The tribunal will . review and settle disputes and complaints arising from unfinished, cancelled or liquidated real estate projects, the statement said. It will also take up existing cases that the previous committee has not settled.
The new body will have jurisdiction over all property disputes in the emirate relating to unfinished or cancelled projects, meaning cases over stalled projects cannot be filed at the Dubai International Financial Centre Courts. Decisions made by the tribunal are final and uncontestable , the statement said.
Where Dubai Land Department s Real Estate Regulatory Agency (Rera) has deemed a project to be cancelled, the tribunal will be responsible for liquidating the assets and will define the rights of investors and purchasers . It also has the power to set up subcommittees, audit money trails and issue orders to holders of project funds in escrow accounts to make payments.