New investor-friendly law helps claim damages, complete refund from developers

In case developers? fail to complete or handover a property within scheduled time frame as specified in the sales contract, or if there is a deliberate intention of defrauding an investor, or altering specifications of the unit without the requisite permission, investors can recover all amount from the developer.

The draft law to this effect was released in Dubai yesterday for the first time. The department is expecting feedbacks until 29th June. However it is now yet known, if the law will actually be implemented.

The Director General of Dubai Land Department, Sultan Bin Mejren, in April, mentioned that the law will be implemented by the end of the month.

via New investor-friendly law helps claim damages, complete refund from developers.

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