A huge sum of about AED45 million which is about $12.2 million has been saved by the Dubai Land Department (DLD) after it took the initiative of launching its new Real Estate Registration Trustees Offices. There has been more than 15 such registration offices have been set up all across the emirates to register sales, mortgages and tenancy agreements which in turn have helped the Dubai Land Department to make a huge annual saving in the first year of its launch itself. It has been reported that the cost of sales services reduced by more than half, 53% to be precise, whereas the mortgage services and the mortgage clearance service costs reduced by 67 percent and 78 percent respectively. The services provided by the Real Estate Registration Trustees Offices ensure a much quicker transaction and has been a boon not only to the customers but also to the DLD employees by reducing the work load from their shoulders.
The transaction services provide registration services for sales, tenancy agreements concluding with acquisitions, mortgages and many other DLD procedures. The primary work of the Registration Trustee involves entering of the process data, issuing of initial contracts and then finally sending the entry to DLD along with other mandatory documents. These are then cross checked with the DLD regulations following which the final approval of the contracts are made. The issued documents are delivered to the investors as fast as within 48 hours after the transactions are logged in making it a much hassle free task for the investors who had to wait for days and even weeks prior to this set up. According to the director of monitoring at the Real Estate Registration Department, Saeed Al Khussaibi, the system has already helped to provide real estate registration services on a larger scale in Dubai and sped up the process and increased the effectivity of investor procedures.