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More cancellations to come
RERA says 115 projects have been cancelled, and there are more to come. But panic not – there’s also a new disputes committee coming too. Cue relief all round.
December 8, 2010 12:09 by Eva Fernandes
Maybe Marwan won’t have to “throw all the 500 investors to the court”, because a report this week has announced the rather timely arrival of a property mediation committee. The committee, which will be set up by the Land Department of Dubai, will aim to resolve and mediate disputes between the developer and the investor.
Assistant Director General Mohammed Sultan Thani told Emirates 24/7, “Most of the people are in dispute because there is lack of interaction. We want to solve issues by bringing them face-to-face, and try and resolve their issues.”
A big challenge, if you think about the hundreds and hundreds of red-faced investors itching to have it out with their property developers. And a challenge set to get even bigger, if the most recent prophesies of cancelled projects from RERA come true.
It is such a big challenge that the Land department has thrown in – wait for it – six people to sit on the committee. Six members of the committee to hear disputes. One hundred and fifteen cancelled projects (so far). And thousands of investors. As our American friends would say, you do the math.
This one of those rare occasions where Kipp doesn’t feel the need to conclude with a snarky comment laced with our usual cynicism: We’ll let the numbers tell the story.
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