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Mollak Provides New Integrated System to Monitor Service Fee Accounts in Projects
The Dubai Land Department (DLD), through its regulatory body, the Real Estate Regulatory Authority (Rera), has launched a unique electronic system called Mollak, which incorporates innovations to guarantee the maintenance of justice and transparency.
The DLD gives priority to customer satisfaction and happiness, in accordance with national strategies, and has developed this system to help co-owners to ensure easy and smooth transactions with their directors.
Mollak provides a new integrated system to monitor service charge accounts in these projects based on financial accounts operating under the escrow account mechanism.
The system works with a range of stakeholders in the management of condominium properties. It also works in the real estate owners' database and in the real estate database registered and approved by the DLD, where no user can edit the data.
Marwan bin Ghalita, general manager of Rera, said Rera's real estate relations regulatory department had developed the working mechanism of the new system, building on the skills of citizens working in Rera to help dispersing real estate knowledge by modern and sustainable electronic means in the country. service of the real estate sector.
"As a customer-centric approach to its services, Rera has engaged a pilot phase with most management companies, financial auditors and financial institutions for the program before officially launching it in the second quarter of 2019. with great success, "he said.
With this system, 468 bank accounts were successfully opened for project service fees, 88 management companies and 1,212 real estate projects were registered and approved by Rera, as well as 200,000 real estate units, including residential apartments, villas, offices and shops.
To further reinforce Rera's focus on customer safety and trust, seven banks were mandated to manage co-ownership property accounts and eight financial auditors were audited to conduct an explicit audit of the application fees that would be required. have been submitted for accreditation.
"Through this system, Rera seeks to strengthen the role of governance, regulation and supervision, as well as the participation of private sector specialists, in order to increase the transparency of real estate and to maintain the integrity of the property. 39, balance between real estate developers, management companies and owners, "Bin Ghalita said.
"It is to increase the customer satisfaction and happiness of the services provided by Rera, as well as to facilitate the procedures of the owners of real estate units when they deal with companies of manage and manage accounts with service fees, "he added.
Mohammed bin Hammad, senior director of the real estate relations regulatory department at Rera, said that Rera's registration of auditors and banks to monitor transactions in the system reflected its focus on security, regulation and the trust of customers.
"With the new innovative Mollak system, condominium projects will be managed with the highest quality service delivery, in line with the expectations of homeowners and residents," he said.
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