Monday, November 19, 2012

ETA to begin handover of Centrium units by 2013


Leading Dubai-based real estate developer, ETA Star has announced that it will begin handover of 550 units in the Centrium project in International Media Production Zone (IMPZ) from early 2013, it has been announced.

The Centrium project comprises four towers of single, double, and triple bedroom units, with the towers being inter-linked by bridges. The project aims to cater to demand for mid-income housing.

The General Manager of ETA Star Properties, Mohammed Ali, said that various construction issues pertaining to the project has been resolved. The work has been in progress, and the handover of units will begin by first quarter of next year, he said.

According to investors, the Centrium project was due for completion by mid-2009, but later due to dispute with the contractor and the legal battle that followed, there was delay in progress of the project. The delay has been financially exhausting for many.

However, the ETA said that the company has not cancelled any sales or purchase deals, as majority of investors have agreed to go ahead with the project.

The IMPZ, the first free zone in the world, dedicated to media activities, is located on the Emirates Road, spread along 43million square feet of area.

During a recent report, Jones Lang LaSalle (JLL) mentioned that nearly 6000 new units were completed in the first nine months of this year, while another 17,000 units are likely to enter the market by the year-end.
The major completions during the period 2012-2014 are likely to be in Jumeirah Village, Dubailand, Dubai Sports City, Dubai Silicon Oasis and Al Furjan.

6 comments:

Anonymous said...

Any news on the ETA STAR CENTRIUM. By when does ETA STAR intend to handover the units?
This project is delayed by more than 3 years.

Anonymous said...

It is middle of 2013 and the project is nowhere close to Handover. Can the management give a frim date of Hanndover to hundreds of investors who have suffered a long wait.

Anonymous said...

Hi Its almost over 4 yrs we hear from the finance company the handover will take place soon.. we didnt hear anything on the compensation, its as good as the developer has to return the entire money back to investors due to the delay

Arasu said...

Centrium is ready. four years delay what type of compensation we can expect from the developer.

Arasu.

Mohan Kumar said...

Mohan Kumar
Date - 21st Oct 2013

Any one who have received the possession from ETA for Centrium project, Can any one share what kind of compensation they are offering due to delay.

Anonymous said...

Hand over was planned for 1st quarter of 2013 and now we're in the last quarter of 2013. What's happening? Why so much delay? We still can't see any light in the tunnel. Are you guys all set to cheat us big time? You have already put us in a big loss with the EMIs running since long time and now with the rate of interest hiked up by the bank and registration fee hike by the land authorities. Would you compensate us for all this?