Emaar Properties, Dubai’s largest developer, on Tuesday, August 7, 2013, issued a second list of property defaulters in its Claren T1 and 29 Boulevard T2 projects in Downtown Dubai, asking them to pay their pending installments within 30 days, or face termination of contract.
The master developer had issued similar notices to buyers in the same project on August 1.
Last month Mizin, now merged with Dubai Properties Group, had issued cancellation notices to defaulters in its Remraam project in Dubailand.
Although no details were mentioned on the number of installments pending from each buyer, the notice, which is served by Dubai Land Department in accordance with Law No (13) of 2008 as amended, and its Executive Regulations, requires a defaulter to clear the dues within 30 days as from the date of publication of the notice.
“If you fail to pay the amount due within the specified period DLD shall take the necessary legal proceeding pursuant to clause No. (11) of the aforesaid,” reads the notice issued in a local daily.
Scroll down to read what Article 11 of Law No (9) of 2009 says.
Emaar has handed over approximately 36,600 units including some 20,900 apartments and around 15,700 villas.
In June, the company said that over 95 per cent of the units launched in 2012 and to date in 2013 have been sold.
“All launches have witnessed an excellent response from investors and end users.
“Total sales value in Dubai till end of May 2013 is approximately Dh4.5 billion, which is almost four times compared to sales in the same period in 2012 (approx. Dh1.2 billion),” the developer said in its latest corporate presentation.-Emirates 24/7