Unfinished, cancelled Dubai building projects: New law issued

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Unfinished, cancelled building projects in Dubai: New law issued

 

DUBAI – The ruler of Dubai has issued a new law on unfinished or cancelled building projects in the emirate, setting up a special tribunal to oversee cases related to the projects.

Sheikh Mohammed Bin Rashid Al Maktoum also issued a second decree ordering developers to “refund the entire amount paid by purchasers” in case a property project has been cancelled or stalled for reasons beyond their control.

In the case of the special tribunal, the new body will oversee the liquidation of unfinished and cancelled projects as well as the settling of related claims.

The tribunal will be made up of members appointed by the chairman of Dubai’s Judicial Council.

“The tribunal will … review and settle disputes and complaints arising from unfinished, cancelled or liquidated real estate projects,” according to a statement.

This means that disputes and cases will no longer be filed at the Dubai International Financial Centre Courts, but through the tribunal, whose decisions are “final and uncontestable”.

If the Real Estate Regulatory Agency has deemed a project to be cancelled, the tribunal will be responsible for liquidating assets and will “define the rights of investors and purchasers”.

The tribunal will also have authority to set up sub-committees, audit money trails and issue orders to holders of project funds in escrow accounts to make payments. ICA/Expat Media


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