Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Real Estate Regulatory Agency repeats telemarketer warning  Join our daily free Newsletter

MENAFN - Khaleej Times - 03/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The real estate regulatory agency or rera the regulatory arm of the dubai land department on monday warned real estate brokers against unauthorised direct telemarketing.

this is the second time since october 2013 that the rera has warned brokers who are making hefty commissions on property transactions against the practice of unsolicited telemarketing service.

a broker violating the rule is first given a warning letter and those repeating the offence face a fine of dh50000.

the latest warning comes after the agency received complaints from property owners and developers who have been contacted by third parties promoting their marketing services for properties that are not even put up for sale.

a circular sent by the rera’s real estate inspection division to all registered property brokers in dubai pointed out that the practice of uncalled-for telemarketing violated the agency’s rules and regulations.

“the rera is keen to apply the highest standards of transparency in the market and this means both exercising control on transactions and regulating interactions between real estate agents and customers” said yousif al hashimi deputy chief executive of the rera.

“as the regulatory body for dubai’s real estate sector our aim is to ensure that every party undertakes its actions and activities in a professional manner that is consistent with the agency’s laws and principles” he added.

in the first 10 months of 2013 dubai’s real estate brokers reportedly achieved commissions totalling dh1.4 billion according to figures released by agency. the figure covers the standard two per cent commissions that real estate brokers received from individuals and companies registered with the rera. the total value of real estate transactions recorded in dubai exceeded dh 236 billion in 2013 as total deals surged 53 per cent to 63652.

the instruction from the rera came in the form of an official letter written by the organisation’s real estate inspection department which was sent out to all registered property brokers in dubai. the letter informed the recipients that the practice of direct telemarketing violates the rera’s rules and regulations.

the agency decided to take action following an increase in “cold” calls to customers with telemarketers apparently trying new ways to get around the existing rules that ban the practice. it was brought to the organisation’s attention that some real estate brokers are claiming a tenuous connection with owners during such calls in an attempt to legitimise their enquiries about their property. the rera used their official notice to remind the brokers that unsolicited calls of any nature were against the department’s regulations.

the letter further stated that the calls cause annoyance and are particularly distressing for those who have not advertised their property for sale. it stipulated that brokers were not allowed to cause inconvenience to property owners by using such unprofessional tactics and warned them that they would face sanctions if they didn’t desist from the practice.

“we investigated this issue through the real estate inspection department and after looking at the complaints in detail sent a further warning letter to 20 real estate offices in dubai. this action was taken because the offices in question were clearly violating the instructions issued by the rera especially in systems relating to the marketing of services and the non-renewal of brokers’ cards which are a mandatory requirement for their activities” said al hashimi.

“fines of dh50000 were also imposed against three offices after they were found to be repeating practices they had been previously warned about and which breached rera regulations. such infractions included the offices using brokers who were not registered with rera and not supplying brokers’ names and other compulsory information in real estate transactions and correspondence” he added.

— issacjohn?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Sep 14 2014 - Death toll in Nigeria building collapse hits 40Arab News
(MENAFN - Arab News) LAGOS Nigeria: Forty people have now died as a result of a building collapse at the megachurch of one of Nigeria's most famous preachers and televangelists the country's main ...

 Sep 14 2014 - Indonesia arrests four Turks over Islamic State linkArab News
(MENAFN - Arab News) JAKARTA : Indonesia's anti-terrorism police have arrested four Turks suspected of being linked to the Islamic State jihadist group a spokesman said on Sunday.The elite Detachment ...

 Sep 14 2014 - 14 killed 12 missing as boat sinks in IndonesiaArab News
(MENAFN - Arab News) JAKARTA: A boat sank Sunday in bad weather off eastern Indonesia killing at least 14 people and leaving 12 others missing an official said.The long wooden boat carrying 35 ...

 Sep 14 2014 - Bangladesh's Zia loses court battle on corruption chargesArab News
(MENAFN - Arab News) DHAKA: Bangladesh's highest court on Sunday rejected appeals by opposition leader Khaleda Zia clearing the way for her to stand trial on embezzlement charges that could see her ...

 Sep 14 2014 - Prominent Muslim Brotherhood figures leaving QatarArab News
(MENAFN - Arab News) CAIRO: Qatar has asked seven senior figures from Egypt's outlawed Muslim Brotherhood to leave the country the movement said on Saturday following months of pressure on the Gulf ...

 Sep 14 2014 - 15000 on wait list but only 50 kidney donors a year availableArab News
(MENAFN - Arab News) The Kingdom has 15000 kidney-failure patients compared with only 50 donors a year said a high-ranking official at a prominent organ donation organization.'This is why it is vital ...

 Sep 14 2014 - National dialogue to focus on extremismArab News
(MENAFN - Arab News) The King Abdulaziz Center for National Dialogue (KACND) will focus on extremism in the country at its upcoming forum and dialogue with prominent Saudi scholars and ...

 Sep 14 2014 - Hard-hitting trio of films tackle homelessness at TIFFArab Times
(MENAFN - Arab Times) LOS ANGELES Sept 13 (Agencies): Hollywood's annual awards season may be months away yet but for many the race for Oscars gold has already started with strong contenders emerging ...

 Sep 14 2014 - Global oil prices slump as dollar 'strengthens'Arab Times
(MENAFN - Arab Times)  LONDON Sept 13 (AFP): Commodity prices dropped this week as the dollar strengthened with Brent oil sinking to its lowest level in more than two years against a backdrop of ...

 Sep 14 2014 - Qatar Airways Welcomes First A380 Super Jumbo This WeekQatar News Agency
(MENAFN - QNA) Qatar Airways (QA) will welcome this week A380-800 aircraft into its rapidly growing fleet at an inaugural ceremony to be held at the Hamad International Airport September 18. The ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help