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The latest draft of Real Estate Investor Protection Law stipulates that real estate investors will be given the right to withdraw their contracts and claim back their money, if developers violate the terms and conditions.
According to Sultan Butti bin Mujren, the Director of Dubai Land Department (DLD), this is a clear legislative tool, wherein the contract can be broken, and compensation can be granted to investors when the developer tries to breach the contract.
Besides getting back their money, investors can claim additional compensation, and the developer can be fined, he revealed.
The law has been under consideration for some time now, and is likely to be implemented by the department shortly. It aims to protect investors from delays in handover of projects, or unilateral changes in size or other such specifications of properties.