The Real Estate Regulatory Authority (RERA) has announced that it revoked the licence of a real estate agency.
The owner had exceeded the scope of the permit which was issued to him, in accordance with the provisions of the Real Estate Sector Regulation Law, promulgated by Law No. 27 of 2017 and its amendments and executive edicts.
In a statement issued today, the regulatory authority said that the owner was also found in breach of the Central Bank of Bahrain (CBB)regulations.
It pointed out that it had obtained documents during a periodic inspection proving the violations attributed to the real estate office. An administrative investigation was then launched during which the owner was allowed to submit his statements.
RERA urged all owners to adhere to the scope of the permits granted to them and ensure that they obtain all necessary licences from the competent authorities for all their activities in order to preserve the rights of all stakeholders.
Source: Bahrain News Agency