Cancelled projects in Dubai

Dubai and real estate investments

Of all the investment opportunities in Dubai, investment in real estate has been the most favored one by investors around the globe. This has subsequently led to an increase in the demand for real estate properties. Builders have ensured that they provide quality constructions too. All these aspects put together have made Dubai the hotspot for real estate investment around the world.

This is what most banks in Dubai believe in too. With relaxed home loan criteria and quick disbursals, they are helping in increasing the number of
If one is not planning to live but want to earn rental income from your property investment, then Dubai is the place for you too. Also, the rental income is on par with the global standards.

Risks worthwhile to know ahead

One should never invest in a product that you don’t completely understand. There are many investors who invest in shares or mutual funds based on a tip or advice received from a trusted friend, family member or colleague. This can be counterproductive since such people are unaware of the risks that they might be In September 2008 the first Dubai off-plan property boom came to a sudden stop with the arrival of the global financial crisis taking with their investments.

Any investor ought to have the right to compensation for such things as delays on handover but getting justice could be a distant reward unless you have the time and patience for the battle ahead. It is crucial to scrutinize the terms of the SPA.

Over and above the ordinary contract considerations worthy of review, consideration of time constraints and completion dates provided is necessary to ensure that the timeline provided is fair and reasonable in the circumstances. There is a vast array of reasons that a project may be frustrated inclusive of other party involvement, contract variation and delay in receipt of required approval.
In addition, investors should opt for alternate dispute resolution options within the contract terms.
Proceeding directly with cancellation and/or claim for liquidated damages may not be in the interest of the parties while a provision for alternate dispute resolution may allow for negotiation and mediation that may incentivize the degree of delay suffered in order that the developer is afforded reasonable opportunity to complete the project while satisfying the investor.

Departments to visit and laws to know

Cancelled Real Estate Projects Committee

The specially created judicial committees, the Real Estate Cancelled Projects Committees (part of Dubai Courts) handles the settlement of rights and liquidation in the cases of project cancellation. Cancelled Real Estate Projects Committee specializes in the liquidation of real estate projects, which have been cancelled by the Real Estate Regulatory Agency (RERA). All judgments, orders, and decisions issued by the Committee are final, peremptory, and cannot be appealed through a regular appeal. Their decisions are executed by the implementation of Department of Dubai Courts.

Laws

In the case of development that has been officially cancelled by RERA, legislation is in place for investors through the:

  • Executive Council Resolution No. (6) of 2010 (pursuant to Law No. (13) of 2008).
  • As formalized in Decree No. (21) of 2013, cancelled projects are under the remit of

Thus, there are certain procedures that we as a professionals in the field follow to achieve — up to 10% per annum ROI compensation along with the full money return for our clients. If invested wisely, funds return from investments can be very productive.

6 comments

  1. Good Morning, I have recently noticed that my real estate project has been cancelled and transferred to tanmiya,, what action or steps must be taken for me to guarantee my investment is returned and that I am listed under the courts claim systems when the legal case is proceeding. please advise

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  2. Dear Authorities, I have an office in Sanali Business Tower which has been in Dubai Court for years for cancelation and refund. Can you please send me the latest ruling in this project.
    Dr. Ali
    South Africa
    Thanks

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  3. Good Morning, I have notice that «MY TOWER» project has been cancelled.
    what action or steps must be taken for me to guarantee my investment is returned? Please advise me

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