Dubai’s cancelled projects seek a second chance | GulfNews.com:
"Some of the 180 odd projects that the Dubai Courts have now formally adjudged as being ‘cancelled’ could still have their uses. Investors are sounding out the possibility of acquiring those cancelled projects, which stand a better chance of being revived by virtue of being in a desirable location or do not have substantial payment issues assigned to them.
“As many as 20-25 per cent of these can be revived if the right investor support levels can be found ... and they are present,” said Samir Munshi, Managing Director at Silver Heights Real Estate. “As a company, we are currently involved in reviving three such projects.”
But for that to happen, the new investors will have to clear certain guidelines set by Tanmia, the dedicated division within the Real Estate Regulatory Agency handling distressed projects in Dubai."
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