Following the launch of two initiatives over the last two years, to revive stalled projects in Dubai, the Dubai Land Department has now unveiled a new initiative, Tanweer, aimed at minimizing legal disputes, so as to protect the rights of investors’.
The Chairwoman of the Centre for Promotion and Management of Real Estate Investment at Dubai Land Department, Majida Ali Rashid, speaking about Tanweer, mentioned that it is designed to improve confidence of investors in the property market. It serves as a reference guide, and is aimed at setting frameworks and general principles of the rights and duties of real estate investors, so as to ensure transparency and promote confidence in the market.
The programme is aimed at contributing to the property sector, encourage and attract local and international investors, improve investor confidence in the property market, ensure transparency during all transactions, serve as an umbrella for protection of investor rights, minimizing legal disputes, and contribute as a whole to the real estate sector and its reflection on the rest of national economy's sectors.
However, details on when the new initiative will be launched, and the manner in which investors can seek protection through it, is yet to be revealed.
The Director General of the Dubai Land Department, Sultan bin Butti bin Mejrin, mentioned that a consultant had already been appointed to review and finalize the real estate investor protection law.
Further, Mejrin mentioned that a new law to protect the rights of property investors will also be issued around mid-2012. This new law will offer clarity on several issues, including steps that an investor can take in case of project delays, and how a contract can be called if the developer fails to fulfil his contractual obligation.
The department has a mediation committee aimed at resolving issues cordially. However, if disputes are unsettled, then either party will have the option to move the court.