Dubai Land Development (DLD) has been regulating policies and methods to put Dubai’s real estate sector to the forefront since its inception. So far, its regulatory arm, the Real Estate Regulatory Agency (RERA), has established various rules and provides a variety of services to investors and developers.
Mollak, a web-based payment system that successfully handles jointly-owned properties in Dubai, is one of these projects. Let’s look at this new platform and how it may help property owners.
MOLLAK DUBAI: WHAT IS IT?
Mollak is an internet service solution that provides transparency in real estate joint property ownership. To avoid future disagreements or hassles, unit owners can pay service costs directly through this portal.
Mollak Services Dubai’s principal goal is to increase transparency in owners’ associations, enabling the registration of maintenance companies, and keep track of their escrow accounts and service costs associated with joint ownership. It is one of the services provided by RERA to help simplify real estate services in Dubai.
HOW WORKS MOLLAK?
The Mollak registration process is straightforward. Co-owners must take the following steps to begin the process:
- To enroll their organization and key managerial personnel in the system, management companies must meet the registration requirements.
- Once a company is created, each project it oversees will be registered as a separate ‘property group’ if all conditions are met.
- In addition, an online agreement will be completed to delegate community management.
- To pay service costs, companies must open a regulated bank account approved by DLD.
- The management companies will create a budget for each property group and submit it to Mollak for examination by an audit company.
- The audit company will submit it to DLD for final clearance on Mollak once it has been reviewed.
- Once authorized, Mollak will send an approval notice to the owners for the whole budget term.
- Owners can pay service fees using a variety of online payment methods, including Noqoodi.
You may visit the Mollak Dubai portal via the DLD website and enter the data of your property to access and verify the service costs.
RERA MOLLAK SYSTEM KEY FEATURES
Mollak has several features, including:
- It helps co-owned property owners collaborate with the management of their owners associations.
- It answers the community’s need for open regulated accounts.
- It bills registered owners on a quarterly basis. The manager of the Owner Association submits these four bills.
- It accepts a variety of payment gateways.
Some of the top banks in Dubai, such as Al Mashreq, Emirates NBD, UBL, Commercial Bank of Dubai, etc., are interested in the Mollak System.
DUBAI LAND DEPARTMENT RULES AND REGULATIONS FOR JOINT PROPERTY OWNERS
Owners of jointly held property should be aware of the numerous laws and regulations established by the Dubai Land Department. The main need for sharing a property’s earnings with a co-owner is a declaration or contract. The following are the guidelines for this declaration:
- Every portion of the land, whether it be a plot with a building on it or only a portion of one, requires a declaration.
- Plot declarations are only eligible for registration if they appear on the authorized list of jointly held units.
- A leasehold or freehold interest declaration is only valid for a maximum of 99 years.
FAQS ABOUT MOLLAK DUBAI
WHAT OTHER SERVICES ARE PROVIDED BY THE REST APP?
The REST app, which stands for ‘Real Estate Self Transaction,’ allows you to access all of your real estate transactions from a single mobile platform. You can register title deeds, validate e-cards, register cases on the RDC, and do other tasks.
HOW CAN I GET IN TOUCH WITH THE DUBAI LAND DEPARTMENT?
You can reach the Dubai Land Department by phone at 800-4488. They are on Baniyas Road, next to the Etisalat Building in Deira, Dubai.
The local administration is aggressive in providing legal protection to buyers and tenants. DLD has created concepts such as the Ejari to safeguard renters in addition to efforts such as the Mollak system.
