With reference to Law No. (27) of 2017 Promulgating the Real Estate Sector Regulation Law, and Resolution No. (3) of 2022 Regulating the Consultation with the Public and the Concerned Authorities in Real Estate Sector, RERA conducts the consultation in regards to the following draft resolution for 7 working days starting from Today 13th of October 2022:
1-Draft resolution amending some provisions of resolution No.(2) of 2018 regarding the licensing of real estate development project.
Therefore, RERA wishes to receive your valued comments within the mentioned period through: Consultation@rera.gov.bh
Thank you for cooperating with us, your opinion is highly appreciated.
Summary of the Public Consultation that was conducted according to the law and resolution No.(3) of 2022 regarding Consultation with the Public and the Concerned Authorities in Real Estate Sector.
As per Resolution No.(3) of 2022 regarding Consultation with the Public and the Concerned Authorities in Real Estate Sector , The Real Estate Regulatory (RERA) has conducted a Public consultation regarding the Draft resolution regulating the rules and conditions of completing and handing over the property units to the buyers and the Draft resolution amending some provision of resolution No.(3) of 2018 regarding the Escrow account of off-plan sale projects. Which was for 7 days starting from the 3rd
of July 2022, RERA has extended the duration of the consultation for several times in order to receive more valuable comments on the draft resolutions. RERA has received several comments through a dedicated email for the conduction of the public consultation at Consultation@rera.gov.bh
All comments received were in Arabic and are related to adding further definitions related to the constructions, specifically adding when the developer may mortgage the off-plan development, organize how the developer may get reimbursement for the infrastructure that was built by the developer when the development is horizontal, add definitions related to the completion certificate and further explanation.
RERA has received these comments and has taken them in consideration and RERA will then take the necessary action which will assure achieving the best interest of the real estate market.
RERA would like to thank all the participants which assures the knowledge exchanging and experience between RERA and all stakeholders which ultimately achieves the best outcomes for the future of real estate market in the Kingdom of Bahrain.