Sunday, January 25, 2015

Cancelled Real Estate Projects in Dubai Court newly issued List

The Dubai Courts has listed 166 real estate projects in its newly-issued project cancellation list,
The Cancelled Real Estate Projects Committee is currently hearing 17 projects all of which were launched by Reliance Estate Development.
Two projects by Khyool Investment – Abjar Tower and Faras 2 – have been liquidated and money has been distributed among investors.
The courts, however, clarify that there is no specific time period for the judgment to be passed in projects that are under consideration with all investors being informed of the final judgment using different ways of communication listed in advance on its website.
The Real Estate Regulatory Agency (Rera), the regulatory arm of Dubai Land Department, has never officially published the list of cancelled projects.
Here is the official list (# developers name and followed by the projects) of cancelled projects mentioned by the Dubai Courts under various categories.

Cancelled projects that have been liquidated and distributed among investors

# Khyool Investment LLC
  • Abjar Tower
  • Faras 2
Cancelled projects currently under hearing by the committee
# Reliance Estate Development
  • Reliance 1 to 16
Cancelled projects, which have been heard and registered by the committee, and are in process of distributing amounts among investors
# High Rise Properties LLC
  • Dorna Tower
  • Orchid Residences
  • The Heights-Golden
  • Waves Business Tower
  • The Heights-Silver
  • Rotating Residence
  • High Rise Boulevard 1
  • High Rise Boulevard 2

# Hampstead & Mayfair Development Limited
Hampstead Residences

# Zenith Real Estate Development (LLC)
Zenith Tower A3

# Orbit Holdings Limited
Orbrit Holding

# IR Investments Holding Company Limited
Tonino Lamborghini-Elettra Residence

# M E Development L.L.C
Windsor Residence

# Cliff Dwellings Enterprises Ltd
Global Golf Residence

# Galadari Investment Office Limited
G-Office Tower

# Bux Holdings Limited
Beti Ul Funoon

# Parshwa Holdings Limited
Sapphire

# Escan Real Estate
Escan Tower
Eden 1
Eden 2

# Al Zahra Properties
Sunset Gardens A
Sunset Gardens B
Sunrise 2

# Alternative Capital Invest Gmbh (Branch)
Wings of Arabia

# Makaseb Properties
Rufi Tower (Quattro)
Rufi Lake View
Archery Tower
Quattro West

# Merwess Abdulaziz
Azizi Feirouz I
Azizi Feirouz Ii
Azizi Feirouz Iii
Azizi Fountanne Tower

# Remah Holding Limited
Tower 88

# Dujan Properties Ltd
Eden Blue

Cancelled projects which have been transferred to the committee and will be heard soon

