Abdullah Alhammad, CEO of the Real Estate General Authority (REGA), approved the procedural guide for selling and leasing real estate off-plan projects. It became effective from its publication in the official gazette Umm Al-Qura on May 2.
The guide includes 55 scenarios related to the real estate project, the developer, or other parties, each handled according to specific procedures.
The guide regulates the sale and lease of off-plan real estate projects, including mechanisms for handling the following cases: a legal entity applying for registration in the developers’ registry, a natural person applying for the same, and a registered developer applying to raise their evaluation score. This is in addition to updating a developer’s evaluation score, suspending a developer’s registration if the minimum evaluation criteria are no longer met, and removing a developer from the registry after the corrective grace period ends.
Abdullah Alhammad, CEO of the Real Estate General Authority (REGA), approved the procedural guide for selling and leasing real estate off-plan projects. It became effective from its publication in the official gazette Umm Al-Qura on May 2.
The guide includes 55 scenarios related to the real estate project, the developer, or other parties, each handled according to specific procedures.
The guide regulates the sale and lease of off-plan real estate projects, including mechanisms for handling the following cases: a legal entity applying for registration in the developers’ registry, a natural person applying for the same, and a registered developer applying to raise their evaluation score. This is in addition to updating a developer’s evaluation score, suspending a developer’s registration if the minimum evaluation criteria are no longer met, and removing a developer from the registry after the corrective grace period ends.
