Dubai realty buyers get payback
Dubai: Dubai has set up a judicial committee to liquidate the cancelled real estate projects and make settlements pertaining to them.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, issued on Monday a decree setting up the committee.
The committee’s duties include reviewing and settling complaints between real estate developers and buyers of the projects that were cancelled.
The panel will also liquidate these projects once a final decision is made by the Real Estate Regulatory Authority (Rera).
Rulings are final
The committee will provide settlements after deducting liquidation expenses, and will also handle grievances, operational procedures or related issues.
All rulings issued by the committee are final and cannot be appealed and they will be carried out through Dubai Courts.
The committee can request the services of consultants, auditors and experts to assess the financial position of the project.
The developer will bear all expenses for these services. Auditors and consultants will also verify the amount paid by the buyers to the developers, money deposited in the developer’s escrow account as well as funds used in the operations.
The decree forbids Dubai Courts and Dubai International Financial Centre courts from looking into any claims that now fall within the purview of the committee. Any claims or complaints submitted to these courts will now be referred to the committee.
© Gulf News 2013, Jul 30 2013