Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum on Tuesday issued a new decree to update the way the emirate deals with unfinished and cancelled real estate projects.
Sheikh Mohammed, also Vice President and Prime Minister of the UAE, issued the decree in relation to the Special Tribunal for Liquidation of Cancelled Real Property Projects.
The tribunal replaces a special committee which previously dealt with real estate disputes.
Following its activation, the decree prohibits all courts in Dubai, including DIFC Courts, to accept any disputes, appeals or complaints related to unfinished or cancelled real estate projects.
According to the decree, the chairman of the Dubai Judicial Council will appoint the chairman and members, define the frameworks for its meetings and decision making and judicial processes.
The decree authorises the tribunal to review and settle all disputes, grievances and complaints for which the previous committee did not issue final decisions or judgements.
If a real estate project is transferred from one developer to another, the tribunal is authorised to determine the rights and obligations of each developer.
If the Real Estate Regulatory Agency (RERA) has cancelled a real estate project, the tribunal is responsible for liquidating it and ensuring settlement of all rights related to the project.
It will define the rights of investors and purchasers of unfinished real estate projects and settle all disputes, grievances and complaints related to both unfinished and cancelled real estate projects.
Credit: https://www.arabianbusiness.com/
