Thursday, Feb 26, 2009
Gulf News
Dubai: The owner and chairman of real estate developer and broker, Aspire real estate, is selling his troubled Dh530 million Jehaan project to a third party, Gulf News has learnt.
A senior source close to the issue told Gulf News that a third party has been confirmed and the necessary arrangements are being carried out.
The representative for all Jehaan clients is getting ready to come to Dubai shortly once the handover has been made official to meet Aspire and the third party, which has not yet been named.
Harry Kantaria, owner of the project, has been allegedly playing a game of cat and mouse with his investors over the last few months, with no sign of construction in sight and no refunds being given to frustrated investors.
However, a change of hands is tipped to be good news for the investors who have been battling with Kantaria for refunds but their requests have fallen on deaf ears.
Kantaria's wife is now working full time on the issue, presumably to ensure the handover goes ahead smoothly, said one investor,
The project was supposed to be finished last month, however it never really got off the ground.
"Aspire is not compliant with the law," Marwan Bin Galita, chief executive of Dubai's Real Estate Regulatory Authority (Rera) told Gulf News yesterday after a media roundtable held in the Dubai land department.
Rera is increasing its efforts to root out unprofessional developers out of the market.
Gulf News 2009. All rights reserved.
