On 1 March the Real Estate Regulatory Authority (RERA) launched its comprehensive website, www.rera.gov.bh (the RERA Website). The aim is to create one central platform to allow a more streamlined process for obtaining licences and providing relevant transparent information to consumers, developers and other real estate professionals to ensure compliance with Law 27 of 2017 Concerning the Promulgation of the Real Estate Sector Regulation Law (the Law).
Since the establishment of RERA towards the end of last year, there has been a great deal of speculation as to when RERA will ultimately ‘take over’ the roles and responsibilities which were previously distributed between the different government authorities. One of RERA’s main roles going forward is to deal with any applications for licences (including but not limited to developer, development and advertising licences).
A direct application for a Developer’s Licence is now available online through the RERA Website. However, Development Licences must be made in person by visiting the SLRB building.
A Market Research Advertising Licence is now available through RERA. Although a developer must still obtain a Developer’s Licence in the first instance, this ‘market research’ licence will allow a developer to commence research, advertising and test the suitability in the market prior to obtaining a Development Licence.
Two further advertising licences are available under the Law which include the full advertising licence and the transition period advertising licence. All of the advertising licences must be applied for in person at the SLRB until such time as the online process is available.
A gladly welcomed transition period ending 31 August 2018 has been given by RERA to allow a developer time to comply with the Law. This time period should be used to ensure that all developers are compliant with the Law.
We will shortly be issuing a series of more detailed articles which will focus on different topics under the Law. These articles will be aimed at consumers, developers and real estate professionals and will incorporate new decrees and resolutions as and when they come into force. Our next article will feature the new Decision No. 1 of 2018 Concerning Licenses of Real Estate Developers, Brokers and Sales Agents.