BCS to assist property developers with ‘Mollak’ registration

1.  Urges developers to register online for Mollak licensing system of Owners Associations
2.  BCS authorised by RERA to train developers in completing Mollak formalities

BCS Strata Management Services, the first UAE-based strata management company, announced today that it would assist property developers with professional guidance in registering their projects’ Owners Associations on Real Estate Regulatory Authority’s (RERA) new online registration system, “Mollak.”

Mollak (or “owners” in Arabic) is an online system that registers Owners Associations in Dubai. It is a key feature of a new owners’ data base for the Dubai Land Department. Operational in April 2009, this is the only process whereby an Owners Association can obtain an operating license and commence operations.

“Mollak is a crucial part of Strata Law regulations. We urge all developers to register both existing and proposed developments online in a timely manner,” said Peter Crogan, Chief Executive Officer of BCS Strata Management Services. “This is a crucial step, as any owner attempting to sell or transfer title of their property can only do so if the ownership has been previously registered on Mollak. BCS is happy to offer professional guidance and data input services to developers in completing the registration formalities.”

He added that BCS has completed the required training and is authorised by RERA to provide guidance and data input services for developers to meet Mollak requirements. “The registration process for Mollak requires detailed knowledge of strata titling and management structures. BCS’s vast expertise in this area and our in-depth understanding of the system makes us best suited to support developers,” said Crogan.

“Mollak is a significant opportunity to harmonise real estate regulations across the UAE and to streamline procedures in line with global best practices. This initiative will strengthen the international investor community’s confidence in the real estate sector of the Emirates.”

BCS Strata Management was launched in 2007 to bring international best practices in strata management to the real estate sector in the UAE. The company currently works with a range of major property developers in the country.

About BCS Strata Management Services:
BCS Strata Management Services aims to provide comprehensive strata management services of international standards to developers, homeowners and tenants in the UAE and other strategic markets in the region. It draws on the expertise and extensive knowledge of BCS (Body Corporate Services), the strata management arm of PICA. It is the most experienced specialist strata management company to enter the UAE market.