RERA Budget Review
The Real Estate Regulatory Authority in Dubai came up with the process of budget reviews in 2018, for the purpose of ensuring standards and controls in the annual budgets for service charges and financial audit reports for JOP’s (Jointly Owned Property).
Through our highly competent and experienced team, Merali’s carries the legacy of being one of RERA’s prominent trusted partner for implementing the budget review process since 2018. We undertake RERA budget reviews, ensuring that the purpose of transparency and independence is achieved through our detailed budget review reports, in which we thoroughly analyze the compliance and non-compliance aspects of the JOP in line with the Law No. (6) of 2019.
Merali’s provides an independent review of the service charge budgets to ensure reasonability of the budgeted expenses and allocations, which ultimately provides confidence and reasonable assurance to all stakeholders – developers, managers, owners, investors and tenants.
Our team’s credentials include engagement with a number of iconic property developments in the UAE – owned by both local and international real estate developers.
Our scope of work includes, but is not limited to the review and verification of the below supporting documents –
Details of the project such as title deeds, unit areas, occupancy and usage
All contracts, quotations, costs and allocations to ensure these agree with the budgets
Previous year audit report to verify the actual costs
Basis of non-contractual expenses, other income, unexpected costs, reserve fund, improvements and utilities
Master community service charges through invoice
Approval/recommendations of the owners’ committee on the final budget
For more information, please contact us