Deyaar Development says Court of Appeal has ordered Limitless to return all amounts paid plus compensation
Dubai-based developer Deyaar on Monday said a court has ruled in its favour in relation to a dispute with fellow developer Limitless over a land deal.
Deyaar Development said in a statement posted to Dubai Financial Market that the Court of Appeal had issued a judgment confirming Dubai Court of First Instance’s judgment to terminate all sales and purchase agreements of lands under dispute.
It has also ordered Limitless to return all amounts paid plus compensation.
Deyaar said it had paid over AED411 million ($112.1 million) for the disputed land plots, representing 50 percent of their total purchase price.
According to Deyaar, Limitless has been ordered to return all amounts paid by Deyaar against the price of the land, in addition to a legal interest at a rate of 9 percent per annum of the amount from the date of the claim until full payment.
Deyaar added in the statement that the judgment also obliges Limitless to pay Deyaar an amount of AED61.1 million as a compensation for the damages due to Limitless’s "breach of its obligations".
The Dubai-listed developer added that the execution of the judgment was under process and it had not yet collected any amounts.
According to its website, Limitless was established in 2005 as a global real estate developer specialising in master planning large scale, balanced, sustainable communities and waterfront developments.
Arabian Business has approached a representative of Limitless for a comment.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.