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Latest News

Property deregistration begins in Dubai

After sending letters to hundreds of investors, Land Department begins to strip owners of their titles.

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May 23, 2010 2:15 by



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.



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7 Comments

  1. rb on May 24, 2010 7:15 am

    RERA has commenced de registration but what about defaults by developers ? Some projects have not even started construction yet in 2 1/2 years.

    RERA was supposed to announce list of 27 such projects for cancellation in June 2009.Why has this list not been published yet ?

    This has to be a two way street & investors funds held by developers in these projects must be refunded in full , which was also announced by RERA at that time.

     
  2. Kesuri on May 24, 2010 10:39 am

    RERA need to take similar actions against Developers who have not been able to start construction for more than 1 year , for any reason whatsoever.

    They must refund 100% of Investors amount.

     
  3. Dharwalla on May 24, 2010 12:57 pm

    This is primarily done to save and comfort entities like Nakheel, Dubai properties and like..
    poor investors have to loose and there is no comfort for them. Its highly unfair proposition to deregister in light of current eco crisis.

    To be fair same rule should apply to developers , who have failed to commence or failed on delivery dates.Investors are entitled to damages of 40%.

     
  4. Zoher on May 24, 2010 1:20 pm

    Same as RERA is not asking Investors the reasons for their falure to pay, It should not ask or consider any reasons given by developers for their falure to commence or failure to deliver properties in stipulated time.

    Developers should be penalised for 40% of the property value , to be paid to Investors with full refund of amounts paid .

     
  5. khalaf on May 24, 2010 6:21 pm

    it appears RERA is surving the intrest of DEVELOPERS only as many projects have failed to start and invistors lost thier money with no action taken by RERA to date in securing invistors money.what is expected from RERA is act in faire maner for the invistors as well as for the developers.

     
  6. Priya on May 25, 2010 7:42 am

    RERA has to be more responsible towards the interest of the investors. Why are the developer been spared. Most of the investors have put in all the hard earned money and savings of lifetime jeopardizing the future of the children.

    RERA should take full control and cancel the projects currently on hold for couple of year and refund the finances to the investor in full. If the country needs to restore its creditability it has to be a fair deal.

     
  7. victim on May 31, 2010 7:18 am

    INVESTORS….Avoid Dubai, waste of time and waste of money. And of course Real Estate Authority defends the interests of thedevelopers because at least 51% of the developer side is from a local person. RERA will not act against local people, expats or outside investors have not been welcomed to create problems, they are here just to generate money for them. It is like a big theatre (truman show..)

     

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