Sharjah's Real Estate Registration Department (RERD) is the sole body responsible for registering real estate projects, whether completed or still under way, and developers must register all projects with the department before implementation, according to a new decree.
The Sharjah Executive Council issued resolution No. 24 of 2011 amending resolution No. 32 of 2005 on the sale of real estate units in the emirate of Sharjah. The decision stipulates that the RERD also grants licences for the sale and marketing of properties according to the real estate unit system.
Developers will be licensed for marketing and selling of real estate units and must submit guarantees from a bank operating in the country. The resolution also stipulates that a developer is not allowed to begin marketing and selling of real estate units until the submission of bank guarantee.
It also states the department must prepare a standardised form for initial contract of sale of units conforming with the resolution provisions and laws.
The Sharjah International Commercial Arbitration Centre will settle disputes in the real estate sector, it added.