Monday, July 22, 2013

Dubai property buyers' protection law Tanweer is ready and waiting for final approval

The Real Estate Investor Protection law, or ‘Tanweer’, as it is called now, is ready and awaiting clearance from higher authorities“Tanweer is ready we are just waiting for final approvals from higher authorities,” said Majida Ali Rashid, Chairwoman of the Real Estate Investment and Promotion Centre, Dubai Land Department.
“Tanweer is the first of its kind regionally and globally, the senior management has devoted considerable time and efforts in discussing its provisions with a large segment of workers in the real estate market and with consulting and legal firms to draft legal articles to reach the ambitions of the emirate in protecting investors,” Majida said.

She added: “This law will take full, complete and accurate inter legislative laws and regulations issued between 2003 and 2008 to ensure optimal application of those laws and legislations.”
Law allows full refund

In June 2012, the draft of investor protection law was released to get suggestions from industry participants.

The draft allows investors to get full refund if the developer fails to complete or handover a property within a certain timeframe or deliberately defrauds an investor or alters the specifications of the unit without obtaining requisite permission.

Investors can also claim compensation for breach of any warranty or undertaking contained in the contract for sale by the seller and the broker, misrepresentation by the developer or investor or broker, and specification in violation of the contract for sale after obtaining an expert’s report to that effect.