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.
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”.