She began issuing final warnings to those who defaulted on payments.. and praised the obligors

“Real estate regulation”: “Marina 101” is in its final stages and is nearing completion

The Real Estate Regulatory Agency (RERA) of the Dubai Land Department confirmed that the "Marina 101" project is in its final stages and is nearing completion.

In a statement, the Foundation confirmed that it had contacted the investors in the “Marina 101” project, to inform them of the most prominent and latest developments regarding the completion operations that took place on the site, and prepared a report in this regard, and shared it with the targeted investors, to put them through it in the form of the latest achievement rates since the beginning Completing the construction process for the project.

"Account Treasurer"

The Executive Director of the Real Estate Regulatory Agency, Eng. Marwan bin Ghalita, said that the Real Estate Regulatory Agency, in the wake of the construction halt in the project, took the initiative to address the investors, in cooperation with the account trustee "Bank of Baroda", according to Article No. 15 of the Real Estate Development Escrow Accounts Law in the Emirate of Emirate. Dubai, which states that “in the event of any emergency circumstances resulting in the failure to complete the real estate project, the (account custodian) of that project, after consulting with the Department of Lands and Properties, must take the necessary measures to preserve the rights of depositors, to ensure the completion of the real estate project, or Return the amounts paid by these depositors.

Bin Ghalita added that "a new timetable was prepared for the completion of the project and its completion within the specified period."

Communicate with investors

He continued: “The Real Estate Regulatory Agency addressed a group of investors in the project, with the aim of setting a date for making a list of their housing units, and then starting to issue certificates of completion, and identifying any matters that their residential apartments might need to complete their construction, before the final handover to the investor.

The Corporation also invited the government service agencies in the Emirate of Dubai, such as the Roads and Transport Authority and the Dubai Electricity and Water Authority, to start preparing the site, so that it is ready for operation and receipt.

Paying off obligations

Bin Ghalita pointed out that the Real Estate Regulatory Authority thanks the investors who are committed to paying all their financial obligations incurred in this project, and also urged all investors and owners who have not paid 90% of the amounts incurred so far, to take the initiative to pay, to ensure the completion of the project within the period specified time.

Ultimatums

The Real Estate Regulatory Agency revealed that it addressed the investors to fulfill their obligations according to the approved work plan, and has now begun to issue final warnings to the defaulters in accordance with the law, before starting any other legal measures against the defaulting unit owners;

She stressed that the smooth cooperation of the owners with the institution is the most important factor in completing and completing the project in the best possible way.

And she continued: "The Foundation calls upon the owners, to cooperate with them, and with the account trustee (Bank of Baroda), and to expedite the payment of their obligations and duties to ensure the achievement of the completion on time, and to obtain their various rights, including the right to join the owners' committee for managing and following up the operation of the building, in accordance with With the laws and regulations in force in the emirate, where communication is actually taking place between the Real Estate Regulatory Agency and the owners who are committed to forming the said committee.”

Follow our latest local and sports news and the latest political and economic developments via Google news