RERA (Real Estate Regulatory Agency) has taken several steps to regulate off-plan property sales. Even investors now demand several official documents before making the booking payment. These include Land title deed, Escrow account number, DLD approvals and the Agreement.
Rera has also introduced regulations to ensure that the completion of these projects such as developer paying 100% for the land and making a 20% down payment bank guarantee or completion of 20% construction before selling the plan. A 10% performance guarantee is also demanded.
These measures come in the government's race to make its real estate market, one of the most reliable markets in the world.