Dubai Lagoons has not been cancelled, says Rera

Dubai: The Dubai Lagoons, a project that is running more than a year behind schedule, has not been cancelled as rumoured, the Dubai Real Estate Regulatory Agency (Rera) assured investors on Tuesday.

Rera yesterday issued a statement reassuring investors against rumours that the project has been cancelled. The project, offered to investors on a 99-year leasehold, was bought by Schon Properties from its previous developers.

"The project, which was initiated before the launch of Rera, saw some delays. Rera, in its monitoring responsibility, had to respond to investors' complaints and safeguard their rights and interests," Marwan Bin Galita, Rera chief executive, said in a statement on Tuesday.

"Having been registered in the real estate developers' record, Schon Properties deposited the requisite amounts in its escrow accounts. Rera then had a list of all the investors of the Lagoons project," Bin Galita said.

Meeting

Rera had a meeting with the (60) investors who purchased apartments in the project. It could amicably unravel scores of disputes and shelter investors' interests over its year-long launch, Bin Galita said.

All investors are urged to report to Rera whatever violations they come across, particularly those related to escrow accounts No 8. Should they get involved in disputes or litigation vis-a-vis real estate development, investment and freehold, they are advised to approach the Property Court. They may also seek compensation and enforcement of obligations therein, Bin Galita said.

Rera spares no effort to create a scrupulous, stable, secure and safe real estate market here so that investors would have more confidence.

Giving a boost to investment ambiance and putting real estate transactions in a modern legislative framework up to Dubai international name and fame are further fruit.

"Rera is geared up to enhance Dubai achievements and siphon real estate breaches committed by few developers, who care for only their profits, disregard the Dubai second booming real estate development," Bin Galita said.

A plan is being laid down to better monitor the Lagoons' ongoing construction, he said.