# Sanali Holdings Fze
Sanali Business Tower
Sanali Business Heights
Sanali Capital Avenue

# Azizi Investments (L.L.C)
Al Masa Ii

# Integral Properties Development
Integral 05

# Qureshi Faisal Abdul Aziz
Dunes Dahlia

# Dunes Group Developments Limited
Dunes Lilac

# Royal Holdings Ltd
Global Elahi Residence

# Al Tafany Properties Limited
Al Tafany Tower

# Crown Two Holding Limited
Crown Royal

# Noorzak Investments Limited
Jehaan 2
Jehaan 3
Jehaan 4
Jehaan 6
Jehaan 11
Jehaan 9

# Diamond Arch Limited
Diamond Arch 1
Diamond Arch 2

# Jab Developments Inc
Pebble Stone

# Oasis JV Limited
Oasis Heights

# Sheth Estate (International ) Limited
Iris Mist

# Al Mas Worlds Investment Limited
Soraya Tower II

# Kleindienst Properties
The K Suites

# Salya Homes Limited
Mario Valentino Boulevard

# Star Surveying & Evaluating Services
Sahara One

# Burj Alalam Holdings Limited
Burj Alalam

# Rufi Down Town Residency Limited
Rufi Royal Residency

# 32 Group Properties Limited
Paris Residence

# Umesh Kumar Vinodrai Chug
Insignia Residence

# Desert Dream Investments & Development Properties

Dream Harbour Dream Square

# Baiti Properties Development LLC
Al Qurashi

# Flamingo Investments Limited
Sanali Flamingo

# Erc Property Developers Limited
The Heights

# Westar Properties Ltd
Westar Galaxy

# Dheeraj & East Coast (LLC)
The H.Q

# Cenita Global Ltd
Casa Verona

# Sheffield Real Estate LLC
Sheffield Classique

# UAE Waterfront Group Limited
Royal Bay

# Profile Zero Five Five Limited
Zero Five Five

# Syndicate Sealine Limited
Mystica

# Bangash Developments Limited
Royal Deluxe Villas
Royal Luxury Villas
Royale Garden Residence

# Al Faraa Properties
Burj Al Faraa
Image Residences

# ACW Holding Ltd
Platinum 2

# Sternon Developers Limited
Sternon Tower 1

# Jasmine Garden Limited
Jasmine Garden

# Chapal World LLC.
Chapal Emirates Point

# Satnam Singh
R & R Tower I

# Infinity Emirates Investments LLC
Soccer Tower

# UK-CIG Developments (JVS) Limited
Metropolis Lofts

# New World Investments Limited
World Wide Tower

# Star Developers Limited
Nathalie Tower

# D10 Awf Investment Limited
Aquarius Gate Tower

# Jab Mosaistone Developments Inc
Mosia Stone

# Mahdi Amrollahi (Partner) Antar Marzooq (Owner)

Pisa Tower Residence

# Sameer Mahmoud Al Ali
Zenith Tower

# Es Investments Limited
Kpm 2 & 3

# Smart Home Properties
Elegant Tower

# Premier Group (Fzc)
Berlin City Center

# Aryene Property Developers Limited
Aryene Wonders

# Evergreen Signature Investment Limited

Le Stelle1, 2, 3, 4, 5

# Diamond Properties Limited
Blue Moon Tower

# Rufi Luxury Heights Limited
Rufi Luxury Heights

# Optimo Arabia Limited
Arabia Tower

# Elan Investment Limited
Sanali Quantum

# Gulf Line International Ltd
North Gate Business Tower

# Beliza Resources Limited
Prodigy4

# German Holding Group (L.L.C)
Mira Palace

# Oakgrove Global Limited
Prodigy2

# Avetona Global Limited
Prodigy5

# Mirjana Resources Ltd
Prodigy3

# Neel Devcons Limited
Phoenix Wings

# Ashai Tower JVS Limited
Ashai Tower 5

# Rufi Grand Apartments Limited
Rufi Grand Apartments

# Luxor Investments Limited
The Signet

# Pearl Properties
The Palesides

# Kensington Global Investments Inc
Kensington Krystal

# Yra Enterprises Limited
Schon Suites and Schon Residence

# City-D Investments Limited
Pangkor Laut Luxury Residence & Spa Village

# Malson Limited
Maison Residence Collection

# V Resorts Ltd
V-Greece on The World

# Alternative Capital Invest Gmbh (Branch)

Palazza Arabia
Venetian Arabia

# Sama Emirates Estate Development (L.L.C)

The Sama World Tower

# Al Duaa Holdings (Fzc)
Alduaa Marina Tower

# Spain Select Limited
The Aquitainia

# Hampstead & Mayfair Development Limited

Hampstead & Mayfair Boutique Residences

# Bela Vida Limited
Dolce Vita

# Alternative Capital Invest Gmbh (Branch)

Sami Q Tower

# Grun Developers Limited
PKS Residences

# Kleindienst Properties
The K Hotel

# Anis Holdings Limited
Chase Residency

# Crown Three Holding Limited
Taiba

