To: Jointly Owned Properties Management Companies
Subject: Annual Budgets for Service Charges or Usage Allowance Fees
In accordance with Law No. 4 of 2019 concerning the Real Estate Regulatory Agency (RERA) and Law No. 6 of 2019 Concerning Ownership of Jointly Owned Real Property in the Emirate of Dubai.
As part of the role assigned to the Real Estate Regulatory Agency in regulating the real estate sector in the Emirate of Dubai and in order to regulate and improve the efficiency of joint real estate management companies, the Real Estate Regulatory Agency issues the following circular.
All joint property management companies shall comply with the following:
1. Submission of annual budgets for service charges or usage allowance fees for jointly owned properties for fiscal year 2021 approved by the auditor registered within RERA no later than 30/11/2020 (the scope of review of annual budgets and related forms is attached).
2. Submission of annual financial reports for jointly owned properties for fiscal year 2020 approved by the auditor approved RERA no later than 15/3/2021.
3. The auditor of join...