What is RERA AUDIT?
Real Estate Regulatory Agency (RERA) – the regulatory arm of Dubai Land Department (DLD) sets policies that shape Dubai’s property sector. As the legal authority regulating Dubai’s realty sector, all developers registered with RERA should have an ESCROW account and independently audit to identify completion status of the project, with regard to, construction developments. Real Estate Regulatory Authority Audits include annual submission of the audit report for all completed projects from registered developers.
What are the RERA Audit services we provide?
UHY James is one among the leading auditing and consulting firms specializing in RERA Audits. As RERA approved auditors, our team of professionals identify complex real estate issues and recommend pragmatic solutions.
Jointly Owned Property audits are a systematic and independent examination of books, accounts, statutory records, documents, and vouchers of jointly owned properties to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law and is one of the fundamental requirements mandated by RERA. Jointly Owned Property audits require technical expertise and an in-depth understanding of the region’s real estate industry. We have a specialist team that provides cost-effective audits of service charge accounts and related services to residential, retail, commercial, villas and master community developments.
Service Charge Budget Review is a requirement mandated by RERA, which has come into force across Dubai for all managers managing the jointly owned property. The primary purpose of a Budget Review of Service Charge is to conduct a detailed review of the budgeted service charge figures and match them to the industry standards and regulatory guidelines.
Escrow Account audits provide a clear picture to the regulator regarding the developer’s progress thereby building investor confidence and focusing on transparency. Our team of RERA audit specialists have gained considerable experience in using the TAS system where all financial transactions related to a project must be recorded. The team powered by its expertise strives to stay abreast on the latest updates related to the system to deliver efficient services with regards to project developments.
Service Charge is a recurring fee paid by owners or landlords for all types of properties in the emirate of Dubai for maintenance of common areas. Maintenance, security staff facilities, landscaping and cleaning fall under the service charge category. The applicability of service charges depends on various factors including unit size, permitted use of the unit, and set standards that must be adhered to by unit owners.
A Service Charge Model is a high-level cost model which ensures service charges are levied on a systematic basis. This model comprises necessary cost components with a breakdown of each cost calculation methodology.
How UHY James can help you in RERA Audit?
UHY James wields years of experience & expertise as RERA registration agents and has successfully catered to some of the most distinguished brands in Dubai’s expanding real estate sector. Our RERA audit team has garnered profound insight into the UAE’s real estate sector and proves to be an asset when it comes to devising strategies to overcome roadblocks, conducting RERA forensic audits, representing client in navigating complex real estate deals like refinancing, lease negotiations and more amounting to billions of dollars.