More than 300 real estate projects in Dubai to be completed soon
About 307 real estate projects out of the 980 registered projects in Dubai, are likely to be completed shortly, states the prospectus of bond by the Dubai Government.
The government, by quoting RERA in the prospectus, said that out of the total number of registered projects, 46 have been completed, while another 307 are likely to be completed in due course.
The number of registered projects that are either cancelled or are in the process of cancellation, totals to 495 in number.
According to RERA, there are a total of 500 registered developers in Dubai, with more than 630 being registered brokers.
The major developers in Dubai are all owned by the Dubai Government, and/or the Ruling Family of Dubai. These include Emaar Properties, Nakheel, Dubai Properties, Union Properties and Deyaar Development.
But, the Dubai Land Department has reported 1,188 sale transactions, in comparison to 510 sale transactions during the second half of 2009, an increase of nearly 132 percent.
The Land Department reported a slight decrease in the number of mortgage-related transactions, with 1697 such transactions taking place during the first half of 2010, in comparison to 1861 such transactions during second half of 2009.
The Dubai Court of Cessation has established legal principles for real estate sector, wherein, in-complete off-plan properties will not be registered directly in the name of buyers in the final real estate records.
They can be registered in the Initial Land Registry of the Land Department, as per the provisions of Act 13 of 2008.
On completion of off-plan units that are sold in advance, the developer may apply to the Land Department to register those units in the names of buyers who have met their contractual obligations. But, this can happened only after the developer is in receipt of completion certificate from competent authorities.
In the meanwhile, the Land Department is granted the right to register units in the names of buyers, in case they submit a request, or by the developer, on behalf of the buyers when they have fulfilled their commitments.
The court confirmed that the developer is obliged to apply to the Land Department for registration of sold units in the final Land Register, within 60 days from the date of the law. But, this needs to be done only if the units are 100 percent constructed. Else, it will be registered in the Initial Register as incomplete units.
The Court of Cassation clarified that the developer's role will be confined to submission of the application to the Land Department. The department will be the only body that can take action according to its powers.