Off-plan properties have become investor’s choice in Dubai, mainly due to their lower prices and potential returns. These off-plan projects come with flexible payment plans. That said, the DLD has introduced a complete off-plan management system called Oqood in Dubai.
Let’s find out all the details about Oqood, which is paramount for the owner of any off-plan property.
What is Oqood?
To manage off-plan properties, the Dubai Land Department (DLD) and the Real Estate Regulatory Agency (RERA) introduced Oqood. It means Contract in Arabic.
Oqood in Dubai is an extremely valuable tool for developers and buyers of off-plan properties. Moreover, Oqood has greatly streamlined the process of off-plan property management.
Users can manage their properties, transactions, accounts, and much more. The DLD also monitors the Oqood system to regulate off-plan property purchases and sales.
Services
The purpose of the Oqood portal is to help manage off-plan properties, their payment plans, and transactions. Alongside that, the portal is made seamless and easy for developers to use. Here are the following services available on the portal:
- Property Management: Let the developers and off-plan property owners monitor their investments and purchases easily.
- Sales and Purchase Transaction Management: Renders the process of selling and purchasing to be effortless. In short, it creates an interim sales and purchase agreement.
- Monitor Project Progress: Stay updated with the various project development stages.
- Account Management: Manage your accounts without any hurdles.
- Payment Management: Manage your payment plans and details.
- Contract management: Organise agreement.
Oqood is a user-friendly portal that effectively streamlines the process of off-plan property management. It is a boon for both investors and developers by giving them a platform that provides all the necessary information and services.
It also offers plenty of advantages such as insider information, bilingual support in Arabic and English and maintaining market transparency.
Oqood Portal
The main purpose of Oqood is to validate the off-plan purchase and title documents. Besides, the Oqood portal has various sections that are easily accessible and user-friendly. From here, a user can delete, edit or add participants and properties while also allowing them to manage their contracts with ease.
Obtaining an Oqood Certificate
An Oqood certificate serves as the proof-of-ownership for the off-plan property. Unlike a title deed, which is for completed properties, the Oqood certificate is primarily meant for off-plan properties or properties that are under a payment plan.
To obtain an Oqood certificate, the off-plan property has to be registered with DLD. The following are some of the details required for the property developers to submit a registration request.
- Property Location
- Property Size
- Ownership Info
- Developer’s name
- Project Completion date
Upon approval, DLD will issue an Oqood certificate which is needed for transfer of ownership of the property. The certificate needs to be submitted to the Real Estate Registration Directorate of the Dubai Land Department.
Service Fees
The property developer will need to pay a service fee of AED 1,040.
Procedures
One of the biggest benefits of the Oqood system is that it lets users fulfil all the required procedures for off-plan properties. These procedures fulfil all the requirements from DLD for the approval of certificates and contracts.
The Oqood system in Dubai allows to complete the following processes and registrations:
- Rent-to-own properties in Dubai
- No Objection Certificates (NOCs)
- Registering the Sale of a Mortgaged Property
- Mortgage Pre-Approval in Dubai
- Property Approval Procedure
- Contract Details
- Property Cancellation
- Property Modification
- Voucher Details
- Project Name, Property Numbers and Types
FAQs
Title Deeds are reserved for completed property. Meanwhile, Oqood is the proof of ownership of an off-plan property.
An off-plan property is a property that is still under construction or is undergoing the pre-construction phase. Investors can invest in these properties with huge returns once the property has finished development.
If you want to learn more about off-plan property, check out the differences between off-plan and secondary properties.
With this information, you’re all set to utilise the Oqood system in Dubai. If you are an investor looking to purchase properties, check out the best off-plan projects in Dubai.
