The law provides severe punishments for those who engage in fraudulent Real Property projects. Any person who knowingly offers units for sale in a project that is proven to be fraudulent or non-existent faces a fine of AED 100,000 from RERA. Additio…
The law provides severe punishments for those who engage in fraudulent Real Property projects. Any person who knowingly offers units for sale in a project that is proven to be fraudulent or non-existent faces a fine of AED 100,000 from RERA. Additionally, under the Escrow Law, such acts can lead to imprisonment sentences. These dual penalties aim to eradicate "phantom" developments and ensure that every advertised unit is backed by a registered project and a secure Escrow Account,.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
Ali Faizan Syed’s knowledge centre
Ask Ali about this question · Explore published properties · Browse all questions