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

Egyptian wing ranks second best in Africa during Berlin Tourism Stock Exchange ITB events

Middle East, Egypt: The Minister of Tourism and Antiquities of Egypt, Ahmed Issa, has recently updated that the Egyptian wing participated in the Berlin Tourism Stock Exchange ITB events and won the second-best branch in Africa.

Saint Lucia: Dy PM Ernest Hilaire sends Labor Day wishes to fellow citizens

Ernest Hilaire - The Deputy Prime Minister of Saint Lucia, has extended greetings and warm wishes to his fellow Saint Lucians on the occasion of World Labour Day, 2023.

Egypt: Immigration Minister Saha Jundi meets Council General Al-Anin in Chicago

Egypt: The Minister of State for Immigration and Egyptian Abroad, Saha Jundi, received the council General of Egypt Sameh Abu Al-Ainin in Chicago to discuss cooperation and coordination.

Recent

Dubai Police gets hold of Drug Lord in ‘Sugar Cane’ operation

Dubai Police busted an international drug lord concerned with drug smuggling and trafficking, basically Cocaine, across South America and Europe. The international operation to capture the drug kingpin was held in cooperation between Dubai Police as well as police agencies in Spain, France and Colombia.

Dubai ranks 7th in world as safest family-friendly vacation destination list

Dubai has ranked seventh in the world's safest family-friendly vacation destination list, as per a report by the Family Vacation Guide released on Tuesday, 7 June.

Bill Gates’ powerful and best investment quotes

Bill Gates - a name and a personality which has become an inspiration for millions of individuals, especially for youth.