The Real Estate Regulatory Administration was established pursuant to the Emiri Decrees No. (22) of 2008 by His Highness Sheikh Saud bin Saqr Al Qasimi, Ruler of Ras Al Khaimah - may God protect him- and the Emiri Decree No. (10) of 2014 issued by His Highness the Crown Prince of the Emirate of Ras Al Khaimah, Sheikh Mohammed bin Saud bin Saqr Al Qasimi, and today the administration plays a key role on the executive level in the organizing of the real estate sector in the Emirate of Ras Al Khaimah, and the department is concerned with the registration of all real estate development companies and real estate brokerage firms with the help of its qualified personnel.
The Real Estate Regulatory Administration, known as (RERA) follows Ras Al Khaimah Municipality Department, and holds the responsibility to regulate the real estate sector, and to contribute to the preparation of strategies for this sector and organize the work of companies that manage real estate and residential complexes, and organize the work of Real Estate Brokers and the owners association and the issuance of regulations for the qualification of brokage and registration offices.
The department seeks to establish a legislative framework for the relationship between the parties of real estate contract and annexing them to the active legislations to maintain their rights, it was also keen to monitor the financial and technical projects and protect the best interest and what is in the favor of the market and investors.
Important Announcement
Important Announcement for Uniestate Living Bay formerly known as Blu mirage project
Important Announcement for “Al Mahra “Project & Fam Property Development
Low No.(12) for 2023 on Regulating Real Estate Development in Emirate
of Ras Al Khaimah
Registration of Developer
Developer is:- A natural or legal person licensed to carry on the activity of buying or selling properties for developing and that includes the Master Developer and Sub-Developer All developers conducting the business of buying developing and selling real estate properties in the Emirate of Ras Al Khaimah under the supervisions of Municipality of Ras Al Khaimah must be duly licensed and register with the RERA-RAK . No such Developer may carry out or continue to carry out real estate development activities in Ras Al Khaimah unless it so registered upon payment of a Developer registration Fee and submissions of the following documents:-
- Duly filled up Application form
- Trade license issued by relevant authority licensing authority or the Department of Economic Development
- Membership Certificate from the Ras Al Khaimah Chamber of Commerce ; (if applicable)
- Passport Copy of Partners with valid visa
- Copy of Audited Financial Statements for the immediately preceding fiscal year.
Upon submission of the above mentioned, RERA-RAK will evaluate the Developer seeking for registration and its cash flow shall be approved first by RERA-RAK prior to the registration. In addition to the registration requirement under (a) above, a Developer who sells or will sell units off the plan must register the project and apply to the RERA-RAK to open an Escrow Account with the Account Trustee duly certified by REAR-RAK under the name of the project and indicating its plot number The application should be attached.
• Related Documents
Developer registration form
List of Developers
Public announcement -Cancellation of Khoi Real Estate Company (Lahoya Bay Project)
Registration of Projects
A developer who has sold, sells, or will sell units off the plan must register the project and apply to the RERA-RAK to open Guarantee Account for the Project. All existing Guarantee Accounts whether or not obtained prior to the affectivity of the Amiri Decree or these implementing guidelines shall be adjusted to comply with provisions of the Decree as well as these imple
Completed project: UNIESTATE LIVING BAY (Bloomerage) (developer uniestate)
Project under Constriction: Mahra Project (Developer Pham Real Estate Company)
menting guidelines. The Developer shall take the necessary actions for such conformity and compliance. On approval of the same and upon payment of the project registration fee, the RERA-RAK will give written approval for the Developer to open a Guarantee Account for project. The Guarantee Account shall be opened only with an Account Trustee registered with the RERA-RAK. The Developer shall undergo this process for every project per plot.
• Related Documents
Registration of Projects
List of Projects and Status
Public announcement - The name of the Blumirage project has been changed to Uniestate Living Bay
Important Announcement - UNIESTATE Properties LLC Company (Blu Mirage previously), Ad publication the date of handover of the units in the project
Completed project: UNIESTATE LIVING BAY (Blu Mirage previously) (developed by uniestate)
Project under Constriction: Mahra Project (Developer Pham Real Estate Company)
Escrow Account
Escrow Account:- Also known as a Trust or Escrow Account is a bank account designated for real estate project in which will be deposited the amounts paid by buyers of units off the plan or the project financing parties. ESCROW – Definition It is a Trust account where a trustee (e.g.: BANK) accepts Funds by one party for the delivery to another party upon successful completion of specific conditions and or events.
ESCROW ACCOUNT PURPOSE:
- To ensure funds invested by buyers of properties are used only for those projects only.
- The escrow holders (Banks) responsibility is to safe guard and ensure that the funds are collected and disbursed as per policy and guidelines laid out by the government.
RESPONSIBILITES OF ESCROW ACCOUNT PROVIDER (CBD)
- Follow the guidelines as laid out by the RERA-RAK
- Executing all payment instructions as per guidelines.
- Responding to all requests from:
-- RERA-RAK
-- The developer
-- The investor
Closing the Escrow only when project is complete and all terms of the escrow have been complied with - provided an account closing statement.
• Related Documents
Amiri Decree No.10 of 2014
Amiri Decree No.22 of 2008
List of Escrow Accounts opened
List of Registration banks
Real Estate Permits
Please note that: - The developer should not advertising in local or foreign media or participate in local or international exhibitions to promote the sale of units or real estate scheme without getting a written permission from the Real Estate Regulatory Administration in Ras Al Khaimah.
• Related Documents
1-
Real Estate Permits
2-
Launching a Real Estate Project Registration
3-
Exhibition Registration
4-
Outdoor Advertisement Registration
5-
Printed Advertisement Registration
6-
Promotional Campaign Registration
7-
Real Estate Promotional Stand Registration
8-
Vehicles Advertisement
9-
Registration by SMS
Owner Associations Management
For information about ma Owner Associations Management, please contact Ras Al Khaimah Real Estate Regulatory Department (RERA RAK), at Ras Al khaimah Municipality
Facility Management Rules and Regulations
For information about maintenance companies, please visit Ras Al Khaimah Real Estate Regulatory Department (RERA RAK), at Ras Al khaimah Municipality.
Inquiries