XPRESS reported that hundreds of construction projects in Dubai, totaling up to 90,000 units, are facing cancellation and government scrutiny to stop property prices from plummeting further.
In an exclusive interview with XPRESS, Mr Marwan Ahmad Bin Galita CEO of the Real Estate Regulatory Agency and Director of Customer Relations at the Dubai Land Department said that the review of real estate developments is currently underway, assessing the status of these RERA approved projects.
Mr Bin Galita said 257 projects are under Rera''s review, many of which have yet to even start construction.
Mr Bin Galita was dismissive of reports of property oversupply in Dubai. For example, he said, there are 90,000 units in the projects currently under review.
RERA is also looking into the ability of contractors and developers to deliver work. The review report would also look into the developer''s reputation and experience, while delving into the dirty side of businesses fraud and bankruptcy and how it was dealt with by these companies.
Mr Bin Galita hoped the results of the review would be known by year-end.
This latest move follows the cancellation of 202 projects from 2008.
( Source: www.steelguru.com )