Another property case has been lodged before the Dubai International Financial Centre (DIFC) Courts and the list is expected to grow as investors seek resolution of their property disputes.

Investors in the Index Tower, currently under construction in the DIFC, are seeking relief for non-delivery of units and over the sale and purchase agreements (SPA) they have signed with Union Properties (UP).

According to documents filed in court by claimants, UP sold them some units in the Index Tower, and though the forms signed did not provide any specific date of delivery, it was the common intention of both parties that the developer would deliver the units in late 2008.

The investors want the developer to disclose and produce all drafts of the proposed SPA for the Index Tower units that UP has submitted to the Dubai Financial Services Authority (DFSA) or to the master developer in case the DFSA is not the developer.

They have also sought the contract's operative provisions showing the date on which both parties had agreed the construction would be completed, as well as documents such as internal cash flow forecasts relative to the Index Tower, showing when UP is expected to receive the balance of the purchase price from buyers.

The developer, owned 49 per cent by Emirates NBD, is also in talks to sell the Ritz Carlton Hotel in DIFC. It recently said the hotel might sell at a price close to Dh1.5 billion. The hotel is expected to become operational in the second quarter of this year.

The third largest real estate developer in the UAE, UP has been embroiled in a series of delays due the global economic crisis. It suspended the Formula One Theme Park in February last year due to cash flow issues.

UP is continuing talks to source funding for the $460 million (Dh1.68bn) F1-X theme park in Motor City but no deals have been concluded yet, Khalid bin Kalban, Chairman, UP, told Emirates Business earlier. The firm expects recurring revenues from its leasing portfolio to reach Dh500m from the current Dh160m.

Damac is also being sued in DIFC Courts by its investors for non-delivery of five projects. Dr Lothar Ludwig Hardt, a German investor said he has invested $9.7m in five properties, which in addition to Park Towers in DIFC, include the two cancelled projects – Lotus Residences and Wildflower; Ocean Heights, which was scheduled for completion nine months back; and Water's Edge, where construction has not begun yet.

Dubai-based Al Sayyah Advocates and Legal Consultants, representing Hardt, estimates that damages, loss of profits and legal fees could go up to $140m. Due to its international expertise and its medium language, a number of real estate and construction related firms are keen to file their cases before DIFC Courts. Cases filed in DIFC Courts have trebled from nine in 2008 to 36 in 2009.