DUBAI, 12 August 2007 — KM Properties, a Dubai-based company and the real estate development arm of KM Holding, became the first developer to register for the new Land Department’s Law, and now licensed to develop and sell real estate in adherence of the new Law 8 concerning real estate purchases and escrow account deposits. The new legislation will bring greater transparency in real estate sector. Law No 8 states that all real estate developers are required to obtain a license from the Dubai Land Department to carry on property development business in the emirate.
“KM Properties was one of the first companies to respond instantaneously to the new law and immediately applied for registration to get licensed as a developer under the new rule,” Sultan Bin Butti, director of Dubai Land Development, said in a statement “Being one of the respected companies operating in Dubai, we have high confidence in KM Properties that they will open the escrow account for all its recent projects since they made the first correct step by complying with the new rule,” said Marwan ibn Gileetah, the executive director of the Real Estate Association. “KM Properties looks forward to working in tandem with the land department who will ensure on behalf of our customers that their investments are in good hands. This law allows for greater transparency in the real estate sector,” said Sanjeet Joher, group chief operating officer of KM Holding, the parent company of KM Properties.
Joher said: “KM Properties will further promote hassle-free investment opportunities to local- and foreign-based investors following the new investment protection scheme.”