Al Fajer Properties, a Dubai-based property developer, may seek attachment of assets or an injunction against defaulters if they are not based in the country, a person close to the matter told Emirates 24|7.
“There is this misconception that ‘we are safe if we are not in the UAE’. Al Fajer has the option to seek attachment of properties or get an injunction against the defaulters if there is a need,” the person said on conditions of anonymity.
Earlier today, the developer said it would take legal action against customers who have defaulted on payments as part of its move to claim the rightful dues from defaulters in its Jumeirah Business Centre (JBC) towers at the Jumeirah Lakes Towers (JLT) community.
The company claims that in the ruling the judge has ordered a defaulting customer to pay 40 per cent of the contract price to it for defaulting on payments for their delivered properties in the JBC towers.
A spokesman for Al Fajer said: "This is a significant turning point for all developers in the UAE who have delivered on their properties. The ruling is in line with the Sales and Purchase agreements that are signed in good faith by the customer and the developer under UAE laws."
Decree No. (6) of 2010 dealing with the Executive Regulations of Law No. (13) of 2008 (Regulations) says “a developer developer does not need to sell at public auction if he completes more than 80 per cent of the project and may elect to terminate the contract and retain up to 40 per cent of the purchase price.”
Al Fajer Properties, established in November 2004 as a wholly owned subsidiary of Al Fajer Group, was one of the first developers in Dubai to offer a five-year payment plan and up to a 40 per cent discount on its properties. The company’s flagship project consists of nine commercial towers in JLT of which five have been handed over.