# Sungwon (Fze)
Santeview

# Hydra Properties (L.L.C)
Hydra Towers

# Ahmed Abdul Rahim Al Attar Properties LLC

Toronto

Vancouver

# Posh Holdings Limited
Posh Lifestyles

# Fortune Serene Limited
Fortune Serene

# Dja414 Investment Limited
Sienna Square

# AAA Facilities Management Services (L.L.C)

Eclipse Tower

# Escan Real Estate
Escan Tower

# Alternative Capital Invest Gmbh
Victory Bay Tower

# Burj Al Dua'a Limited
The Plaza

# Alternative Capital Invest Gmbh (Branch)

Pershing Luxury Beach Residence Tower

# Zero Five Zero Limited
Zero Five Zero

# Sebco Limited
Sebco Residence

# Planetex Holdings Co Limited
Crown Avenue

# PND Investments Ltd
10 Tower

# Heman Red and General Trading Limited
I-Dubai

According to Dubai Courts, the committee for the liquidation of cancelled real estate projects and settlement of rights related thereof specializes in liquidation of real estate projects by which a final decision of cancellation has been issued by Rera whereas the judgments, orders and decisions issued by the committee shall be final, peremptory and not appeal able by all means of a regular appeal and shall be executed by the implement department of the court.

Friday, November 28, 2014

UAE 43rd National Day


Wednesday, October 15, 2014

Dewa doubles security deposits for flats, villas

The security deposit for utility connection in Dubai has more than doubled with the Dubai Electricity and Water Authority (Dewa) implementing a hike in the amount for both flats and villas, Khaleej Times has learnt. The deposit for activation of power and water supply to a flat has been hiked to Dh2,100 from Dh1,000 while that for a villa or house has jumped from Dh2,000 to Dh4,100. The deposit is refundable once the utility supply is disconnected.

The change in the security deposit amount has not been updated in the FAQ section on Dewa’s website yet. Dewa officials were not available for comments at the time of going to print. However, Dewa’s customer care contact centre confirmed the hike. An executive who answered the call said the hike was implemented by the end of September.

An Indian expatriate, who did not want to be named, said he paid the new amount of security deposit on October 9. “Though it is a refundable amount, I was shocked to hear there is more than 100 per cent increase in the security deposit now. I was told it was increased just two days before I made the payment. That made me feel even worse because had there been an announcement I would have made the payment a few days in advance.” said the man who is moving into a flat in International City.

Sunday, August 24, 2014

Dubai Visa Rules: UAE to issue emergency entry permits valid for 4 ...

Dubai Visa Rules: UAE to issue emergency entry permits valid for 4 ...: The UAE will issue emergency entry permits, as per Cabinet decision No 22 for 2014, regulating naturalisation and residency services.

According to a report in 'Al Khaleej', travellers on an airline sponsorship will be eligible for an emergency entry permit valid for four days against a payment of Dh100.

The report quotes Brigadier Dr Rashid Sultan Al Khodr, Vice-President of Legal Affairs, Ministry of Interior and official spokesperson of Naturalisation, Residency and Ports Affairs.

Al Khodr said that the permit will be granted to travellers in emergency cases at air terminals, including when a traveler is sick or a flight is cancelled due to bad weather conditions or a technical fault in the aircraft.

The report quoted Al Khodr as pointing out that the emergency entry permit is in keeping with the pace of development at all airports across the country. It also addresses the situation of emergency traffic at airports.

"Entry permits for studies or treatment has not been changed, but has been amended. These are now valid for multiple entry," Al Khodr said, adding that these amendments are in order to facilitate medical tourism and facilitate the quick and easy movement of beneficiaries.

