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29 March 2024

Investors asked to submit claims on Omniyat project

Published
By Parag Deulagonakr

Dubai-based Omniyat Properties’ Dh3-billion Beachfront Living project in Waterfront is being cancelled, according to the Real Estate Regulatory Agency (Rera).

In a notice published in a local newspaper, Rera asked investors who have claims on Omniyat Properties Nine Limited for Beachfront Living project to submit their claims within two weeks from the publishing of the notice (July 18).

Investors have been asked to submit the property reservation form, original property agreement, passport copy, original payment receipts to the Real Estate Projects Liquidating section.

The Beachfront Living development Omniyat was to consist of 29-storey hotel, a crescent-shaped, 42-storey residential tower and a Rodeo Drive-style retail strip.

In May 2009, Emirates 24|7 had reported that 30 investors, who claimed to represent the majority of investors in Beachfront Living, had requested Rera to cancel the project The group had said it accounted for more than Dh955 million worth of the investors in the Beachfront project and have together paid Dh200 million in cash, upfront, to Omniyat so far, which amounts to more than 20 per cent of their contractual amounts.

Bayswater, The Binary, The Opus, The Pad, The Square, One Business Bay are the listed project on Omniyat’s website.

Last week, in its base prospectus, released on January 17, 2013, Rera said 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.

No information was given on cancelled projects, but it was reported last year that 217 projects had been cancelled as of May 31, 2011.

Each of these 253 registered projects “on hold” qualifies for either the Tayseer, or the Tanmia initiative, the Dubai Land Department has said.

According to Rera, investors registered on the Oqood system are sent an official email when a project is cancelled.

“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,” Rera CEO Marwan bin Ghalita had told Emirates 24|7.

Oqood 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.

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