what is arra going to do with projects & developers which are not register yet? what will happen
to such projects investors payments?do they loose their money or the government suport them?
Why ARRA does not cancell such projects and fine the developers?
Just they ask investors to swap and pay more money to other developers what benefit this have for investors ?
We lost our money for 3 years with no income why should we lost more in this law less ajman city?
We are not mindless Mr. ARRA to do swap so give us more wisely way for refund our money.
May be warm weather of ajman make the governers to think so , but we are not in ajman and our mind
still is working.Hope to see some body with good mind in ajman governers inshallah.
(ITP Images)
No list of Dubai’s cancelled construction projects will be published, Marwan bin Ghalaita, CEO of Dubai real estate watchdog RERA, has said.
Speaking exclusively to Arabian Business, the regulator said: “Is it going to add something to the sector to show scrapped projects? Transparency, yes, but there is a certain type or limit for transparency."
He added: "Suppose for you, if you own a project in any building in Dubai that has been cancelled, you have a full right to know that. And this is what I am doing, I am giving them access to that. If you go to rpdubai.com, you will see all of the projects approved by us. And you will see the status of the project today.”
Bin Ghalaita said that since the financial crisis dealt a severe blow to Dubai’s previously booming real estate sector, RERA had cancelled 115 projects at the planning stage, and “less than ten” projects that had commenced.
Asked if RERA was reluctant to publish a list of scrapped projects for fear it might affect investor confidence adversely, he said:
“I don’t see there is any added value for it yet. If I am giving all the investors the update about their investment, what is the value of a scrapped project list for the sector? Still nobody has convinced me what it is going to do. But you have the right to know if your project is cancelled or not.”
(ITP Images)
Many construction projects in Dubai that look unlikely ever to be finished will be cancelled in 2011, CEO of RERA, Dubai’s real estate watchdog, Marwan bin Ghalaita has said.
Speaking exclusively to Arabian Business, bin Ghalaita said: “You will see a lot of cancellations [in 2011] for projects that have no benefit for Dubai or for the investor.... If a project is not feasible for Dubai’s economy, it will be cancelled. And owners will have the right to know it… Yes, there will be cancellations… If a project does not add to Dubai’s economy, it will be cancelled.”
Investors in failed projects in the emirate have long been desperate for RERA to issue official cancellations in order that they can have money deposited in trust or escrow accounts returned.
Bin Ghalaita said since the financial crisis had rocked Dubai’s real estate sector, RERA had cancelled 115 projects that existed only as architects’ drawings, but “less than ten” projects upon which construction had started.
He said RERA had spent 2010 assessing the health of the emirate’s real estate sector and was now ready to act:
“Now, the end of 2010, I have clear picture of all of the projects here in Dubai…. Now it is clear on my dashboard, to see what project will go ahead, which project is in ICU, which project is in the emergency room, which project is fine. And this is the way we will classify projects here in Dubai. Green, emergency, ICU, dead. This is the way we have worked for the whole of 2010.”
Asked why so few projects upon which work had started had been cancelled until now, bin Ghalaita said: “It is in the process. It is in the process of evaluating and cancelling. It is in the process. It is in the process of cancelling.”
He added that in some cases, especially those undertaken before escrow accounts were made mandatory by law at the end of 2007, considerations for the plight of investors made him reluctant to cancel a project.
He said: “Cancelling a project is easy for Marwan. But I always think about the investor, what are they going to do? Imagine yourself as a regulator, in this situation. Cancelling a project is going to be music to your ears, because cancelling projects means reducing supply. Reducing supply is good for the real estate market. So cancelling a project is my wish. But I don’t cancel for the sake of cancellation… What do I do, if I cancel. Where I will throw the problem? If I cancel a project that started? Where am I going to throw all the 500 investors? To the court.”
what is arra going to do
what is arra going to do with projects & developers which are not register yet? what will happen
to such projects investors payments?do they loose their money or the government suport them?
Why ARRA does not cancell such projects and fine the developers?
Just they ask investors to swap and pay more money to other developers what benefit this have for investors ?
We lost our money for 3 years with no income why should we lost more in this law less ajman city?
We are not mindless Mr. ARRA to do swap so give us more wisely way for refund our money.
May be warm weather of ajman make the governers to think so , but we are not in ajman and our mind
still is working.Hope to see some body with good mind in ajman governers inshallah.
(ITP Images) No list of
(ITP Images)
No list of Dubai’s cancelled construction projects will be published, Marwan bin Ghalaita, CEO of Dubai real estate watchdog RERA, has said.
Speaking exclusively to Arabian Business, the regulator said: “Is it going to add something to the sector to show scrapped projects? Transparency, yes, but there is a certain type or limit for transparency."
He added: "Suppose for you, if you own a project in any building in Dubai that has been cancelled, you have a full right to know that. And this is what I am doing, I am giving them access to that. If you go to rpdubai.com, you will see all of the projects approved by us. And you will see the status of the project today.”
Bin Ghalaita said that since the financial crisis dealt a severe blow to Dubai’s previously booming real estate sector, RERA had cancelled 115 projects at the planning stage, and “less than ten” projects that had commenced.
Asked if RERA was reluctant to publish a list of scrapped projects for fear it might affect investor confidence adversely, he said:
“I don’t see there is any added value for it yet. If I am giving all the investors the update about their investment, what is the value of a scrapped project list for the sector? Still nobody has convinced me what it is going to do. But you have the right to know if your project is cancelled or not.”
(ITP Images) Many
(ITP Images)
Many construction projects in Dubai that look unlikely ever to be finished will be cancelled in 2011, CEO of RERA, Dubai’s real estate watchdog, Marwan bin Ghalaita has said.
Speaking exclusively to Arabian Business, bin Ghalaita said: “You will see a lot of cancellations [in 2011] for projects that have no benefit for Dubai or for the investor.... If a project is not feasible for Dubai’s economy, it will be cancelled. And owners will have the right to know it… Yes, there will be cancellations… If a project does not add to Dubai’s economy, it will be cancelled.”
Investors in failed projects in the emirate have long been desperate for RERA to issue official cancellations in order that they can have money deposited in trust or escrow accounts returned.
Bin Ghalaita said since the financial crisis had rocked Dubai’s real estate sector, RERA had cancelled 115 projects that existed only as architects’ drawings, but “less than ten” projects upon which construction had started.
He said RERA had spent 2010 assessing the health of the emirate’s real estate sector and was now ready to act:
“Now, the end of 2010, I have clear picture of all of the projects here in Dubai…. Now it is clear on my dashboard, to see what project will go ahead, which project is in ICU, which project is in the emergency room, which project is fine. And this is the way we will classify projects here in Dubai. Green, emergency, ICU, dead. This is the way we have worked for the whole of 2010.”
Asked why so few projects upon which work had started had been cancelled until now, bin Ghalaita said: “It is in the process. It is in the process of evaluating and cancelling. It is in the process. It is in the process of cancelling.”
He added that in some cases, especially those undertaken before escrow accounts were made mandatory by law at the end of 2007, considerations for the plight of investors made him reluctant to cancel a project.
He said: “Cancelling a project is easy for Marwan. But I always think about the investor, what are they going to do? Imagine yourself as a regulator, in this situation. Cancelling a project is going to be music to your ears, because cancelling projects means reducing supply. Reducing supply is good for the real estate market. So cancelling a project is my wish. But I don’t cancel for the sake of cancellation… What do I do, if I cancel. Where I will throw the problem? If I cancel a project that started? Where am I going to throw all the 500 investors? To the court.”