Tuesday, May 20, 2014

Sharjah residential and office markets benefitting tremendously from emirate’s expanding economy

Sharjah 20 May 2014: The strong growth of the UAE economy has also been mirrored at an emirate level in Sharjah and this has boosted demand in both the residential and commercial property markets in the emirate, according to international real estate consultancy Cluttons.
The latest Spring 2014 Residential Market Outlook reports released by Cluttons point to rising rents in neighbouring Dubai, an influx of residents from troubled parts of the region as well as renewed economic activity and job creation in Sharjah, which are making the emirate an attractive option for tenants.
Average residential rents climbed by 4.5% during the first quarter of 2014, leaving them 19% higher than this time last year, further building on a 3.4% increase in Q4 2013. Average rents in Al Qassimiya have seen the strongest gains over the past 12 months, with rents now standing 36% up on Q1 2013. Villas on the other hand have registered a 13% rise in rents in the first quarter, which compares to a 25% increase throughout 2013.
According to Steve Morgan, Cluttons Middle East Chief Executive: “The strong growth in villa rates has been catalysed by rising demand for villa communities, particularly along the Sharjah Airport/Maliha Road corridor. This is being fuelled by a rising population, which in turn is being driven by the emirate’s expanding aviation sector, a growing number of international schools and the proximity to Sharjah International Airport. Sharjah International Airport, through the brisk expansion of Air Arabia is starting to extend its sphere of influence on surrounding areas and is emerging as another budding UAE aerotropolis, in much the same way that Al Maktoum International is spurring development in areas south of Jebel Ali.”

“Developers are also keen to capitalise on this strong demand and we are recording a substantial rise in the number of feasibility studies requested for master planned residential communities in this area. Not only does the Maliha Road corridor provide easy access into Dubai, but the mushrooming of these new lifestyle destinations will start to put Sharjah’s residential offerings on par with Dubai and Abu Dhabi, albeit on a smaller scale”

The report also reveals that the current political instability across parts of the Middle East has caused an influx of people setting up home in Sharjah, due to largely affordable rents and its rich Islamic heritage. The report points to these expatriates being flush with ‘refugee capital’, which is finding its way into Sharjah’s off-plan residential sales market. This has in turn encouraged some developers to return to the sales market. Although limited to a small number of instances, residential towers in locations perceived to be prime, have been sold entirely off-plan, with capital values hovering around the AED 400 psf mark.

Elsewhere in the emirate’s real estate landscape, the overarching improvement in the UAE’s economic performance is also manifesting itself in the commercial market in the form of rising levels of occupier activity, with Sharjah also clearly benefiting from the economic buoyancy, according to Cluttons Spring 2014 Sharjah Commercial Market Outlook report.
Demand for office space however remains centred on smaller units in the region of 1,000 to 1,500 sqft. Despite the slight upturn in requirements, office rents have remained relatively flat. That said, prime areas of Al Majaz have seen a slip in rates and this has been predominately a result of greater supply and reduced demand from larger, international occupiers.

Morgan added: “Some landlords with large shell and core space are moving quickly to capitalise on demand by carrying out partial fit outs in a bid to take advantage of market conditions and lease space as smaller units. Furthermore, where space is urgently required, we have seen a few instances of residential-office conversions take place, with previously abandoned residential schemes being transformed into office space.”

“The supply pipeline is expected to deliver mostly Grade B space to market and this is driving some occupiers to consider build-to-suit options, which will, to an extent, allow them to mitigate issues such as sufficient parking, which remains a major challenge in the centre of the city. It is however very encouraging to see the government making head way in this area.”
The government is ploughing investment into the upgrading of transportation infrastructure across the city. In addition, the announcement that the newly formed Sharjah Roads and Transport Authority is undertaking  feasibility studies for new road networks, a tramway system and a metro system which could be linked with Etihad Rail, further boosting the appeal of Sharjah as a more affordable alternative to Dubai and Abu Dhabi.

According to data released by Meed Projects, Sharjah is planning a $2.3 billion investment in transport infrastructure projects over the next five years. The report also states that there has been a 300% increase in the number of new projects awarded in Sharjah in 2012 and 2013, with more than 90% of the contracts for the construction and real estate sectors.

Morgan concluded: “While a Metro network in Sharjah would bring about a radical transformation in accessibility across the city, the 7% rise announced in Sharjah’s budget for 2014/15 is set to see almost 50% of the AED 15.4 billion budget allocated to further development of the economy. This will add further impetus to the rising levels of real estate activity in both the residential and commercial markets across Sharjah.”