DUBAI 14 August 2017: The Dubai Land Department (DLD) has reduced the penalty on unregistered units to a fixed amount of Dh10,040, according to developers.
It was earlier 4 per cent of the property value – in addition to the 4 per cent registration charges.
In a notice to its investors, a leading real estate developer said: “We would like to inform you of the latest regulation change by Dubai Land Department (DLD)…
“DLD has reduced the penalty charges on unregistered units from 4 per cent of the property value to a set amount of Dh10,040.
“Please note that this arrangement is only valid for a period of two weeks from August 10th to 24th 2017. Customers will be required to pay the 4 per cent unit registration charges and reduced penalty fee before August 24, 2017.
As mandated by Dubai Land Department, all sold units must be registered. Failure to comply will result in action and penalties.
By Eudore R. Chand