The deadline for registration of all units sold in Dubai has been extended to October 31, 2015, from June 30, 2015, according to a circular issued by Dubai Land Department on Thursday.
With five days remaining for the deadline, developers were making last efforts to get owners to comply with the new regulation, Emirates 24/7 reported.
The DLD's regulation stipulated that all registration charges of 4% are payable upfront by the end user against their respective units instead of the earlier provision of payment on completion and had given the deadline of June 30, 2015, to complete the said payment, failing which heavy penalties will be imposed by DLD on the end users.
From October 2013, DLD has doubled the property registration fee to 4% from 2% of the property value. In response to a question by Emirates 24|7 on whether unit owners will have to pay 8% in penalty, DLD officials said there will be no penalties, but the laws and regulations of Executive Council Resolution No. 30 of year 2013 will be applied.