Dubai: Even as Dubai works out solutions for extensively delayed/shelved projects launched by private developers in the past, one group of property investors in these projects will have no reason to cheer. These are the unfortunate ones not to have their unit sales recorded in Dubai Land Department’s ‘Oqood’ offplan sales register for various reasons.
Nowhere is this more apparent than at the Dh1 billion Marina 101 skyscraper development in Dubai Marina. According to feedback from investors, there are “more than 50 buyers” who don’t have the Oqood certificates and will “lose everything” when a settlement is reached.
“It is believed that among them is an investor who bought a Dh30 million penthouse, and which he failed to get registered.”
Dubai: A developer delivering a promise via a WhatsApp message? A few property owners in Dubai are finding that this has come to cost them quite a bit.
It was last year that a developer with a soon-to-be-handed over project at JVC (Jumeirah Village circle) informed property owners that any of them hit by a job loss or salary cut due to the pandemic would be offered lenient terms on their pending payments. A senior official with the developer sent messages to owners over WhatsApp saying any concerns they have will be addressed immediately.
One owner had lost her job mid last year and was placed in a tight spot when it came to getting a mortgage on the apartment. The owner duly sounded out representatives from the developer, and one of them wrote back: ‘We will not charge you any penalty for late payment in case of delay [of] mortgage as we discussed.’ This was in August last year.