In a remarkable stride towards enhancing transparency and efficiency in Dubai’s real estate sector, the Dubai Land Department (DLD) has unveiled a groundbreaking service known as “Munaqasat.” This initiative, launched through the Real Estate Regulatory Agency (RERA), is set to revolutionize the way jointly owned property (JOP) companies handle tendering processes. In this comprehensive blog post, we will delve into the significance of Munaqasat, explore how it works, and highlight the key benefits it brings to Dubai’s real estate landscape.
The Birth of Munaqasat: Transforming Tendering Processes
Munaqasat, introduced as part of the Mollak system, is poised to be a game-changer for the JOP sector in Dubai. Its primary objective is to regulate and streamline the tendering procedures related to services and maintenance within the JOP sector. By doing so, it aims to ensure top-tier services are offered at competitive prices while significantly enhancing transparency.
Navigating the Munaqasat Landscape
At the heart of Munaqasat lies a commitment to simplifying and facilitating the tendering process for JOP companies and service providers. Here’s how the system operates:
- Mandatory Submission: JOP companies are mandated to submit all tenders through the Munaqasat platform, following the submission of their 2024 budgets on the system. The deadline for this submission is set for October 2023.
- Comprehensive Assessment: A specialized technical team undertakes the responsibility of submitting tasks, assessing firms, and providing recommendations. Subsequently, a finance team meticulously reviews the technical aspects and sets prices for each essential service. The final tender selection is determined by averaging the technical and financial scores.
- Open Participation: Once tenders are initiated, service providers can participate via the Munaqasat service. Providers can register as suppliers, granting them access to all relevant tenders based on their registered activities. This approach promotes transparency and combats unethical practices.
Future-Ready: Expanding Munaqasat’s Horizon
Munaqasat’s ambition extends beyond its current offerings. By 2024, the system will introduce additional features that allow property owners to evaluate the performance of service providers. Furthermore, owners’ committees will gain access to view presented tenders, fostering even greater transparency and engagement within Dubai’s real estate sector through the platform.
Embracing Digitalization and Dubai’s Digital Strategy
The Munaqasat service aligns perfectly with Dubai’s Digital Strategy, reinforcing the provision of precise budgets for service fees and maintenance work. This fully digitized approach not only streamlines processes but also ensures accuracy and reliability in financial matters, benefiting all stakeholders involved.
A Visionary’s Perspective: Marwan bin Ghalita on Munaqasat
Eng. Marwan bin Ghalita, CEO of the Real Estate Regulatory Agency at RERA, emphasizes the importance of the JOP sector in Dubai’s real estate landscape. He views Munaqasat as a testament to Dubai’s commitment to sustainability, innovation, and the satisfaction of both investors and residents. By offering an integrated service for organizing and regulating tenders related to maintenance services, Munaqasat is set to create a healthy and transparent environment in the real estate market. This environment, in turn, will foster the competition necessary to deliver the highest quality service standards.
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