Arab Today, arab today project on dubai\s on the verge of cancellation
Last Updated : GMT 07:27:14
Arab Today, arab today
Arab Today, arab today

Project on Dubai\'s on the verge of cancellation

Arab Today, arab today

Arab Today, arab today Project on Dubai\'s on the verge of cancellation

Dubai - Arabstoday

Dubai’s Real Estate Regulatory Agency (Rera) has confirmed that a project on The World development is under the process of cancellation. The project in question is Jasmine Garden, a 5-star residential island resort, with nine beach villas, 10 water villas, 56 studio and 56 one-bedroom loft units, on the Thailand island. In a statement sent to Emirates 24|7, the agency said: “Rera is currently going through the cancellation (under process). Investors can refer to the developer to prove their rights.” Although Article 11, Sub-section 5, of the Law No (9) of 2009 Amending Certain Provisions of Law No (13) of 2008 Regulating the Interim Real Estate Register in the Emirate of Dubai, Rera, says that the agency may, following a grounded report, decide to cancel a real estate project, in which case the developer must return to the purchasers all the amounts paid by them in accordance with the provisions of Law No (8) of 2007 concerning Escrow Accounts of Real Estate Developments in the Emirate of Dubai. But in contrast, the agency informs that in case both the parties (investor/ developer) fail to reach an agreement, the investor has the right to move the issue to Dubai Courts. Last month, Imtiaz Khoda, project representative, Jasmine Garden Ltd, had claimed the project had not been cancelled, but was on hold. He had also told this website then that he was offering a full refund to all the investors. When contacted, Khoda said: “The World project is a challenging one and will take longer than anticipated. Hence, we had initiated mutual settlement discussion with clients in April 2011 and have successfully completed mutual settlements with over 50 per cent of the clients. “A further 30 per cent of the clients are in breach of the basic reservation agreement and they have been addressed also.” The balance 20 per cent, he mentioned, are taking longer to decide what route to opt for. “However, we are confident that over the next six months we will come to a settlement with these. However, if we cannot reach a settlement then the court, as in all other disputes, is the final recourse for both parties. But so far this has not been an option opted for by either party.” An investor in the project, on conditions of anonymity, ruled out plans to move court, saying the development was cancelled and hence the Law number 9 of 2009 should be enforced that sets refunds on the basis of progress a project has reached. “Therefore, I cannot take a promise note as my developer will no longer be in charge of these affairs by the end of 2015. He has made promises to me already over the years and broke them.” he investor revealed he had purchased his unit in 2006 for Dh2.8 million. He claims to have paid Dh1.4 million, but two years back was refunded mere 30 per cent of his investment. What The Refund Law says... In case the developer has completed at least 80 per cent of the project, the developer may keep the full amounts paid and request the purchaser to settle the remaining amount of the contract price. If this was not possible, the developer may request that the property be auctioned in order to collect the remaining amounts due to it. In case the developer has completed at least 60 per cent of the project, the developer may revoke the contract and deduct up to 40 per cent of the purchase price of the Real Estate Unit stipulated in the contract. In case of projects where construction commended but did not reach 60 per cent, the Developer may revoke the contract and deduct up to 25 per cent of the purchase price of the Real Estate Unit stipulated in the contract In case of projects whereat construction has not yet commenced for reasons beyond the developer’s control without any negligence or omission on its part, the developer may revoke the contract and deduct up to 30 per cent of the total amounts paid by the purchaser.

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Arab Today, arab today project on dubai\s on the verge of cancellation Arab Today, arab today project on dubai\s on the verge of cancellation

 



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