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Investors can cancel off-plan contracts

akhiabani's picture

Investor can cancel off-plan contract
New Abu Dhabi law to regulate market takes effect from January 2016
By Parag Deulgaonkar
Published Tuesday, November 03, 2015
Property projects that face delays in starting or fail to complete can be cancelled by the Department of Municipal Affairs (DMA) as per the new property law issued in Abu Dhabi, a top UAE law firm said in a note issued on Monday.

Investors can also seek termination of off-plan sales contracts in cases where there has been a gross breach by the developer, Al Tamimi & Company said, which has worked with the team responsible for drafting this new law.

The new law, which aims to regulate the real estate market in the capital, will take effect from January 2016.

akhiabani's picture

This should be a law for the

This should be a law for the entire UAE not just the capital.

akhiabani's picture

The same people decided on the

The same people decided on the minimum million aed for residency requirement property value for the entire Emirates but why now this law is only for Abu Dhabi??

new law

I hope the new law of an invester can cancel the contract will help the developers to complete their projects on time. I wish the law to take over the entire uae.

akhiabani's picture

Abu Dhabi government has a really

Abu Dhabi government has a really good website regarding contact with them.I just chatted with them regarding the new law and how it should be a national law because of ajman crooks...Only time will tell...

Rainbow Tower B15

Dear all ,

I am among the invester that i paid almost 90% , but till now it is not possible to get my flat and no money back .
Please if someone experienced this and solved this issue with a lawer , advocate to raise a case to get your money back? Please let me know and advise.

Regards

faisal ek's picture

you may contact the below

you may contact the below legal office :

Al Salim Advocate & Legal Consultant Off
City of Ajman
Phone: +971 6 7447725

I suggest to go through a

I suggest to go through a legal case to get your money back. I have done this in 2012 after payment of 80% of the flat total price of B501 in B10 tower.
Mr Mohamed Bani Hashmed Legal Establishment helped me to all my money plus fine as stated in the purchase contract with sweet homes.
His contact for who wants is as follows:
042951555
067318777
0506462864

Regards

ANSaid

akhiabani's picture

Really happy for you but

Really happy for you but do you remember the costs involved like filing and translation and lawyer?

Rainbow Tower

Thank Faisal EK, Hi Langar, we can do it together and if Laris wants we can all go together but for sure that I'll be contacting these lawyers shortly. Can you please send me your contact details on fddubai@mail.com so that we can also communicate on whatsapp or may be speak over the phone for the next steps.