Dubai’s second tallest building, Marina 101 about to complete

The Real Estate Regulatory Agency (RERA) at Dubai Land Department (DLD) said the second-tallest building in Dubai, located behind the Burj Khalifa, Marina 101, is "close to completion."

The Real Estate Regulatory Agency (RERA) at Dubai Land Department (DLD) said the second-tallest building in Dubai, located behind the Burj Khalifa, Marina 101, is “close to completion.”

The construction of the building started in 2007 and was planned to complete by 2014 by while it wasn’t a smooth ride for the investors, it seems to be a new hope now.

Advertisement

Rera stated in a statement that investors were told that construction on the project “is almost complete” and requested them to start paying to “assure timely completion”.

The chief executive of Rera, Marwan bin Ghalita, said, “Following the suspension of building operations at the project, Rera addressed investors, in co-operation with the account trustee at Bank of Baroda, based on Article No 15 of the law regarding escrow accounts for the development of real estate in Dubai which says that, ‘In the event of any emergency where the real estate development project is not finished, the escrow agent of that project must, after consultation with the department, take the needed measures to maintain the rights of depositors and assure that the real estate development project is completed within time or that depositors are repaid their payments’.”

“As a result, a new timeline was designed for the project’s completion within the specific period.”

He further added that a date had been allotted to make a list of the housing units and start issuing certificates of completion. Rera has also contacted government service entities in Dubai, like the Roads and Transport Authority, Dubai Civil Defence and Dubai Electricity and Water Authority, to prepare the site for handovers and operation.

It has demanded owners who have not paid up to 90% of their due amounts to do so and is “starting to allocate final warnings to those who are disregarding the payment plan as per the law, before beginning any other legal procedures against the unit owners who defaulted on payments”.

Tariq Saeed

Read More

Read Here: Sayings of Steve Jobs

"Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart."

Vara approves FTX Exchange to enter Dubai’s MVP programme for virtual assets

The Middle East division of cryptocurrency platform FTX Europe, FTX Exchange, has received approval to enter the minimum viable product (MVP) programme of Dubai for virtual assets, managed by the UAE's Virtual Asset Regulatory Authority (Vara).

FATF sets Nepal at high risk of being put on the greylist

Kathmandu: The Financial Action Task Force (FATF) has put Nepal at risk of being added to the grey list as there have been insufficiencies in the departments of law enforcement and legislation directly connected to the money laundering and terror financing accusations. As per the Kathmandu Post.

Recent

Wasl’s Sky Track of Dubai gets Guinness Book recognition as a highest running track in world

The World famous city of Dubai again got worldwide recognition for having the highest track in the world. The Wasl's Sky Track of Dubai got its named enter in the Guinness Book of World Records. It a situated at the height of 157m above the ground.

India: Jammu and Kashmir markets bustling with festive cheer as Eid approaches

The Markets in Jammu and Kashmir are filled with people as the -festive season approaches starting from Eid-ul-Fitr.

Economic experts of UAE to visit PM of Pakistan to discuss economic cooperation

In an attempt to extend their support to the government for economic stability in Pakistan, a group of financial experts from the UAE is all set to visit the nation on Tuesday, 3 May, to discuss the execution of decisions made by the leaders of the UAE and Pakistan during PM Shehbaz Sharif's recent visit to the Middle East.
admin

Too Many Requests