People are mostly apprehensive and skeptical about real estate investments regarding under-construction projects. A significant amount of people invest in under-construction projects and fear fake promises, fake claims, and delayed handover or possession. Dubai Real Estate Regulatory Authority RERA has set strict rules, regulations, and policies regarding it. Therefore, it becomes much easier to get your dream property in Dubai.
Dubai Real Estate Regulatory Authority RERA has brought a lot of regulation and standardization in the real estate industry of Dubai. They work to safeguard the interests of buyers, traders, investors, developers, and brokers. The attorneys in Dubai with real estate skills are called as Real Estate Lawyers. Due to real estate level in Dubai, the real estate attorneys in Dubai do have the special name and fame. Legal support in Dubai is for everyone on equal grounds.
In case there is a delay in the handover of the property you have invested in, you can easily claim or file a case against the property developers. In this guide, we will try to answer all the queries associated with the delay in the handover of the property. RERA held the duty to regulate the UAE’s real estate industry. Dubai Real Estate Regulatory Authority RERA was established with the motive of providing relief to the buyers, investors, and other stakeholders.
It also combats the malpractices of unfair developers that can sabotage the name of the real estate groups in the UAE. RERA will provide a list of standards, regulations, and laws that must be followed. The laws are formulated with respect to the development and construction of properties in Dubai. The authority is responsible for bringing transparency to every real estate transaction that occurs in the industry.
As per the laws and regulations, the agreement is signed between the individual and the developer. The main right of the buyer and obligations are discussed below: you are promised to hand over the property at the agreed time. The title and ownership transfer letter are provided to you.
The Real Estate Regulatory Authority RERA is responsible for appointing an officer who will perform his duties and a judge. The appointed officer by the RERA will conduct an inquiry regarding the matter and thus an order is passed.
If the construction developer fails to hand over the property according to the agreement, then the buyer has 2 lucrative options available. The buyer can either terminate the contract altogether or get a refund of the full amount. Secondly, you can seek compensation from the real estate builder while continuing the project for construction. In this situation, you will get the reimbursement for the delay made by the developers.
In case the buyer chooses to withdraw from the project altogether, the real estate builder is going to be liable to return the whole amount to the buyer. The buyer will not only receive the principal amount paid but also the interest. On the other hand, if the buyer continues with the project, the buyer will claim compensation for the handover delays in the property. Moreover, the buyer can also claim the interest for the period of the delay until the property is handed over. Possession handover of the property faces a delay, then you can take strict action. For instance, if the real estate builders have made false promises, then you can seek compensation. This is done if there is a disparity in the promises made.
You can also take action, in case there are defects after the property is delivered to you. In case of structural defects within the predetermined years of the property, it is the responsibility of the developer to make repairs. The buyer or investor will not pay for the expenses incurred. Any handover or delivery delays from the builder side will provide the buyer with an option to withdraw from the construction project. Besides, they will be entitled to get a complete refund from the developer.
Delay happens when the property is not handed over to you on a timely basis as per the contract. In case of a delay, you enjoy the right to claim from the developer or real estate builder for compensation or reimbursement of the full amount. Before making a claim it is advisable to seek legal assistance from a real estate lawyer in Dubai. A professional real estate lawyer can guide you to take action depending on the situation. They can guide you in search for the best route to get your dream property.
Take the support of a well-equipped real estate lawyer who will not only safeguard your interests but also conduct due diligence. The Real Estate Regulatory Authority RERA in Dubai is a renowned governmental authority. Real estate lawyers in the UAE have the experience to address the concerns related to handover delays of property. Deal with real estate builders and developers to get maximum compensation or a fair deal in case of delay.
