under the new regulations, as it reflects our commitment to the new law and the real estate market in Abu Dhabi as a whole.
The new real estate law provides enhanced protections for customers of off-plan developments and enshrines the rights of owners and residents in existing communities.
For its part, the Department of Municipal Affairs welcomed the step taken by Aldar Properties, saying that it looks forward to a similar move by other real estate companies to take the necessary measures needed to comply with the new law and fulfill the requirements and conditions needed to ensure quality and timely implementation of development projects.