DLD’sMollakrecords new achievement, winssilver category atStevie Awards
- The electronic system is awarded for employing technical innovation in customer service
Dubai, UAE, 4 April 2021:In a new achievement that confirms its innovative capabilities to enhance the real estate sector, Dubai Land Department (DLD), through the Real Estate Regulatory Agency (RERA), won the silver category atthe 2021 edition of Stevie Awards in recognition of its electronic Mollak system. The system outperformedits competition in technical innovation in customer service due to its unique technical advantages in this field.
The system allows jointly owned property (JOP) management companies licensed and registered exclusively with RERA to assume the tasks of managing JOPs and obtaining services of the highest quality as the project developers cannot manage them after completion and handing over the real estate units to their owners.The system allows companies to submit applications for approval of service charges, usage allowances for auditing by licensed auditing offices, and review by RERA.After reviewing, and if approved, the system will allow for the issuance of invoices ofservices charges and usage allowances for JOP unit owners.
The Stevie Awards is one of the most prestigious international awards programmes in the fields of creativity, institutional excellence and international business. It annually honours the most innovative institutions in the world, based on the evaluation of a specialised international jury that adopts the highest standards of integrity and transparency.
HE Sultan Butti bin Mejren, Director-General of DLD, said: “The Mollak system has been able to achieve its desired objectives in a relatively short period of time. This award is a tribute to the efforts made by the various teams at DLD to present a world-class systemthrough which a new record is added to DLD’s several innovative achievements based on the latest smart technologies and the best modern initiatives and solutions as the first-of-its-kind in the governance of the real estate sector.Through these exceptional developments, we at DLD can support the vision of our wise leadership to position Dubai as the world’s premier real estate destinationand a byword for innovation, trust, and happiness when it comes to the principles of real-estate sector transparency and the provision of easy and comfortable services to customers.”
HE Eng Marwan bin Ghalita, CEO of RERA, commented: “The Mollaksystem offers several advantages that benefit our customers, most importantly governance and transparency. Immediately followingits launch, our customers noticed its benefits, especially JOP owners, thanks to our keenness to enhance it with many new innovations and raise their standards as well as to keep abreast of the latest global developments in real estate. It also helps owners deal with companies that manage JOPs easily and quickly, helping us achieve the highest levels of leadership in real estate solutions and services.This award is a recognition of the spirit of innovation inour operations, and comes as a continuation of the many achievements that have won many prestigious international awards.”
Since its launch, this initiative has resulted in total cost savings of AED 2 millionand an improvement in the level of customer service happiness to 94.4%.It also contributed to reducing the number of required visits to zero, and the number of real estate unit ownership that the system deals with has reached 418,000 units.The programme contributes to greatly decreasing service charges, wherebythe total amount of service charges audited in the Mollaksystem reached AED 3.41 billion. RERA expects up to AED 4 billion will be approved during the next phase.
Mollakhelps strengthen Dubai’s global position in the field of real estate servicesas it is the first electronic system globally to approve service charges and usage allowances for JOP management companies.One of the most important features of establishing the first unified database of JOPs in Dubai via Mollak is making Dubai the first city in the world to have integrated real estate governance.
Mollakprovides a new and integrated system for monitoring accounts related to service charges and usage allowances in JOP projects by relying on financial accounts that operate according to the escrow account mechanism.The system works through a group of users in managing JOPs as well as within the database of real estate unit owners, in addition to the database of real estate units registered and approved by DLD, whereby no user can change that data.