Only Oqood-registered investors will get cancellation notice: Rera
Project cancellation is informed through an official email
Ensure you are registered in the Real Estate Regulatory Agency's (Rera) Oqood system, otherwise you won't get an official email of your project's cancellation.
“If the project is cancelled all investors will know that by an official email sent to them, but they have to ensure that they are registered in Oqood system, Real Estate Regulatory Agency CEO Marwan bin Ghalita told Emirates 24/7.
Oqood system allows the registration, tracking and collation of all real estate contracts in line with Dubai Land Department regulations. No registered property sale or transfer can take place unless it has been registered on the system.
Rera has scrapped 202 projects since the global financial downturn and more were expected this year. Officials have said that cancellation is not an easy process with the department having to assess the reasons for the delay and how the claims will be settled. Currently, the agency is carrying out a financial review of a number of real estate projects and trying to assess their viability.
Rera said in March that 220 projects were moving forward. Separately, this website reported that 114 projects had been registered under the Tayseer (guaranteed funding) initiative launched in 2009.
Late last year, Hadef and Partners found that majority of their respondents to their survey sought public announcement of cancelled projects which they felt will assist Dubai’s real estate market. The survey found said that developers, who cancel or place developments on hold without a definitive completion date, should be required to pay loss of profit related damages to buyers who are not in default.
On Sunday, this website reported that a developer cannot compel an investor to switch over to another project if the project, where he had originally invested, is put on hold.
“Investors can’t be forced to accept any offer by the developer and they both need to agree to do the transfer,” Ghalita said.
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