About 55,000 units of properties of the Abu Dhabi Commercial Properties (ADCP) have been registered with the Tawtheeq System, a recently launched municipal project for registering leasable properties and lease contracts. The ADCP properties were registered as part of a Memorandum of Cooperation (MoC) signed between the ADCP and Abu Dh... abi Municipality, officials told a press conference yesterday. The municipality will sign similar memoranda with more property companies in the emirate, they said. The MoC will enable the municipality to communicate easily with urban communities and housing complexes managed by ADCP. ADCP, one of the leading property management companies in the UAE, declared its full commitment to implement the Tawtheeq System' which will regulate the real estate market in Abu Dhabi emirate in future. Property management businesses in Abu Dhabi and Al Ain must register their leasable properties and existing lease contracts by June 30.
The individual owners must register by September 30. The major attraction of the project is its online services the property owners can complete the registration online (www.adm.gov.ae/Tawtheeq) without the need to visit the municipal office. Dh1,000 is the registration fee for a property [a particular building] and Dh5 for a unit [a flat]. Dh100 is the registration fee for a lease contract and Dh50 for any amendment to the contract. The tenants need not bear the fees of the registration. ADCP has around 55,000 property units in 2,650 buildings which have been registered with the system, an executive told Gulf News on the sidelines of the press conference. "Transparency of the property transaction is the major advantage we find with the Tawtheeq system," Denis O'Connor, General Manager of ADCP, said. He said the rents of ADCP properties are very low, so the transparency will help the ADCP.