Pursuant to the provisions of Law No. 4 of 2019 on the Real Estate Regulatory Agency and Law No. 6 of 2019 on shared ownership of property in the Emirate of Dubai. It has been decided as follows:—
Annual budgets for service charges or usage fees
Article (1)
- The management body is responsible for drawing up annual budgets for joint properties, including major projects, in accordance with the Institution’s applicable regulations and procedures.
- The auditor shall audit the budget for service allowances and usage allowances for the current Financial Year and submit a financial report thereon to the organisation in the manner specified by the organisation for this purpose.
- Annual budgets must include reasonable estimates of income and expenditure relating to the provision of services and goods for the common property, which shall include: the costs of management, operation, maintenance and necessary improvements to the common parts and facilities, and any other clauses consistent with the provisions of the Act and its Executive regulations.
- Annual budgets must include a provision for contri...