Friday, August 22, 2008

Dubai Lagoons project has not been dropped: RERA

The Dubai Lagoons, the project, which had been slowed down during the past year, has not been shelved, as yet, in contrast to speculations, said RERA, the Dubai Real Estate Regulatory Authority.

The project offers a 99-year leasehold to investors, and has been bought by Schon Properties from its previous developers.

The Chief Executive of RERA, Marwan Bin Ghalita, said the project, which began prior to the launch of RERA, had witnessed some delays. RERA had to respond to the complaints by investors, while also safeguarding their interests and rights.

RERA also discussed with about 60 investors who invested on flats in the project. Scores of disputes could be amicably sorted out, while protecting the interests of investors over its year-long launch.

All investors have been urged to report to RERA, all possible violations, particularly, those pertaining to escrow accounts No.9, Bin Ghalita said.

2 comments:

Jim Johnson CRS said...

I enjoy following your blog. The Bend Oregon real estate market continues to slow. It looks like a good time to buy in your area. I hear gasoline is $1.80 a gallon in Dubai!

Anonymous said...

I bought a flat in Dubai Lagoon since 2005 and until now nothing is being done..I want to quit how can I do that..it is not a sound investment any more with all these delays, whether we wanted to live in it or rent it the delays made it impossible to do that, we keep paying money with no hope of getting the flat in the near future..what are my options? I need to cancel and get my money back...