Dubai gets cracking with stalled projects | GulfNews.com:
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- Image Credit: Gulf News Archives
- The Department of Economic Development. The sharp upturn in Dubai’s real estate momentum has made reviving delayed projects a viable option for investors.
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With new investors coming on board with sizeable funds, the Dubai Land Department is “fast-tracking” the revival of stalled projects under its Tanmiya scheme and simultaneously making sure end-user interests are seen to be taken care of, according to market sources. At the peak of the downturn, there were as many as 150-200 projects stalled at various stages and which had buyer funds sunk into them.
“There is such a heightened level of investor interest in reviving projects that there aren’t enough going around,” said Anupama Menon, consultant at Lawyer Point Management Consultants and who has been liaising with the Land Department on its Tanmiya initiative. “There is now even a smaller committee tracking between 20-25 of these projects on a daily basis to speed up the process where possible by establishing the credibility of the investors and clearing the required processes."
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