Strata title is a type of real estate ownership where some
parts of building (called lots) are owned by the individuals, while the
remaining portions (called common areas) are owned and managed by all
individuals jointly through owner’s association. This type of ownership usually
exists in case of apartment buildings, also known as flats in sub-continent.
This is termed as “condominiums” in US and most parts of Canada.
Residential units are owned by individuals and common area including stairs,
parking, gardens, lifts, roofs, etc are used by all residents jointly.
Call for Strata Law:
The need for strata law arises out of the fact that these
types of buildings often have disputes going around over issues like parking,
keeping pets that disturb other owners, privacy, alteration or maintenance of
common area, etc. Though Strata law cannot stop these disputes altogether, it
can surely help in solving them before these quarrels can ruin the environment
and peace of residence. Australia
was the first one to come up with laws addressing the Strata title issues.
Several regions like South Africa,
Indonesia, and Singapore then
followed with implementing their own set of Strata laws. Such legislations were
long anticipated in Dubai
where huge sky scrappers and tall buildings containing a big number of
apartments and offices are becoming a norm now.
Dubai’s
Strata Title Law:
The Dubai Strata title law, signed by the ruler of Dubai, requires the
proper division of property according to Strata plan. This strata plan, along
with a drawing which marks out the boundaries of lots, entitlement of these
lots and other required documents should be registered with the registrar. The
law covers almost all areas, from major one like common property, easements,
buying and selling of such real estate to comparatively smaller ones like
membership of corporate body and keeping pets.
Possible consequences:
Like every new law, Dubai strata law has been greeted with a mix
response from its stake holders. However, experts believe that as soon as
people get familiar to this law, it will be having a positive effect on growth
of real estate as well as facilities management market in Dubai. This law provides detailed yet
uncomplicated description of rights & obligations for lot owners, making Dubai real estate more
appealing for the investors from all over the world. In short, Strata law is a
good attempt by Dubai government, which shows
their commitment in making Dubai
real estate industry a better and hassle free investment option.William King is the director of Canadian
Wholesale & Canada Wholesalers Directory: http://www.canadawholesalers.com,
Australian Wholesalers Directory: http://www.australianwholesalers.com
, Dubai & UAE Property &
Real Estate Portal: http://www.bayut.com
and Pakistan Real Estate Directory & Property Portal: http://www.zameen.com/ . He has 18 years of
experience in the marketing and trading industries and has been helping
retailers, entrepreneurs and startups with their product sourcing, promotion,
marketing and supply chain requirements.