“We cannot let people promise and not deliver in Dubai”
Four property companies are being investigated by Dubai’s real estate watchdog over what appears to be the non-delivery of projects, the regulator revealed on Sunday.
Speaking at a Dubai Property Group meeting, Real Estate Regulatory Agency (Rera) CEO Marwan bin Ghalita said four firms were currently being subjected to an "internal audit of transactions”, UAE daily Emirates Business 24/7 reported on Monday.
“We cannot let people promise and not deliver in Dubai”, the newspaper quoted bin Ghalita as saying.
Bin Ghalita declined to name the developers under investigation or give further details.
The authority was seeking a transparent relationship between parties and rules and regulations would be “strictly implemented”, bin Ghalita said.
Rera was also addressing a range of other issues, including developers making misleading claims or charging percentage transfer fees when they were only entitled to claim administration fees, the newspaper said.
The announcement is the latest blow to the emirate’s real estate market, which is reeling from recent controversies surrounding high-profile developers Deyaar and Damac Properties.
Deyaar is being investigated for alleged financial irregularities, with four people detained so far by Dubai Public Prosecution, including former Deyaar CEO Zack Shanin.
Speaking at a Dubai Property Group meeting, Real Estate Regulatory Agency (Rera) CEO Marwan bin Ghalita said four firms were currently being subjected to an "internal audit of transactions”, UAE daily Emirates Business 24/7 reported on Monday.
“We cannot let people promise and not deliver in Dubai”, the newspaper quoted bin Ghalita as saying.
Bin Ghalita declined to name the developers under investigation or give further details.
The authority was seeking a transparent relationship between parties and rules and regulations would be “strictly implemented”, bin Ghalita said.
Rera was also addressing a range of other issues, including developers making misleading claims or charging percentage transfer fees when they were only entitled to claim administration fees, the newspaper said.
The announcement is the latest blow to the emirate’s real estate market, which is reeling from recent controversies surrounding high-profile developers Deyaar and Damac Properties.
Deyaar is being investigated for alleged financial irregularities, with four people detained so far by Dubai Public Prosecution, including former Deyaar CEO Zack Shanin.
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