Dubai Land Department and Emaar Properties utilize Blockchain platform
Dubai Land Department (DLD) announced its electronic connection with Sakani, the residential community management portal of Emaar Properties, to settle service charges through a number of channels, such as Dubai Real Estate Self Transaction (REST), Mollak, and Emaar’s payment channels. Emaar is the first major real estate developer to integrate with Mollak that was developed internally by DLD.
HE Marwan bin Ghalita, CEO of the Real Estate Regulatory Agency (RERA), honoured Ahmed Thani Al Matrooshi, Managing Director of Emaar Properties, for Emaar’s earning of the Real Estate Order of Excellence in this field and in recognition of the significant and influential role it plays in enriching Dubai’s real estate market with a wide portfolio of outstanding projects that have contributed to Dubai’s global leadership.
Bin Ghalita said: “DLD’s initiatives aim to support its vision to position Dubai as the world’s premier real estate destination and a byword for innovation, trust, and happiness as well as its mission to create an innovative and sustainable real estate environment that will promote Dubai as the world’s happiest city. In this context, DLD is witnessing a radical transformation in its operations to provide smart services, optimally benefit from our financial and human resources, and provide the sector with legislation and integrated real estate services, most prominently the Dubai REST application and Mollak system to achieve the highest levels of quality, sustainability, and innovation as well as contribute to Dubai’s overall economic development.”
The system is designed to help developers, owners, investors, owners’ committees, and management companies meet their regulatory requirements, providing them with a simple and effective manner to register jointly owned properties. Owners’ committees and management companies can register their staff with professional and technical competencies in building management, based on a unified database to store, update, and renew all relevant records.
Bin Ghalita added: “Dubai has been a global leader in many matters related to real estate registration and regulation, in parallel with the rapid growth of properties and major community projects over the past decade. Mollak’s unique system will proceed to ensure ease and transparency of completing transactions in the real estate sector, which has benefited from the new legislation packages the government recently launched. The importance of the innovative system is represented by the use of the latest technologies in Dubai’s real estate sector, including artificial intelligence and blockchain.”
Al Matrooshi commented: “Emaar is always keen to support DLD’s initiatives and projects, and continuously coordinate with them to ensure the best performance levels for the various operations that ensure the comfort and happiness of all parties in the market as well as effective regulation of transactions for the benefit of the entire market. We always ensure that Emaar is the first company to apply best procedures that facilitate all customers’ procedures and save their time and effort. consequently, we are proud to be honoured by RERA, which will further motivate us to achieve greater excellence, especially following the issuance of the directives to form the Supreme Committee for Real Estate Planning. We affirm our commitment to fulfilling our expected role as one of the leading real estate developers in the Emirate.”
When customers create their accounts on the system, they can obtain a statement with all relative data to their operations, including pending or completed payments of service charges to all parties involved, such as real estate developers, owners, investors, owners’ committees, and property management companies. The statement will also provide details of shared ownership as well as ensure compliance with all registration requirements and the management of real estate regulation.
The Mollak system is a global-first innovative online platform due to its new innovations that contribute to ensuring fairness and transparency. It was developed by the Real Estate Regulatory Agency (RERA) to register jointly owned properties, register owners’ committees that are part of the jointly owned properties, obtain management contracts, service fee approval applications, and no-objection certificate requests.
Its main objective is to provide an online registration and support system to interested parties dealing with jointly owned properties in the Emirate. In addition, Mollak provides a new and integrated system for controlling accounts related to service charges in these projects, based on financial accounts operating under the escrow account mechanism.
Dubai REST, the first digital real estate market in Dubai, allows investors and landlords to make real estate decisions through a full range of digital procedures and services, without the need for paper documents to reduce procedures. It aims to contribute to the consolidation of the Emirate’s position as a global destination for real estate investment and allows each customer to open a personal portfolio, access real estate information, and approximate values of own real estate assets.
