Emaar Properties has started proceedings to seize properties from buyers who have defaulted on payments for flats in Dubai Marina.
The country's biggest developer is sending letters to owners saying 40 per cent of the amount they have paid so far will be kept and the properties auctioned if they fail to pay the due instalments within two weeks.
Developers who have completed 80 per cent or more of their projects are taking advantage of a new rule that allows them to repossess the properties of customers who have missed payments.
The letters are being sent via the Dubai Land Department, which has the power to enforce termination notices. Emaar's action follows similar notices sent by dozens of other developers including Al Fajer Properties and Al Mazaya Real Estate.
If payments are not made, the properties will be auctioned by the Land Department, with the money from the sales going to the developer unless the sales generate a surplus, which is passed on to the original buyers.
Mohammed Sultan Thani, the director general of the Dubai Land Department, said the department's role was to act as a "mediator" in such cases.
agiuffrida@thenational.ae
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Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
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'Gold'
Director:Anthony Hayes
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Rating:3/5
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
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October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
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Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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Company%20Profile
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COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs: 2018 Maserati Levante S
Price, base / as tested: Dh409,000 / Dh467,000
Engine: 3.0-litre V6
Transmission: Eight-speed automatic
Power: 430hp @ 5,750rpm
Torque: 580Nm @ 4,500rpm
Fuel economy, combined: 10.9L / 100km