Dubai investors can get stalled project updates

Investors in stalled projects in Dubai can submit their applications to get updates when visiting the Dubai Land Department (DLD) head office, industry sources told Emirates 24|7.

The department is collecting investor details of stalled project to allow them to get in touch when the project is cancelled, sources said.

Investors need to submit the property owner’s passport copies, either the first two pages of sales and purchase contract, or the copy of the registration form and an application to get update on the project with their contact details.

“When we went to the Land Department to get information about a project, we were told to submit our request with the legal department,” said an investor.

“I was told to submit my passport copy, either the first two pages of the sales and purchase contract, or the copy of the registration form and an application seeking update on the project.”

This website had revealed earlier that developers were putting notices of project cancellations in local dailies, a move that had gained pace after the government set up a committee to liquidate and settle claims on cancelled projects.

In July, the Dubai government issued Decree No. (21) of 2013 setting up a special legal committee for the liquidation of cancelled property projects and the settlement of rights disputes related to such projects.

The Real Estate Regulatory Agency (Rera) has said in the past that investors in cancelled projects were notified through email and only if they were registered in the Oqood registration system.

Last month, DLD Director-General Sultan Butti Bin Mejren said they were setting up a new settlement committee to resolve developer-investor disputes.

“The committee will aim to resolves disputes and issue refunds to investors by auctioning the project,” Bin Mejren had said.
Rera data reveals that 187 projects have been completed since the beginning of 2009; 253 projects are on hold; 232 projects are likely to be completed in due course.

Each of these 253 registered projects is likely to qualify for either the Tayseer or the Tanmia initiative, as per Dubai government’s bond prospectus issued in 2012.