It included 14 projects in several cities… referring violating real estate developers to the Public Prosecution
Referred Developers of 14 real estate projects to after monitoring violations.
It included engaging in and receiving sums of money from beneficiaries without obtaining the approved regulatory licenses, in a number of cities in the Kingdom.
Off-plan real estate projects
This is a clear violation of the provisions of the system for selling and leasing real estate projects off-plan and its executive regulations.
The General Real Estate Authority stressed that it will not hesitate to monitor violating real estate practices and advertisements, which would violate real estate regulations and legislation. Or prejudice the reliability of the real estate market or the rights of those dealing in it, and that it will take all regulatory deterrent measures against every violator, in cooperation with the relevant authorities.
Saudi Real Estate
The General Real Estate Authority called on real estate developers to fully adhere to the rules and regulations governing the activity of selling and renting real estate projects off-plan, and to obtain regulatory licenses before advertising, marketing, selling, or receiving funds.
It also urged dealers and investors To verify the legality of real estate project licenses through approved official channels before embarking on any purchase or money transfer process, and to report any violations that affect the real estate market and its reliability.
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