The property owners and investors in stalled projects across Dubai can approach the Dubai Land Department (DLD) to seek inclusion of their project under the Tanmia initiative.
According to Mr. Majida Ali Rashed, Senior Counsel Strategy, DLD “ Property owners and Investors as well as stalled projects can come to us. We will look at their petition after taking into account all the technical and legal details."
The initiative was launched mid-September, 2011 and is aimed at revitalising the real estate market by focusing on the incomplete projects under all categories.
Construction on some projects has come to a halt for over a year now, as foreign developers have filed for bankruptcy in their home countries.
The scheme targets the government and private sector and will help them benefit from these projects. DLD have to look at all the legal, technical and financial aspects before allowing another investor/developer to take over the project.
About 225 projects are currently in progress in Dubai and will be delivered in the next three years.
According to Mr. Majida Ali Rashed, Senior Counsel Strategy, DLD “ Property owners and Investors as well as stalled projects can come to us. We will look at their petition after taking into account all the technical and legal details."
The initiative was launched mid-September, 2011 and is aimed at revitalising the real estate market by focusing on the incomplete projects under all categories.
Construction on some projects has come to a halt for over a year now, as foreign developers have filed for bankruptcy in their home countries.
The scheme targets the government and private sector and will help them benefit from these projects. DLD have to look at all the legal, technical and financial aspects before allowing another investor/developer to take over the project.
About 225 projects are currently in progress in Dubai and will be delivered in the next three years.
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