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Dubai amends property law in response to defaults
by This email address is being protected from spam bots, you need Javascript enabled to view it on Sunday, 19 April 2009Posted on Wednesday, 13 May 2009
Property Law
Posted by M. Mouse at 09:17 UAE time
The whole property law in Dubai needs a major shake up. In light of the current situation and the ongoing horror stories who in their right mind is going to buy propery here!!
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Posted on Tuesday, 12 May 2009
Law 9
Posted by Pete at 19:11 UAE time
Can anyone tell me, does scratching a hole in the ground at the waterfront constitute start of construction? If so RERA has just sealed the fate and the savings of hundreds of investors. How can one law be so one sided, what a joke, and this was meant to instill confidence in the market, hahahaha.
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HighRise Defaulter
Posted by Tom at 14:26 UAE time
Me and my family have invested over £1,000,000 in Jumeriah waves business towers over 2 years ago and the development hasn't even started...can anyone help us or where do we turn to? This is a total disgrace and the developer has done a runner and cannot be tracked down...
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Posted on Monday, 27 April 2009
developer not paying back
Posted by najib ullah at 16:39 UAE time
best homes emirates real estate did not started the project and has taken 60% in monies from the buyers and even after signing termination months have pased and has not submitted papers to rera for the refund of the investor monies fro the escrow account, there must be a rule and law in situations where after the actually delivery date even than the project has not started than the developer must return all moies along with interest and if they dont a further penalty of expenses for overseas investors who have to travel and spend monies to deal in refund of their monies should be compensated, unless this is done right money is not coming vback in Dubai, many people have burn there fingers and there is no enforcement of law by government. The time has come that the government do something and something quick before all confidence of UK investor fades like mine and this matter goes to BBC and related media.
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Completion Date vs. Construction Start
Posted by Amin at 09:18 UAE time
The completion date of Abjar tower project ,in Jumeirah Village South,is December 2009,according to the purchase agreement.The project has not started yet.The developer is Nakheel,the sub developer is Khuyool,and the construction company is Maks & Partners.
The obligation to force the developer,to start the project is missing in the law, although it should start the project 6 months after receiving the NOC.Neither RERA Dubai nor the Land Department could do anything to start the project,or pay the monies ,the buyers paid.
An investigation is on the way ,in the last 3 months by Rera and the Land Department ,without any results.
It is a mass of events.
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Posted on Sunday, 26 April 2009
Banks canno accept this.
Posted by John at 18:30 UAE time
How can any bank offer a mortgage when their own security is at risk with this law?
They could end up with massive loans and unfinished properties. This will kill the mortgage market.
This is unequitable and highly risky to the whole economic structure.
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Refunds if project hasn't started
Posted by PSB at 16:43 UAE time
Under the new law it seems that if we have an Emaar investment that has not started (over a year now) then they should, in good faith, initiate an instant refund rather than procrastinate. Some people are paying interest on their initial investment money which is compounding the problem for buyers. Come on Emaar, set an example for the whole industry and do the right thing under the circumstances!!
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What if the developers doesn't pay back?
Posted by Peter at 16:37 UAE time
In my case the developer hasn't started after more than a year on the waterfront project so by the law I should get back all my money but what if the developer has raided the Escrow account for whatever reason and there isn't sufficient funds left ? What happens then? Would the government underwrite it to protect the buyer?
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Delay in Construction Start
Posted by Abolghasem at 12:50 UAE time
Still no must for developers to start the registered projects.It needs new regulations to protect the buyers.
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Posted on Thursday, 23 April 2009
"Mr. Happy", you are a jerk!!
Posted by Kareem at 14:56 UAE time
You know, not everyone 'investing' was in it for investment or capital gain. There's plenty of people who bought to own, myself being one. I've paid 400K for an apartment at the Waterfront 1.5 years ago and the developer is yet to begin construction!!
Go and revel in others' misery elsewhere.
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Variation in area
Posted by Manju Sethi at 11:03 UAE time
Is there any law which can tell us if there is more than 5% variation in the completed project can developer charge for that. As per law for 5% variation he can't charge but in my case developer is asking me to pay 1 Million more as there were some mistakes while calculating the area before. On the time of handover how can he demand more money from us for his mistake. Is there any law which can protect us. He should either give us flat on same price or return our money without deduction.
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variation in area
Posted by Manju Sethi at 10:59 UAE time
Is there any law which can tell me if building is 100% ready and on time of handover developer is telling they miscalculated the area and we have to pay 1 Million more as per new area then we can do. 5% variation is allowed as per law. And developer can't charge for variation if building is ready. But this variation is 30% so in this case can he ask for more money. And if we are not able to pay more money should he refund our all money paid or still he can keep some percentage of that.
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Why amendments after making the law
Posted by Manju Sethi at 10:54 UAE time
If there is a law in the country it should stay law atleast for 10 years here law is changing every 10 days. Then why it is called law. If the building is ready more than 70% and it is delayed by 18 months then also we should get our money back we already paid 70% and it is delayed by 18 months then why we have to loose it is written in our contract if project is delayed by 5 months they will return the money with interest. How come that contract is null & void now because of new rule. It means there is no value of contract. People are loosing confidence not gaining. Real est market will disappear one day.
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defult by master developer
Posted by Leo at 10:05 UAE time
I can see only one reason that RERA allows the developer to keep 30% of the property value even when not starting the construction and that reason is that the master developer fails to give the possession of the plot to the developer. The developer has already paid the money to the master developer who is not able to do full development because it is unable to sell sufficient number of plots. So instead of punishing the master developer, who in most likelyhood could be a part of these policy makers, the easiest thing is to punish the poor investor because they have already paid the money.
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Posted on Wednesday, 22 April 2009
Dubai Land_ Maysan
Posted by Bijan Ghaffari at 01:21 UAE time
This was supposed to be 3 towers in a huge city project so called "Entertainment City". It has been stopped indefinitely and yet the developer refuse to neither refund deposit paid by the buyers nor cancel the contract. The 3 towers namely Maysan is going nowhere for months now.
Even if they build it one day, it will be 3 lonely towers in the middle of desert where owners can't reside, rent or resell. So what is the point of going on.
We buyers feel like helpless as the only hope for justice and return of our monies were so called RERA.
No buyer is ever going to get anything back from the greedy developers.
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