Dubai records property transactions worth Dh11 18b in July gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
Dubai records whooping Dh11 18b worth property transactions in July gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
Dubai: No-Objection Certificates (NOC) for a property transfer in Dubai can now be done electronically – a step that will speed up the process and, potentially, reduce cost for the seller.
The e-NOC system went live at Dubai Land Department on Sunday. Currently, these NoCs are issued by the developer or the concerned owner association (OA) management company. And they typically charge between Dh1,500-Dh3,000 for the same. In some instances, getting the OK cost the owner even Dh5,000.
“Whether it’s a one-year old property or 10 years, developers/OAs are still demanding – and getting – a fee for the NOC issue,” said a property owner currently selling a unit at Dubai Silicon Oasis. “I was asked for Dh1,500, even though I had no outstanding payments of any sort with the developer or the property management firm.