Property in Dubai
Ebony, Ivory towers construction in progress
Construction on Ebony and Ivory towers in Dubai has commenced, reports The National. The work on the site had not been making any progress lately, and, the investors were in dispute with the developer Al Farjan Properties and their agent Dynasty Zarooni.
Few purchasers had stopped payments earlier this year. The investors said that they had made their initial investments on the basis of photographs of various buildings of their development, shown by the developer.
Dynasty Zarooni, the company which purchased all the units from the developer and resold them to investors, denied claims.
The developer, Al Fajer Properties, has completed 15 percent of each of the three towers in the Jumeirah Lake Towers District, reveals a report from the Dubai Land Department.
The RERA (Real Estate Regulatory Authority), in its latest audit report said that enabling, shoring and piled foundation works are almost complete, and the main contractor will begin the sub-structure works.
According to the laws governing property sector, buyers are considered to be at fault, if they do not make payments in installments when the construction progresses. The authorities are still investigating the claims of the investors.
The President of Al Fajer Properties, Sheikh Maktoum Hasher Al Maktoum, said that the company is committed towards meeting all its contractual obligations.
An investor representative, Moses Oye, however said that the fact that construction of buildings is in progress is immaterial, as purchases are based on alleged misleading information.
Posted on 17/6/2009