Over 370 Investors Of Dubai Sports City To Petition Land DepartmentMonday, September 10, 2012
According to news, over 370 investors in DSC (Dubai Sports City) real estate projects are going to file a petition to the Dubai Land Department for identifying the reasons of the delay. These investors, having investments in 30 projects, have signed a petition requiring DLD authorities to conduct an audit of the projects and figure out the reasons behind the unnecessary delays by third party subcontractors. The investors are going to submit a petition within some days to director general of DLD, Sultan Bin Mejren.
Investors have stated in their petition that many plots are standing abandoned and they are seeing a half built sports city. Investors of Dubai Sports City, in order to get back their money, are chasing after developers who do not exist. The petition also includes that the audit report must be sent to RERA and investors should also have the right to access these audits. In this way they can get to know about the balance of the escrow account and the financial status of the projects.
This petition focuses on delayed projects which were subcontracted to third parties. Despite the incomplete status of Dubai Sports City, it continues to host a series of high profile events including Oktoberfest Dubai 2012 and Pakistan vs. Australia Twenty 20 International Cricket Series. The petition also highlights that there should be a way other than arbitration and courts for investors to cancel the contracts and get back their money. If there cannot be such a way then class action should be allowed for arbitration and court filings to gain economy in costs.
According to DSC it had to deliver 6 projects this year, 6-10 towers in the year ahead and several projects in the next 3 to 5 years. A spokesperson from DSC highlighted that DSC project will be completed in stages. The global crises also affected DSC just like it affected several other projects. He also highlighted that DSC is proud to successfully deliver several projects on schedule and it has every intention to proceed with the vision of maintaining its strong presence in Dubai’s realty market.