The Real Estate Regulatory Agency (RERA), and the administrative arm of Dubai Land Department (DLD), declared the dispatch of this first Service Charge and Maintenance Index for properties inside of Dubai's freehold ranges.
Intended to administration regions and basic spaces and be under the administration of owners affiliations and property developers. The Service Charge and Maintenance Index is one apparatus in a scope of e-service that DLD has propelled at GITEX, the innovation presentation as of now in progress at the Dubai World Trade Center, to enhance government services and to energize interest in the emirate's real estate sector.
The Real Estate Regulatory Agency (RERA has possessed the capacity to review the administration charges and support expenses of 420 projects, with the present number of developments accessible in the Index numbering 300. The Index incorporates properties situated in around 22 major development projects, particularly - Business Bay, Dubai Marina, Jumeirah Beach Residence, Jumeirah Lakes Towers, International City, Motor City and Silicon Oasis.
“Since its inception, the Service Charge and Maintenance Index has covered a wide range of areas of development in Dubai and is working hard to include even more projects. In the near future we aim for the Index to cover all of the emirate’s urban areas and provide this service to all our customers,” added Bin Hammad.
Nowadays, when the landlords are asked, what their service charges actually cover, most of them have no answer but, with the launch of this new system, the costs related to the Dubai’s building will turn out to be more translucent and landlords would also be able to budget correctly for their outgoing costs rather than just charging for the extreme bills at random, most of which they, themselves don’t understand.
Moreover, more than just measuring, evaluating and monitoring the service charges for residential properties in Dubai, the Index of RERA will also ensure that the charges of office space and commercial areas are properly aligned.
With the Service Charge and Maintenance Index is based on the accurate data audited by RERA and information being verified with owners associations and real estate developers, property owners can now feel more safe and secure as they will be charged by the appropriate amount and will also be aware of what they are actually paying for?
The Index is subject to be updated on regular basis and it has been divided into four major categories that include –
The level of charges would be determined by the Dirhams-per-square-foot formula. So, next time you pay any service charge to the property use this index to know the exact amount that you have to pay.