The Dubai Land Department (DLD), through the Real Estate Regulatory Agency (RERA), has launched an innovative electronic system called Mollak, an innovative, electronic web-based service developed by RERA for the purpose of registering Owners’ Associations and the Management Companies forming part of a Jointly Owned Property.
Mollak, which means “owner” in Arabic, is developed specifically to assist real estate stakeholders, including property developers, owners, investors, Owners Associations and Association Managers to comply with all RERA regulations and management requirements in a simple and organized manner. This is in line with the vision DLD has for Mollak, which is to position Dubai as the world’s premier real estate destination and a byword for innovation, trust and happiness.
Mollak simplifies the system of payments for Service Charges (also known as maintenance charges or operational charges for the Owners Association). The system will operate in a manner similar to the operation of an escrow account, increasing the convenience level exponentially in projects that have several different stakeholders.
The system also operates within the real estate unit owners’ database and the database of real estate units registered and approved by the DLD, where no user may change the data. These two functions operating in tandem will also allow DLD to quickly resolve several ownership disputes as they will be able to examine their own financial records regarding service or maintenance charges as well as the ownership database.
The system has already been through a highly successful pilot phase, wherein 468 bank accounts were successfully opened for project service charges, 88 management companies and 1,212 real estate projects were registered and approved by RERA, as well as 200,000 real estate units, comprising residential apartments, villas, offices and commercial shops.
The system seems on course to fulfil its mission of creating an innovative and sustainable real estate environment that will promote Dubai as the world’s happiest city through smart services, professional human and financial resources and integrated real estate legislation.
We, Affiniax Partners, are proud to be Registered Auditors for the Mollak System. To know more, please contact our Audit team at email@example.com