Dubai's property regulator is planning to get tough on developers who fail to meet standards on issues such as delivery schedules and quality, it was revealed on Thursday.
The Real Estate Regulatory Authority (RERA) will soon "name and shame" those builders to break promises to investors, Marwan Bin Galita, its chief executive, has said.
Chronic delays and complaints of serious construction defects in some projects had not escaped Rera's attention, he added.
According to UAE daily Gulf News, he also told property developers at a meeting this week that they needed to be flexible and work with investors during the current real estate slowdown.
He said that while they would be allowed to retain 30 percent of the value of the property (as per the contract) if investors sought to pull out of projects, there would be exceptions.
"However, we'll be flexible. Exceptions could be made if the investor is unable to continue to pay due to some genuine reasons, such as loss of pay, job loss - which we will have to consider," Bin Galita is quoted as saying.
"These will have to be approved by RERA and will be handled case-by-case."
He told developers that RERA had been particularly active in recent months as it strived to restore investor confidence to the market.For all the latest business 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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.