International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
Property deregistration begins in Dubai
After sending letters to hundreds of investors, Land Department begins to strip owners of their titles.
May 23, 2010 2:15 by Samuel Potter
The Dubai Land Department has started to strip buyers of their property titles, reports the National.
After sending letters to hundreds of investors who have missed payments on off-plan projects, the department has begun a deregistration process, which allows developers to repossess a property and retain 40 percent of the value.
The letters were sent on behalf of developers who have completed more than 80 percent of a project, says the paper. Seized properties will be auctioned by the Land Department.
Some buyers were agreeing to the process because they don’t want to pay more, Mohammed Sultan Thani, the assistant director general of the Dubai Land Department told the paper. But the National reports that other investors are now considering legal action.