Court asks developer to return Dh7.5 millon to investor

[NwAli]

hi all ,

check this out , !!!!!!

Xpress: News | Court asks developer to return Dh7.5 millon to investor

 

[PropGuy]

In an unprecedented ruling, the Dubai Property Court on Monday ordered a Dubai-based developer to pay over Dh8 million to an investor after it ruled that the purchase contract the company presented to the buyer was invalid as the developer failed to register the land with the Land Department.

According to a court statement, the unidentified investor purchased a number of apartments at Remraam, a project developed by Mizin in April 2008. In January, he discovered that the apartments were not registered in his name. The project is located on the Dubai bypass road, near Dubai Sports City.

Presiding judge Omar Miran issued this ruling based on the Land Department law No 13 of 2008 which stipulates that if a property is purchased off plan, it has to be registered at the registry within 60 days of the sales agreement.

After the court reviewed the complaint registered on January 21, it ordered Mizin on Monday to repay the full amount - Dh7, 490,762 - paid for the apartments, in addition to nine per cent interest to cover legal fees and damages.

Interesting

Finally some pressure on the developers to do things correctly.

 

[financier888]

hi all ,

check this out , !!!!!!

Xpress: News | Court asks developer to return Dh7.5 millon to investor

great post! thanks

 

[Doobedoo]

Opportunity?

Are Emaar & Nakheel exempt from this? How do you find out if a unit has been registered with the land dept?

 

[PropGuy]

Are Emaar & Nakheel exempt from this? How do you find out if a unit has been registered with the land dept?

I suppose not, above developer is Mizin which is also a Govt. developer like Emaar and Nakheel.

 

[sunitachadha]

hi does anybody know how to find out if the developer has registered you with land department?

 

[NwAli]

hi does anybody know how to find out if the developer has registered you with land department?

you need to go to land department to find out . if the project and the unit is registered in the land department ...

if not the answer you will need to go to dubai court and file a case aganist them .
to register . you need to pay 7.5% of the unit value or max of 30,000 per unit lawyer cost transalation cost you need to pay for them aswell .. and if their is Arbitration in your contract will take a minimium of 6 months when the court case starts and then will take time for the judgement . if in your favor its no garantee you will get ur money back as the developer time have ran away or be bankrupct.

regards

 

[guillaume hess]

you need to go to land department to find out . if the project and the unit is registered in the land department ...

if not the answer you will need to go to dubai court and file a case aganist them .
to register . you need to pay 7.5% of the unit value or max of 30,000 per unit lawyer cost transalation cost you need to pay for them aswell .. and if their is Arbitration in your contract will take a minimium of 6 months when the court case starts and then will take time for the judgement . if in your favor its no garantee you will get ur money back as the developer time have ran away or be bankrupct.

regards

Hello,

Project and unit registration are not the only arguments that work! Strong delays and cancellations by developers can also get your money back!

I work as a lawyer in Dubai and we have won a few cases against developers making them refund the entire sums invested and the 30 000 dposit for court expenses.