Hundreds of construction projects in the city, totalling up to 90,000 units, are facing cancellation and government scrutiny to stop property prices from plummeting further, a top property regulator said.
In an exclusive interview with XPRESS, Marwan Ahmad Bin Galita, CEO of the Real Estate Regulatory Agency, Director of Customer Relations at the Dubai Land Department, said the review of real estate developments is currently underway, assessing the status of these Rera-approved projects.
Bin Galita said 257 projects are under Rera's review, many of which have yet to even start construction. The scrutiny is unprecedented in New Dubai, where the landscape is dotted by unfinished, delayed buildings.
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