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Rera to introduce new regulations to boost market
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Senior officials at Rera are studying 27 projects that could potentially be cancelled in light of the strained real property market in Dubai. Some projects are simply not feasible and some investors who are strapped for cash are now wanting to get out of their contracts.Marwan Bin Galita, Chief Executive of Rera, said all projects under review are third party, therefore master-developed projects are not on the list.Under Law No 9, if a project is cancelled by the Land Department, all investors in that project will get a 100 per cent refund. Three new regulations to be added to Law No. 9 of 2009 will restore much-needed confidence in Dubai's property market.The regulations include developers not being able to cancel a contract without a letter from the Land Department and the Land Department must also attach a technical report to the letter. Investors wishing to cancel may be able to do so in the Land Department, rather than court. Law No 9 which deals with refunds on cancelled projects was issued in April but will not become legally binding until it is officially published in Dubai's gazette.Meanwhile, Bin Galita clarified that the rental calculator on Rera's website is the new rental index.
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