Thursday, July 29, 2021

Dubai’s Marina 101: Some property buyers in stalled skyscraper project will lose all their millions

With some stalled projects to be revived, these investors have no rights on their units

Dubai: Even as Dubai works out solutions for extensively delayed/shelved projects launched by private developers in the past, one group of property investors in these projects will have no reason to cheer. These are the unfortunate ones not to have their unit sales recorded in Dubai Land Department’s ‘Oqood’ offplan sales register for various reasons.

Nowhere is this more apparent than at the Dh1 billion Marina 101 skyscraper development in Dubai Marina. According to feedback from investors, there are “more than 50 buyers” who don’t have the Oqood certificates and will “lose everything” when a settlement is reached.

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