Dubai: Emaar Properties have issued a termination notice to the defaulters of its Downtown Dubai development.
Defaulters who have not made instalment payments on their units now have 30 days to do so.
“In accordance with Law No (13) of 2008 as amended, and its Executive Regulations, Dubai Land Department (DLD), hereby notifies you to rectify the default within [30] days as of the date of publication of this notice. If you fail to pay the amount due within the specified period, DLD shall take the necessary legal proceeding pursuant to clause No (11) of the aforesaid,” the notice warned.
An Emaar spokesperson said in an emailed statement to Gulf News that the notice is standard procedure.
“The notice has been published as per legal requirements outlined by the Dubai Real Estate Regulatory Agency, and is standard procedure,” it said.
Profit
It added: “Emaar has among the least levels of default in the industry.”
Article No 11 of Law No 9 of 2009 states: “In the event the purchaser shall be in default of any of the terms and conditions of the contract for the sale of a real estate unit entered into with the developer, the developer must notify the department of such default. Thereupon, the department shall give the purchaser, by hand, registered post or email, a 30-day notice to fulfil his contractual obligations.”
Emaar recorded a net profit of Dh675 million in the second quarter of this year, while revenue reached Dh3.11 billion.
Some of its developments include Emirates Hills, Dubai Marina, The Meadows and The Springs.
