Hi
While no formal rule about this seems to exist, given that RERA has already cancelled several development in Dubai there is some practice/experience about what happens to investors'money in such cases. I would welcome any information on this matter
Best regards
Olivier
Hi Olivier,
Honestly speaking as real estate industry is in crisis therefore, investors have to suffer in case of cancellation of a project. Most of the time, their money is invested in some other under construction project or they are promised to refund a portion of their money within a specific time line but mostly they have to take legal actions to restrict responsible people to refund their investment to them.
In effect your money should be returned. When? No one knows the answer to this golden question.
There are ways of fighting to claim your money. You can go into arbitration but this will be lengthy process and may take years before you are rewarded.
Alternatively, most developers, if they have other projects going on would offer you properties in other buildings or some other similar solution.
I would recommend to consult with a real estate lawyer to evaluate your options.
As far as I have heard that money would be returned to the investors but the same questions arises as Mr Zeeshan asked when? Consulting a real estate lawyer would be a better option for your money.
(3 Answers)
