Buyer Rights if a DLD Project gets Cancelled (Will i be ending up in loses?)

[John Fernandez]

I invested in a real estate project that was approved by DLD at the time of purchase. Following the agreement and local regulations, I paid 4% and got the unit registered with DLD.

Although the delivery of this project was agreed by 1st Quarter 2019, yet for several months, the construction progress remained unchanged and below 20%. Later, the developer unpublished all pages relevant to this project from their website, and recently, the project got unlisted from DLD Website as well. I speculate two possibilities:

1) There will be a huge delay in Project

2) Either the project is already cancelled or might get cancelled soon

I already approached DLD to enquire about this and in the meantime, I would really appreciate if someone can guide me what will be my rights for the following:

The Paid DLD Registration Fee (4%): If the project gets cancelled then I will end up not only waiting for nothing but also losing a significant amount of money. I strongly believe that this amount should be taken care by the developer in this case.

Frozen Investment: Would I be compensated for this as my investment got frozen for all this period?

Compensation for Delayed Handover: Would I be compensated for this as I will have to stay longer in a rented accommodation?

In my case, the developer is Azizi Development and the project is Azizi Berton.

 

[realdeals]

You may find this article useful:-

https://www.yourpoadubai.com/news-blog/10-key-measures-protecting-dubai-property-investors/

 

[diyhelp]

I was under the impression there was a one stop shop to protect investors in Dubai - from what I read it does not apepar to be as easy as it should be

 

[Iulias88]

I invested in a real estate project that was approved by DLD at the time of purchase. Following the agreement and local regulations, I paid 4% and got the unit registered with DLD.

Although the delivery of this project was agreed by 1st Quarter 2019, yet for several months, the construction progress remained unchanged and below 20%. Later, the developer unpublished all pages relevant to this project from their website, and recently, the project got unlisted from DLD Website as well. I speculate two possibilities:

1) There will be a huge delay in Project

2) Either the project is already cancelled or might get cancelled soon

I already approached DLD to enquire about this and in the meantime, I would really appreciate if someone can guide me what will be my rights for the following:

The Paid DLD Registration Fee (4%): If the project gets cancelled then I will end up not only waiting for nothing but also losing a significant amount of money. I strongly believe that this amount should be taken care by the developer in this case.

Frozen Investment: Would I be compensated for this as my investment got frozen for all this period?

Compensation for Delayed Handover: Would I be compensated for this as I will have to stay longer in a rented accommodation?

In my case, the developer is Azizi Development and the project is Azizi Berton.

Im just curious as to what happened to your investment? Maybe ask them to transfer you to an existing project and give you some sort of compensation?

 

[Longterminvestor]

This is an interesting article which seems to show that both DLD and the developer are not complying with all of the principles?

DLD's real estate circular for 10 principles of business ethics

The Real Estate Regulatory Agency circular aligns with the UAE's National Happiness and Positivity Programme

www.constructionweekonline.com