Dubai Land Department (DLD), through its regulatory unit Real Estate Regulatory Authority (RERA), has launched an electronic system, or “Mollak,” which incorporates innovations to maintain justice and transparency, Invest-Gate reports.

Mollak is developed to help co-owned property owners, and ascertain smooth and easy operations with their property managers, according to DLD’s statement on July 27. It mainly monitors accounts related to service charges in these projects by relying on the financial accounts operating, in accordance with the mechanism of the escrow account.

According to the statement, “It also operates within the real estate unit owners’ database, and the database of real estate units registered and approved by DLD, where no user may change the data.”

Through the new system, 468 bank accounts were opened for project service charges. In addition, 88 management companies and 1,212 real estate projects were registered and approved by RERA, as well as, 200,000 real estate units, comprising residential apartments, villas, offices, and commercial shops.

It has also attracted seven banks to act as account trustees for co-owned properties and registered eight financial auditors to explicitly audit the application fees that were submitted for accreditation, the statement further revealed.

Commenting on the new launch, RERA CEO Marwan bin Ghalita said, “The Real Estate Relations Regulatory Department at RERA has developed the working mechanism of this new system by relying on the competencies of citizens working at RERA to help disperse real estate knowledge through sustainable and modern electronic means in service of the real estate sector.”

He added, “As a customer-centric approach to its services, RERA committed a  pilot phase with most management companies, financial auditors, and financial institutions for the program before officially launching it in Q2 2019 to high acclaim.”