Independent Progress Monitoring Report (IPM)

An Independent Progress Monitoring Report (IPM) is an official document issued by the Government of Dubai and audited by RERA. It is commissioned by the bank, to verify the construction progress of an off-plan project before releasing the next stage of mortgage funds to the developer.

A qualified independent valuer from the bank's empaneled team visits the site, assesses the build, photographs the progress, and submits the report directly to the bank. 

The IPM contains the inspection date, developer name, project name, plot number, trust account bank, project description, inspection notes summarising construction activity, site photographs, and the RERA Progress Indicator. The RERA Progress Indicator is a visual bar chart that independently rates how far along the construction is, giving the bank an objective view separate from what the developer reports. The IPM also shows which bank holds the RERA-regulated escrow account for the project. 

The report is required at each construction milestone. Banks typically require the project to reach around 40 to 50 percent completion before releasing mortgage funds, with some banks requiring multiple IPMs at different stages throughout the build. If the IPM shows the project is below the required threshold, the bank will not release funds until that stage is met.