REGA: “Off-Plan Real Estate Projects Sale and Lease Law” Reduces Violations and Monitors Compliance with Engineering and Accounting Requirements

الهيئة العامة للعقار: "نظام بيع وتأجير مشاريع العقار على الخارطة" يُقلِّص المخالفات ويُراقب الالتزام بالاشتراطات الهندسية والمحاسبية

The Real Estate General Authority (REGA) stated that the Off-Plan Real Estate Projects Sale and Lease Law aims to regulate the sale and lease of off-plan projects, enhance transparency and disclosure, and protect parties to the contractual relationship. REGA said the law reduces violations in the off-plan development sector and takes effect on 25 Ramadan 1445 AH, corresponding to 4 April 2024, with implementing regulations to be published later. The law, published in Umm Al-Qura, comprises thirty articles covering licensing, registration, advertising conditions, the developer registry, guarantee accounts, financial statements, and violation classification and adjudication mechanisms.

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