Apr 02 2010 |
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Developers to get more power
Friday, Apr 02, 2010
Gulf News
Dubai Real Estate Decree Number 6 grants a developer the right to unilaterally terminate a purchase contract if the investor does not meet certain obligations. The decree, issued by the Dubai Executive Council last month, awaits formal publication in the official gazette.
However, in an effort towards even-handedness, developers and investors both have the right to ask the Dubai Land Department to terminate a property purchase contract if certain conditions are met. Components of the decree have been welcomed by industry players as potentially helpful in defusing unresolved conflict and clearing a path to resolution.
"The decree attempts to clarify the legal rights of investors and developers and provides greater powers to the Dubai Land Department [to cancel projects]. These will help increase transparency," said Craig Plumb, head of research at Jones Lang Lasalle.
"The decree tries to do a balancing act, giving the developer prime mover advantage.
Decree No 6 sets out the guidelines for an investor to take petition the courts in case of a complaint.
See also Page 34
By Aya Lowe
© Gulf News 2010. All rights reserved.
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Comments By Our Users (3)
RERA has been uncapable of performing its duties with continuous changes to the Laws based on the continuous changing environment.
RERA is another cause for the deteriorating real estate market in Dubai and with the never ending changes of laws, transparency will never reach the shore.
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Looking at what has gone on in the past couple of years, changes need to be made to improve things - how can you put such blame on rera???
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Mr. Shahram says "The decree tries to do a balancing act, giving the developer prime mover advantage." I think he has a great sense of humour - cause I can only see the humour in that statement and no logic - actually he is contradicting the claim of a "balancing act" even before he finishes his sentence by stating that it gives the developer an advantage. So what is it? A balanced decree or one that favours the developer - it can't be both! I am so bewildered by both the media and media facing spokespeople in this country by their blatant and obvious efforts to beat around bushes and never calling a spade a spade.
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