Nakheel denies delaying handing over of title deed

Investors complain final installment on properties not being accepted to stall transfer of ownership

Nakheel, a Dubai World subsidiary, has denied that is not accepting the final installments from buyers in order to delay the handing over of the title deed to properties.

"Nakheel has not altered any of its procedures regarding handover and title transfer which are undertaken in accordance with the provisions of the sale and purchase agreements," a company spokesperson told Emirates 24|7.

The response came after some investors claimed the master developer was not accepting their final payment to avoid transfer of land ownership.

“We have paid a substantial sum of money for our plots and are ready to pay the remaining money so we get the title deed,” an investor said on the condition of anonymity.

“We need the title deed to pledge the land as security to get some finance for our under-construction projects. However, we can’t try that option since we don’t have the deed to be rightful owners,” he added.

The master developer had earlier said it is focusing on completing short-term projects, mostly phases, where construction has progressed significantly.

Al Furjan, Jumeirah Park, Veneto and Badrah at the Waterfront, Jumeirah Heights, Jumeirah Island and Jumeirah Village top the priority list.

On September 30, Nakheel confirmed it had made a Dh3.4 billion in cash payment to its trade creditors and had appointed independent consultants to review the claims submitted by contractors.

Later, company chairman Ali Rashid Lootah said that they were in preliminary talks for listing a sukuk (Islamic bond) on Nasdaq Dubai.

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