The Board of Directors of the Real Estate Regulatory Authority (RERA) held its second meeting on Wednesday 17 January 2018 under the chairmanship of HE Shaikh Salman bin Abdullah bin Hamad Al Khalifa, President of the Survey and Land Registration Bureau (SLRB) and Chairman of the Real Estate Regulatory Authority (RERA).
His Excellency stressed the importance of the role of RERA in the coming period and the need to complete putting in place the necessary legislative, regulatory and administrative mechanisms to enable it perform its functions. The role entrusted to and hoped from RERA is to support the real estate sector in playing its important role as one of the key non-oil sectors in Bahrain, in line with the directives of the wise leadership to serve the interests of the homeland and citizens and in accordance with Bahrain Economic Vision 2030.
His Excellency stressed the importance of strengthening the role and contribution of the real estate sector. RERA will work on improving the efficiency of the services provided or offered in the real estate market, and ensure that the interests of consumers, investors and all stakeholders in real estate market and property development projects are protected. This in turn will help increase the contribution of the real estate sector to the Gross Domestic Product (GDP) of Bahrain. He directed the members of the Board of Directors to simplify and streamline administrative procedures to encourage real estate investment and avoid red tape that may cause delays or difficulties to investors.
During the meeting, His Excellency Shaikh Mohammed bin Khalifa Al Khalifa, Chief Executive Officer of RERA made a detailed presentation on the latest developments of the work of RERA and the implementation of previous resolutions and directives. He also presented the proposed organizational structure of RERA which was discussed in detail and approved after making some amendments to tally with RERA’s budget. As per the law, the organization structure must be approved by the Board of Directors.
The Board also approved issuing regulations that organize the issuance of licenses to property developers, brokers and sales agents. It also approved putting in place the mechanisms and procedures that govern escrow accounts and providing flexible and secure financial options that would both help and encourage investment by real estate developers and protect the rights of the buyers of real estate units.
The Real Estate Regulatory Authority (RERA) was established pursuance to Law No. 27 of 2017 with respect to Regulating the Real Estate Sector which will come into effect in March 2018. The Irish consultancy firm I.D.I. has been contracted to develop the legal mechanisms for implementing Law No. 27, implementation regulations and procedures for the issuance of licenses related to real estate development projects and other licenses that come under the jurisdiction of RERA.