Marina 101 project is in its final stages and close to completion: Rera

The Real Estate Regulatory Agency (Rera) at Dubai Land Department (DLD) affirmed that the Marina 101 project is in its final stages and close to completion.

In a statement on Thursday, Rera said it contacted investors and informed them of the most prominent and recent developments regarding the completion operations that took place at the site.

Rera prepared a report in this regard and shared it with target investors, informing them of the latest completion rates given that construction on the project is almost complete, according to the statement.

“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.

Bin Ghalita added that Rera addressed a group of the project’s investors, setting a date to make a list of their housing units and commence issuing certificates of completion as well as identify any matters that their apartments may require before final handover to investors.

“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.

Bin Ghalita stressed that Rera is grateful to the investors, who are committed to paying their full financial obligations incurred in this project. Rera also urged all investors and owners who have not paid up to 90 per cent of their due amounts to initiate payment to ensure the timely completion of the project.

Rera also addressed investors to fulfil their obligations according to the approved action plan, thanked those who fulfilled their obligations, and is currently beginning to issue final warnings to those who are violating the payment plan in accordance with the law, before starting any other legal procedures against the unit owners who defaulted on payments.

The smooth cooperation of the owners with Rera is the most important factor to completing the project in the best possible way. Therefore, Rera calls upon them to cooperate with it and with Bank of Baroda to expedite the payment of their obligations and duties and ensure project completion and that investor rights are maintained, including the right to join the owners’ committee to manage and monitor the operation of the building, in accordance with the laws and regulations enforced in the emirate, where communication is actually taking place between Rera and the owners who are committed to forming the committee.

— muzaffarrizvi@khaleejtimes.com