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What you can do if your property project is on hold

What you can do if your property project is on hold

According to a recent report, 243 real estate developments in Dubai have either stalled or been cancelled. Here are six courses of action if it happens to you.

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March 8, 2010 3:09 by



5. Create an investors group

If you put your heart and soul into your investment, and want your dream home to come up at any cost, you could try gathering investors in your development, form a group, and then pressurize the developer to complete your project. One case which caught international attention was the Palm Springs Investors Group formed by owners in Damac Properties’ Palm Springs project on the Palm Jebel Ali.

The project was due for completion in 2008, but in March 2008, the developer cancelled the project, blaming redevelopment of the Palm Jebel Ali by the master developer, Nakheel. Angry investors, many of who are from the UK, managed to create massive media interest in the campaign; and in April, the developer re-instated the development.

6. Dump your initial investment

This is the last, most desperate option. Considering that the property market has fallen hard, with prices around 50 percent lower than they were two years ago, that AED1 million property you invested in back then might now be worth AED500,000. So, rather than paying the mortgage when your property is (finally) ready, one option is to walk away, and write it off as a bad investment. While this is costly due to the lost deposit – not to mention heartbreaking to let a property go – it is the only course of action available for some. And it means you are not lumbered with negative equity.



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3 Comments

  1. the real truth on March 8, 2010 8:20 pm

    One of the biggest scandals of all time is RERA themselves NOT canceling projects that clearly arent viable, even when the developer itself understands the project is not viable and all Investors agree it is not viable, yet they refuse to cancel and continue to show on their state of the art progress indicator that the project is continuing to progress!! Yes real big leaps have been made…with what they want you to believe at any rate!!

     
  2. neeta on March 15, 2010 11:57 am

    All the above options are being spoken about but honestly there is nothing concrete . The projects will not be cancelled since no developer wants to offically accept that he has not done his job and even started digging . One clear example is ACI , i have seen so many complaints on websites about this company that i am surprised RERA is not doing anything . I think if RERA and dubai govt needs to clear the mess all projects which havent even started and get the money back to the actual owners . The escrow accounts have details of our investments but equally the owners have spent part of it for management fees and land deals can RERA not clear all this and state that if the project is not moving and we as investors will provide proof they will cancel the licence of the developer . Someone has to get up and help everyone to move . Few of us cannot run this race and bring everyone to task .

     
  3. shabnam on March 23, 2010 9:26 am

    our project has been oficially cancelled by rera on jan/2010 . for the last 3 moths rera is not responding to any of investors in their legal department they just direct every one to dubai court.
    in dubai court also they dont take any action till you pay the court fee. so THERE IS NO HELP NO WHERE IN DUBAI. unfortunately we are all losers by investing in dubai , we are all neglected !!!!!!!!!!!!!
    there is no free legal advise+ there is no support from property court, if you dont bileve please go ahead and check.

     

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