The General Authority for Real Estate announced today that it has begun receiving applications for off-plan project licenses through the Authority’s electronic platform, in accordance with the system for selling and leasing off-plan real estate projects issued by Cabinet Resolution No. 196 dated 03/04/1445 AH and its approved executive regulations published on the Authority’s website.
The authority explained that licensing to conduct off-plan sales and leasing activities contributes to regulating the activity and reducing violations in the off-plan real estate development sector , and increasing the supply of commercial, residential, industrial, tourism and other real estate products.
She added that the system is one of the financing channels for real estate developers, a key enabler of the real estate market, and enhances the sector’s credibility through the governance guaranteed by the system.
The Real Estate Authority called on all real estate developers wishing to benefit from the system to apply for qualification – if they were not previously qualified – and to obtain the necessary licenses to practice the activity through the electronic platform that was allocated to receive qualification and licensing applications for off-plan projects of all types and forms.
According to the licensing requirements, the applicant must pass the qualification program approved by the Authority and submit a project feasibility study that includes the estimated financial, construction, and marketing data for the project, the expected financial and administrative expenses, the delivery period of the units, the expected sources of funding, and provide evidence that the real estate project conforms to the regulatory requirements for building permits, engineering plans, and architectural designs.
