The Marina 101 project is nearing completion, according to the Real Estate Regulatory Agency (Rera) of the Dubai Land Department (DLD).
Rera said in a statement on Thursday that it contacted investors and informed them of the most important and recent events surrounding the site’s completion activities.
According to the statement, Rera developed a report in this respect and shared it with potential investors, advising them of the latest completion rates as the project nears completion.
“Following the suspension of construction operations at the project, Rera addressed investors, in cooperation with the account trustee at Bank of Baroda, based on Article No. 15 of the law concerning escrow accounts for real estate development in Dubai which states that “In the event of any emergency situation where the Real Estate Development project is not completed, the Escrow Agent of that project must, after consultation with the Department, take the required measures to preserve the rights of depositors and ensure that the Real Estate Development project is completed or that depositors are refunded their payments.” As a result, a new timeline was prepared for the project’s completion within the specified period,” Marwan bin Ghalita, CEO of Rera, said.
Rera spoke to a number of the project’s investors, establishing a date to compile a list of their housing units, begin distributing certificates of completion and identify any issues that their flats may require before final transfer to investors, according to Bin Ghalita.
“Rera also contacted government service entities in Dubai, such as the Roads and Transport Authority and the Dubai Electricity and Water Authority, Dubai Civil defiance, to start preparing the site for operation and handovers,” he said.
Rera is grateful to the investors, according to Bin Ghalita, who have pledged to meet their full financial commitments incurred in this project. Rera also asked all investors and owners who have not paid up to 90% of their due payments to do so immediately in order to secure the project’s early completion.
Rera also urged investors to fulfill their obligations in accordance with the approved action plan, thanked those who did, and is now issuing final warnings to those who are violating the payment plan in violation of the law, before pursuing any other legal remedies against unit owners who have defaulted on payments.
The owners’ smooth cooperation with Rera is the most crucial component in finishing the project as efficiently as feasible. As a result, Rera urges them to work with it and Bank of Baroda to expedite the payment of their obligations and duties, ensure project completion, and protect investor rights, including the right to join the owners’ committee to manage and monitor the building’s operation, in accordance with the laws and regulations in effect in the emirate, where communication between Rera and the owners who are committed to forming is taking place.