Tuesday 12 June 2012

Buyers left out in the cold over Nakheel legal battles - Real Estate - ArabianBusiness.com

Investors in two Nakheel projects have been unable to gain ownership of their completed apartments for nearly two years due to ongoing legal battles between the state-backed developer and third party contractors, Arabian Business has learned.
Sao Paula Development, the owner of one of the islands on ‘The World’ manmade development, is currently suing Nakheel, claiming the state-owned master developer backed out of an agreement to transfer the funds it had paid into plots in Jumeirah Village.
The plots were originally reserved by a third party firm named Diamond Developers, who is a joint plaintiff in the case. Due to the ongoing legal battle, more than 250 investors in the project have been unable to gain ownership of their units until the case is resolved.

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