Ministry of housing to clamp down on fake real estate developers in Oman

Energy Tuesday 20/March/2018 12:31 PM
By: Times News Service
Ministry of housing to clamp down on fake real estate developers in Oman

Muscat: The Ministry of Housing plans to introduce new regulatory measures to reduce the number of fake real estate developers.
According to officials, most of the real estate developers requested that real estate development projects be registered at the General Directorate for Real Estate Development. This needs to be done in accordance with all the technical mechanisms and requirements after the concerned governmental bodies have approved these projects.
Eng. Siham Bint Ahmed Al Harthiya, General Director of Real Estate Development at the Ministry of Housing, said: "The Ministry is considering adopting regulatory procedures for real estate development projects in order to provide a reassuring and encouraging investment environment to guarantee investors' rights in these projects."
“The Directorate aims to organise the work of real estate development companies to guarantee their freedom and to preserve the rights of citizens wishing to purchase real estate units in such projects that support the Sultanate. However, a bank guarantee is necessary to ensure the implementation and completion of the construction. It will also regulate all financial transactions related to the project, to ensure the rights of buyers of real estate units in case of incomplete projects,” said Harthiya.
The engineer also called for the need to be patient when dealing with projects to ensure it meets all the approvals from the competent authorities.