Thursday, September 22, 2011

Tanmia - new real estate development plan to strengthen property market

The Dubai Land Department (DLD) has launched Tanmia, a real estate development plan, which will cover nearly 100 projects in 2012, spanning next three to four years, a senior official revealed.

The Director General of Land Department, Sultan bin Butti bin Mejren, revealed that one of the projects have already received approval under the initiative, and two more will be agreed this week.

Already several developers have applied under this programme, but only 100 projects are considered for next year. Bin Mejren, however, clarified that the developers will not be allowed to bring in investors on their own.

Currently, there are 225 projects under progress in Dubai, and will be delivered in next three years.

The department needs to protect the right of investors and the developer, and therefore, it needs to be involved in these deals. This initiative aims to address the issue faced in completion of faltering projects in the domestic market in the emirate, he said.

Very soon, deals will be signed with developers and investors who wish to gain benefits of initiative, including uncompleted projects, irrespective of their achievement rate. The DLD will monitor implementation of the initiative.

The Real estate Development plan will supplement other initiatives too like Tayseer, which has signed nearly 48 projects. The number of projects registered under Tayseer, the guaranteed funding plan, has touched 114 so far. One of the projects has been funded through the initiative.

Tayseer was launched in June last year and 40 projects in Dubai Marina, Business Bay, and Jumeirah Lake Towers were approved in the first phase. This move is hoped to boost liquidity in the market, and strengthen the confidence in Dubai real estate sector.

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