With the need to bring the best regulation systems to the masses in the real estate sector and develop an optimal transaction platform, Dubai’s Real Estate Regulatory Agency(RERA) introduced the Mollak Dubai online integrated system.
Mollak Dubai is a system through which owners can associate and manage operations by following all the rules and regulations.
Mollak is an Arabic word that means Owner and aligns with the reason for the introduction of the Mollak system in Dubai. Property owners can pay service charges, and control and monitor Dubai property market related services through the Mollak Owner Association System.
Mollak creates four invoices per year and uploads the outstanding balances through the Management of Owner Association like Kingfield or Saga.
Co-owned property owners need to deal with the project managers, and need the optimal organization of the joint ownership accounts. Mollak helps them strengthen their control and use tech and advanced systems for better functioning.
Mollak has been created for owners and association managers to handle the registrations of Owner Associations, enrollment, staff, and agreements. Overall, the platform benefits everyone who is holding property in Dubai.
RERA has partnered with nine banks:
Abu Dhabi Islamic Bank, United Bank Ltd., Commercial Bank of Dubai, Abu Dhabi Commercial Bank, Arab Bank for Investment & Foreign Trade (Al Masraf), Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank, and Mashreq Bank to provide easy payment of service charges through these banks.
How does Mollak System Work in Dubai?
The Mollak platform is built to transform the property ownership regulation & management of co-owned properties. The full-stack model keeps track of every deal by keeping database owners and DLD-approved transactions.
The main reason for introducing this system was to make the service charge payment easily trackable. Each document uploaded by the owner is verified by the auditor post which he shares the final charges for the property.
Mollak establishes trust, safety, and transparency in the Dubai real estate system. It ensures proper rules & regulations implemented by the UAE government are followed and thus is the best trailblazing progress in Dubai’s real estate ecosystem.
Registration of Management & Community
The company is required to submit documents to Mollak to verify the staff and register the organization into the full-stack system. After this, the community needs to be registered as a property group on Mollak.
The registration process might take time depending on the requirements. An e-agreement is then needed to be signed to complete the agreement.
Bank A/c Setup and Mollak Service charge approval
To pay the service charges, a bank account needs to be set up with the approved bank by the RERA-regulated DLD.
The company needs to provide estimated budgets for the property groups and submit them after which the DLD reviews the entire service charge proposal and gives final approval. Owners can get the approval and then pay the service charges through the favorable payment option.
An owner is required to pay the service charges to the management. These charges are calculated based on two things-
- The physical location of the Joint Ownership Property in Dubai
- The services provided
RERA approves the service charges after which they are issued by the management companies as invoices. This system brings transparency and makes the process centralized to avoid any issues.
Key Features of Mollak Payment Dubai
Mollak has numerous features, including:
- It assists co-owned property owners in dealing with their project managers.
- Responds to the community’s request for an open regulated account.
- It bills registered owners on a quarterly basis.
- It accepts a variety of payment gateways.