In an interview with the RERA Chief Marwan it has said that in the year 2011 many Dubai real estate projects will be canceled. What is the reason in doing so? And how this will be beneficial to the Dubai real estate sector?
Hi Madiha,
Can you provide me the source where you have read this interview? According to my knowledge, today's news indicates that the Dubai government is still focusing on the growth of the Dubai economic sector.
Budget has been approved which targets Dh29.906 billion revenues, while expenditures are expected to reach Dh33.684 billion, according to Dubai's Department of Finance.
Yes, it might be possible that those projects are being canceled which are exceeding more than the limited years of competition demanded.
According to the head of the Emirate's real estate regulator 202 projects have been canceled till now and a good number of cancellations are on the pipeline. As per my view these might be the underlying old real estate projects that were posing a burden on Dubai's real estate sector and they were not likely to add value to Dubai properties. In consequence of this cancellation it has said that the investors will get their money back.
That was all what I wanted to say, your further comments are highly welcomed.
Hi Madiha,
Your resource provided speaks the same as I predicted that the projects which are been stuck in the middle due to any misfortune or any bankruptcies, those projects are being closed in 2011 to return the investors their money. And it will motivate them to invest in other sectors of the economy as far as I’m concerned. From now on every development project would be over looked whether it is achievable or not.
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