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New Dubai Law On Unfinished & Cancelled Realty Projects
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued special committee for unfinished and cancelled real estate projects in Dubai. The name of the special committe
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Realty Plus
Published - Wednesday, 16 Dec, 2020
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has issued special committee for unfinished and cancelled real estate projects in Dubai.
The name of the special committee for unfinished and cancelled real estate projects in Dubai has been changed to the Special Tribunal for Liquidation of Cancelled Real Property Projects in the emirate of Dubai and Settlement of Related Rights. The new name will substitute the previous name of the Committee in all the legislations applied in Dubai.
Chairman of the Dubai Judicial Council will appoint the chairman and members of the new Special Tribunal, define the frameworks for its meetings and decision making and judicial processes. Tribunal to review and settle all disputes, grievances and complaints for which the previous committee did not issue final decisions or judgements. The Tribunal will also review and settle disputes and complaints arising from unfinished, cancelled or liquidated real estate projects.
The Tribunal is also tasked with the settlement of disputes related to unfinished real estate projects that have been cancelled and thereafter referred to the previous Committee by the Real Estate Regulatory Agency (RERA). If the real estate project is transferred from one developer to another, the Tribunal is authorised to determine the rights and obligations of each developer. If the Real Estate Regulatory Agency (RERA) has cancelled a real estate project, the Tribunal is responsible for liquidating it and ensuring settlement of all rights related to the project. The Tribunal will define the rights of investors and purchasers of unfinished real estate projects and settle all disputes, grievances and complaints related to both unfinished and cancelled real estate projects.
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