Dubai: Real estate investors who continue to pay instalments for stalled developments will get some long-awaited help from Dubai officials in coming weeks, XPRESS has learnt.
Draft Law No 9 - issued in April last year - has been finalised with new clear regulations that lays down detailed conditions for property investors to receive refunds from developers who have not delivered on projects.
Investors who signed legal contracts for development projects that are cancelled by Real Estate Regulatory Agency (Rera) are entitled to full refunds, under original provisions of the new law.
A sliding scale under Law No 9 also dictates lower refunds for investors depending on the percentage of construction completed.
End of disputes
The new regulations were issued from Rera to top real estate officials in recent days, but are not considered law until Law No 9 is published in Dubai's official gazette.
Real estate officials say the new regulations will help sort out property disputes between project investors and builders. Rera officials couldn't be reached for comment late Wednesday.
