In a recent development, a Dubai court has mandated the liquidation of a real estate company due to the cancellation of its projects by the Real Estate Regulatory Agency (RERA).
This action aligns with the procedures outlined by the Committee for the liquidation of cancelled real estate projects in Dubai.
The Committee, established under Decree No. (33) of 2020, is responsible for liquidating real estate projects canceled by RERA and settling the associated rights. It holds the authority to resolve disputes between developers and purchasers, liquidate canceled projects, and address grievances related to such projects.
This decree also led to the formation of a special tribunal to oversee the liquidation of unfinished or canceled real estate projects in Dubai, ensuring a streamlined process for resolving disputes and protecting the rights of investors and purchasers.
The recent court order emphasizes the commitment of Dubai’s authorities to regulate the real estate sector effectively, ensuring that canceled projects are addressed promptly and stakeholders’ rights are protected.
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