Mubasher: The Real Estate Regulatory Authority (RERA) in Bahrain has advised developers that the six-month transition period allowed for regularising their activities will end on 31 August 2018, according to an official statement on Monday.
Following this statement, all developers of off-plan sales projects are required to be licensed by 31 August 2018.
After 1 September, it will be illegal for such developers to operate without a RERA Developer license and off-plan sales project licenses.
The response witnessed by real estate brokers has been positive with over 98% of them already licensed, the CEO of RERA Shaikh Mohammed bin Khalifa Al Khalifa, said, urging developers of off-plan sales projects to apply for a RERA license immediately to avoid law violations.
“Shaikh Mohammed stressed that buyers of units in these non-compliant developments need to be aware that they will not benefit from wide-ranging consumer protection mechanisms that have been safeguarded by the Real Estate Sector Regulation Law (Law 27 of 2017), and should exercise caution if they purchase from a non-RERA licensed developer of an off-plan sale project,” as reported by Bahrain News Agency (BNA).
BNA said that to assist developers with licensing their off-plan sale developments, RERA has a comprehensive website www.rera.gov.bh which provides details on the steps to be followed to enable compliance with the Real Estate Sector Regulation Law (Law 27 of 2017).