Dubai A property investor in Dubai is demanding his money back following the cancellation of a project in International City Phase 3.
Indian expatriate Vinendra Kumar Jain, 46, had booked a 656 square foot one-bedroom apartment in Al Attar Properties’ Global Point around nine years ago for Dh436,240.
“I paid Dh65,436 towards two installments, but stopped further payments as there was no progress in the project. I sent several emails to the developer, but every time they washed their hands, saying the delay was not their fault. Now the Dubai Land Department (DLD) has confirmed that the project stands cancelled,” said Jain.
An email sent by DLD to Global Point investors on April 4 reads: “Kindly be informed that your project has been transferred to liquidation committee in Dubai real estate court….”
Jain said the developer should refund his money immediately. “I used my savings to invest in this project. I was hoping to have my own home in Dubai, but nine years down the line, I have got neither my apartment nor a refund of my money. I don’t know how long I will I have to wait. I am given to understand I can follow the case only when it appears on the list of cancelled projects on the Dubai Courts website. But so far that has not happened. I am at my wit’s end.”
Al Attar Properties did not respond to emails sent by XPRESS.
Jain called for more transparency in the property market. “If I had invested this money back home it would have doubled by now,” he said.