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”.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read More

Dubai: Man imprisoned for six months over posting intimate pictures of ex-girlfriend online

A man in Dubai, aged 34, has been sentenced to six months of imprisonment for posting pictures with his ex-girlfriend online and sending them to her husband.

Dubai: British schools to close early for Queen’s funeral on Monday

Some of the British schools in Dubai will close early so families can watch Queen Elizabeth II's televised funeral on Monday.

UAE records 332 additional COVID cases

Additional 332 cases of the novel coronavirus have been recorded in the United Arab Emirates today (March 23, 2022), as per the data shared in the Ministry of Health and Prevention.

Recent

Dubai airport returns to normalcy after sandstorms cause delays, cancellations

Dubai International Airport is coming back to normal after sandstorms in the area led to two days of disruption, resulting in the cancellation of 44 flights as well as 12 diversions.

UAE: Firefighters controls massive fire flames in 21 minutes

A gigantic fire broke out in a parking lot at Al Qusais Industrial Area 1 today, Friday, April 8, 2022.

Dubai Police schedules International conference on Drones to learn about emerging technology

The Dubai Police organised an international forum on Drones; recently, the official page of Dubai Police on Facebook shared information about the conference. The Forum was organised to gain more information about exchanging expertise, exploring future opportunities, and reviewing best practices and global benchmarks about emerging technology.