Concerns about the developer stopping work or delaying delivery are common among would-be purchasers throughout the development phase. The possibility that the building's completion may be delayed is small, but it does exist and might have an impact on the buyer.
Be sure the completion date of the construction and the developer company's actions in case it does not meet the stipulated deadlines are clearly stated in the sale and purchase agreement before investing in real estate in Dubai. In exceedingly unusual circumstances, the project may be canceled before it is finished. If you want to avoid a bad scenario and keep your investment money safe, you can either do your homework on the developer ahead of time to verify his credibility or hire pros to do it for you. Realtors work to lessen the investor's monetary load, and their familiarity with the market allows them to limit the chances of loss.
The Real Estate Regulatory Agency (RERA) has imposed several measures to safeguard purchases of off plan properties in Dubai. To comply with the rules, developers must place any monies received into an escrow account until a particular point in the building process has been reached. In other words, the developers care about receiving payment for your job only if you send over the product on time and as agreed upon in the contract.
The registration of the construction business, the current project, and the escrow account at the RERA and its parent agency, the Dubai Land Department, is another crucial factor to think about and verify (DLD). It's generally not a good idea to evaluate a firm if there's nothing about it on the website of the relevant regulatory body.
If the developer's finances have dried up or he has declared bankruptcy, anti-crisis businesses may aid in restarting development. Options to transfer ownership of finished projects are made available to impacted investors. Companies like these deal in commissionable items, which they sell to customers as replacements for unfinished homes with identical features. The difficulty might also be solved by selling the construction rights to a third party.
Off Plan DXB, a Dubai-based real estate business, helps clients with all aspects of buying, selling, and registering property. All possible forms of real estate for foreign investors are listed on the company's website, and the specialists' extensive expertise and familiarity with the local market ensure that you'll make the proper decision.
