The Dubai Land Department (DLD) is ready to help property owners and investors of stalled projects who seek inclusion of the project under Tanmia initiative.
The Senior Councel Strategy, DLD, Majida Ali Rashed, revealed that investors of stalled projects can visit the DLD, and the department will look into all technical and legal aspects.
The initiative was launched in mid-September and is aimed at revitalizing the property market by focusing on the incomplete projects under all categories. Construction on certain projects have been halted for more than a year now, with foreign developers having declared bankruptcy in their home countries.
The Director General of Land Department, Sultan bin Butti bin Mijren, when sepaking about the Tanmia initiative mentioned that it would cover 100 projects next year, and the department would continue with it for at least next three to four years, although the process may not be an easy one.
The scheme is aimed at government and private sector, and will help them benefit from these projects, although that does not seem easy. All legal, technical and financial factors will have to be considered before taking over the project, Mijren said.
Nearly 225 projects are currently in progress in Dubai, to be delivered in next three years time, bin Mijren revealed.
Meanwhile, the latest Jones Lang LaSalle (JLL) report had revealed that Dubai will see compeltion of nearly 5000 units towards this year-end, with over 27,000 units left for completion next year.
In the third quarter this year, nearly 4000 units have been completed, which saw the total residential stock touch 326,000 units. Among the major projects completed in this quarter were La Riviera at Jumeirah Village, Grosvenor House Residence at Dubai Marina, and Masakin in Jumeirah Park.
DLD has been bringing in new initiatives to revive the real estate market. Launched in June last year, the Tayseer initiative initially covered 40 projects across Business Bay, Jumeirah Lake Towers and Dubai Marina, extending to more than 114 projects in the course of time.