A New Decree Issued in Dubai
Sheikh Mohammed issues new Dubai law on unfinished and cancelled real estate projects.
Tribunal to:
â–ªï¸ Define the rights of investors
â–ªï¸ Purchasers of unfinished real estate projects
â–ªï¸ Settle all disputes
Vice President, Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, has issued Decree No. (33) 2020 on the special committee for unfinished and cancelled real estate projects in Dubai and put forward a pursuant to Decree No. (21) 2013.
Pursuant to Decree No. (33) Of 2020
The name of the special committee for unfinished and cancelled real estate projects in Dubai has been changed to the Special Tribunal for Liquidation of Cancelled Real Property Projects in the emirate of Dubai and Settlement of Related Rights. The new name will substitute the previous name of the Committee in all the legislations applied in Dubai. According to the decree, the Chairman of the Dubai Judicial Council will appoint the chairman and members of the new Special Tribunal:
â–ªï¸ Define the frameworks for its meetings and decision making and judicial processes.
â–ªï¸ The Decree authorizes the Tribunal to review and settle all disputes
â–ªï¸ Grievances and complaints for which the previous committee did not issue final decisions or judgements.
â–ªï¸ Review and settle disputes.
â–ªï¸ Complaints arising from unfinished cancelled or liquidated real estate projects.
â–ªï¸ Tasked with the settlement of disputes related to unfinished real estate projects that have been cancelled pursuant to Law No. (13) 2008 and thereafter referred to the previous Committee by the Real Estate Regulatory Agency (RERA).
If the real estate project is transferred from one developer to another, the Tribunal is authorised to determine the rights and obligations of each developer. If the Real Estate Regulatory Agency (RERA) has cancelled a real estate project, the Tribunal is responsible for:
â–ªï¸ Liquidating it and ensuring settlement of all rights related to the project.
â–ªï¸ Define the rights of investors
â–ªï¸ Purchasers of unfinished real estate projects
â–ªï¸ Settle all disputes, grievances and complaints related to both unfinished and cancelled real estate projects.
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