Dubai: Real Estate purchasers in Marina 101, the much-delayed skyscraper project at Dubai Marina, are aiming to put together a ‘few more millions’ of theirs if it means construction can be finished and they finally get to move into their apartments.
Another Dh15 million to Dh20 million will be needed to finish the 101-storey structure, as indicated by certain evaluations. On the off chance that no external investor will take on the project, the landowners say they will do anything that’s possible to put together the sums needed.
These purchasers currently desire to introduce their circumstance to the recently made legal element in Dubai, set up too quick track recovery of shelved or delayed projects. The element has been engaged to take expedient choices on all such forthcoming work and, generally significant, guarantee that investors’ privileges are dealt with.
Marina 101, which launched in 2005, was stuck at the “97.3 percent” finishing stage when construction halted in 2019 over the developer’s debt issues. Moneylender banks at that point attempted to resuscitate the project and welcome another developer-investor to take it to fulfillment. In February this year, such an arrangement was near being concluded, as per sources aware of everything.
But a group of property buyers says they have not been hearing anything on the project’s status. A considerable lot of them were given Oqood certificates by Dubai Land Department, and a couple even moved furniture into their units… in the expectation that the excess 2.7 percent will be finished at the soonest. (Oqood identifies with an enrollment of off-plan unit deals.)
So far, that’s not what’s happening on the ground.
Developer’s view
Marina 101 was to be the signature venture of Sheffield Real Estate and Abouali Shroff, its organizer. At its dispatch, it demonstrated perhaps the best as far as off-plan deals even when Dubai’s freehold market had a decent amount of these.
Shroff is currently situated in Surat, in the western Indian province of Gujarat. The discussion in the market was that Marina 101 stopped on the grounds that the developer’s debt exposure had shot past Dh400 million and the organization was not able to keep up with the payment commitments.
Shroff disputes the “Dh400 million” part. “The original amount taken from the bank is Dh293 million,” he said. “I had sent them a legal notice, but since January 2020 they are not willing to talk to me as they say that their loan is settled and was not willing to disclose any details of a new investor to me.
“The Marina 101 was the second tallest building in the UAE at its launch – I would be more than willing to support any new investor-developer who can come to complete the project and give the units which many buyers have not registered in Qqood.
“My condition would be that they take over the project keeping all the obligations Sheffield had made to investors.”
For Marina 101 landowners, the only arrangement that issues is to see the remaining 2.7 percent of work on the tower done and delivered.