Real Estate Regulatory Authority (RERA), Bahrain’s property watchdog, has warned that the country’s developers must ‘regularise’ their activities since 1st September or face ‘strict action’.
In a report by BNA, Shaikh Mohammed bin Khalifa Al Khalifa, CEO of the authority, said that starting from September 1, it is illegal for developers to operate without a RERA Developer license and an off-plan sales project license. He added that following the end of the six-month transition process – ending August 31 – given to developers to regularise their activities, all violators will face strict action.
Shaikh Mohammed said that implementation of the Real Estate Sector Regulation Law 27 of 2017 had received a favourable response from investors, who said it had instilled greater confidence in the real estate sector, besides encouraging further local and international investment and stimulating demand for real estate properties in Bahrain, the BNA report added.
The RERA chief called upon buyers of units from these non-compliment developers to be cautious as they would not benefit from wide-ranging consumer protection mechanisms that have been safeguarded by the Real Estate Sector Regulation Law (Law 27 of 2017).