KM Properties registers under new law

KM Properties, a branch of KM Holding group has confirmed that it has registered with the Dubai Land Department under the new property law that requires developers to register for Escrow accounts. Law no. 8 this year requires that developers set up an escrow or trust account with a Land Department registered bank for all projects that are under development or due to start construction. This rule is aimed at promoting a higher degree of transparency within the Dubai property market by preventing developers from accessing buyers money until stages of the projects are completed.

Sultan Bin Butti Mejren, the director of Dubai Land Development, had this to say: “It was one of the first companies to respond to the new law and immediately applied for registration to get licensed as a developer under the new rule.”

It is believed that the introduction of this piece of property legislation is a key factor in maintaining the future Dubai property market. By encouraging major developers such as KM Properties to get on board with the new ruling, investors will be buying in a more transparent and understandable market, which will make for continual growth in Dubai’s currently booming property sector.

Sanjeet Joher, Group Operating Officer of KM Holding, agrees that this law will be a vital consideration for buyers. “KM Properties looks forward to working in tandem with the Land Department who will ensure on behalf of our customers that their investments are in good hands,” he said.

• Property Portal
• Property Portal Forum
• Active Rain Blog

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: