When buying property off-plan, it is more often than not a very profitable investment strategy, the ability to purchase the property at a lower price than you would for a completed apartment or villa is very appealing. However, this investment is not without its risks, and in Dubai, as precedent has shown there have been many times when projects have been canceled and the investors have borne the risks.
With attractively lowered prices, it is easy to fall victim to a canceled project. The Dubai Land Department, aware of the ever-growing list of canceled projects has established a specialized committee overseeing such projects, namely, the Cancelled Real Estate Projects Committee. The committee handles all regulatory aspects of property development, this committee specializes in the liquidation of these projects, which have been canceled by the Real Estate Regulatory Agency (RERA). The committee provides binding and final judgments on these projects which are incapable of being appealed through the regular appeal process and their decisions will be implemented by the Dubai Courts through execution.
STA provides bespoke legal advice and investor representation in canceled project matters. Click here to find out whether your canceled project falls within the ambit of the Cancelled Projects Committee
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