This issue is filled with great insights and expert commentary on areas that are relevant to the legal landscape and highlight how the business community is embracing technology, media and telecommunications. There are various topics covered, from new ways of working and digital transformation in the finance sector to data protection regulatory updates and guidance. We also have a series of articles that focus on e-commerce across a number of jurisdictions.
You will also find insights from our lawyers around real estate analytics, tech trends, and data centres.
We hope this edition of Law Update provides some useful food for thought – enjoy the read!Take a read of the edition
There has been some confusion in the market in relation to what completion percentage developers must reach before the Real Estate Regulatory Authority (“RERA”) will permit them to commence off-plan unit sales.
Several reports in the media have stated that for developers to commence off-plan sales, they will be required to:
We have sought clarification on this from RERA, and are pleased to confirm that a deposit of 50% of the construction value, or equivalent bank guarantee, is no longer required. RERA will apply the previous requirement of 20% of the construction value, i.e. developers will be required to complete construction of 20% of the project or deposit funds for the value of 20% of the construction value into an escrow account or via a bank guarantee.
There are other separate requirements of RERA in relation to licensing off-plan sales, which developers will need to consider when registering projects in order to obtain the required licenses for selling off plan and opening escrow account.
Our Real Estate team would be happy to discuss the above in more detail with you. Please do not hesitate to contact us.