dubai real estate Archives

12 Jan 2022

Business, Dubai, dubai real estate, investments, UAE, Uncategorized admin 0 comment

Sheikh Mohammed has issued a law on expropriating property for public use in Dubai market

Law outlines procedures for expropriation, calculating compensation, and appeal

The law also creates an ‘Expropriation Committee’ to oversee all matters related to expropriation of property. The chairman of the Dubai Ruler’s Court will issue a decision on the formation of the committee, its members, decision-making processes and expropriation procedures.

Dubai: A new law regulating procedures for expropriating property for public use in Dubai has been issued.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, issued Law No. 2 of 2022 on the expropriation of property for public use in the emirate.

The law aims to ensure that the rights of owners of expropriated property are protected and that they are afforded full and fair compensation as per a clear set of rules outlined by it.

According to Ashu Sood, director of Brisk Avenue Dubai, the provisions of the law will apply to the expropriation of property across Dubai. The law, which covers special development zones and free zones including the Dubai International Financial Centre, regulates the terms and conditions under which buildings and facilities can be expropriated, including those that are completed and under construction. It also sets out the terms for providing compensation to the owners whose properties are expropriated, as per a decision issued by the chairman of the Dubai Ruler’s Court.

According to the law, if only a portion of a property is expropriated and the remaining part becomes unfit for use as per Dubai’s construction rules and regulations, full compensation will be provided if the owner does not want to retain it to add it to an adjacent property.

The committee is tasked with reviewing requests for expropriation including requests to assess the viability of expropriating a property to meet the objectives of a project. The committee may propose alternatives to expropriating a property for a project, including land grants. It will also assess whether a proposed project requires full or partial expropriation and evaluate the compensation for expropriated property.

Orders issued by Sheikh Mohammed to expropriate property in Dubai supersede the authority of the committee.

In case the expropriation affects a property that belongs to a local or federal government entity, compensation will be provided as per legislations and procedures approved by the committee.

Expropriations of property conducted before the issuance of the new law should follow all procedures and provide compensation as per previously existing terms and conditions within a year of the effective date of the new legislation. The chairman of the Dubai Ruler’s Court is authorised to extend the deadline by six months. If the deadline is not met, compensation will have to be provided under the terms of the new law.

The law outlines comprehensive procedures for expropriation of property, calculating the value of compensation, and appealing against the expropriation.

The new law annuls clauses of the resolution issued on January 1, 1964 regulating expropriation of private property for public use. The law also annuls any other legislation that may contradict it.

09 Dec 2020

dubai real estate admin 0 comment

Indian investors return to Dubai property market

Indian investors taking advantage of discounts and post-handover payment plans Cash-rich Indians have been re-entering Dubai property market in large numbers after a Covid-induced break, lured by attractive discounts and post-handover payment plans, property consultants say. The recent months have also seen secondary markets in the UAE gaining traction with expat Indians, who intend to use the market conditions to upgrade from being a tenant to an owner, the consultants said.

The second quarter of the current fiscal year has seen a demand pick up from Indian investors. Indian business communities, who are frequent travellers to the UAE or want a trophy asset, have also taken advantage of the price softening to close some major deals during this period,” he said. Consultants in India also confirmed the rising interest among wealthy Indian investors to take advantage of the current market conditions in Dubai. Industry experts feel the upcoming IPL (Indian Premier League) in Dubai is also bound to reignite Indian investors’ interest in the Dubai property market. Dubai has been a second home to many rich and famous Indians – Bollywood icons Shahrukh Khan and Shilpa Shetty among them – for many years. “Indians have been favourable to Dubai as an international real estate investment destination. In the past few years, Indians ranked third amongst top nationalities investing in Dubai,” Sood said. Ashu said given the market conditions and sentiments, majority of Dubai based developers are now offering attractive discounts to lure customers, including overseas customers. “There is a possibility of additional deal sweeteners in terms of furnishing options and DLD waivers which are being brought to the discussion tables. The clear trend is that developers are ready to be flexible to adjust to the demands of the buyers as long as it is within reasonable limits,” he said. Sood also pointed out the latest data released by the Dubai Land Department to support recent turnaround in market sentiments. “The Dubai Land Department recently declared transactions exceeding Dh 24.5 billion for Q2 which takes the half yearly transactions value to Dh 72.5 billion. “This represents more than 22,000 deals and Indians being one of the top investors in Dubai have contributed a fair share of that,” he says. According to property consultants, the security offered by Dubai to investors is what makes its market so lucrative to investors. Backed by a strong RERA, the entire real estate value chain in UAE is protected against any fraudulent activities.

31 Oct 2020

Dirham, Dubai, dubai real estate, India, investments, Location admin 0 comment

Sheikh Mohammed announces new Dubai projects worth Dh6.6 billion

A total of 29 development projects worth Dh2 billion have been approved in Dubai to add 8 million square meters of green spaces and parks to the Emirate’s residential and commercial areas.

“We are pressing ahead with developing our city, improving the quality of our lives and making the future of the UAE,” said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, while announcing the new projects.

In a series of tweets, Sheikh Mohammed also announced Dh4 billion project to produce energy by processing waste in Dubai. The project can accommodate 1,000 garbage trucks per day and generates enough energy for 135,000 homes. “Dubai is a clean city, its energy is clean, its neighborhoods are clean, and its energy resources must be kept clean,” Sheikh Mohammed said.

“We have also approved a project to develop 12 kilometers of Dubai’s beaches over an area of one million square meters from Al Mamzar Beach to Umm Suqeim II at a cost of Dh500 million. We will develop more swimming areas, better running paths and longer bicycle streets. The quality of life in Dubai is the secret of loving life in the Emirate,” Sheikh Mohammed added.

The Vice-President said the UAE is committed to implementing innovative projects that optimise use of resources and solve critical challenges as part of the country’s strategy to ensure environmental sustainability.

A key element in the UAE’s development model, environmental sustainability is reflected in all initiatives and projects launched by government entities, independently or in partnership with the private sector, Sheikh Mohammed said. Sustainability is key to the UAE’s future readiness, he added. “Providing a clean environment is at the heart of our efforts to advance development and provide a high quality of life both now and in the future. We have adopted global best practices and implemented innovative projects to preserve our environment and protect the health and safety of people in the UAE,” Sheikh Mohammed noted.

Sheikh Mohammed’s comments came during a review of Dubai Municipality’s environmental and sustainability projects being developed at a cost Dh6.6 billion. Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates airline and Group attended the review.

Ready when you are

Sheikh Mohammed reviewed a project to build the Dubai Centre for Waste Processing in the Warsan area of Dubai. The Dh4 billion plant, one of the largest in the world in terms of waste processing capacity, will operate without any negative impact on the environment. Capable of processing 5,666 tonnes of municipal solid waste per day and 1.9 million tonnes of municipal solid waste per year, it also has the capacity to generate 200 megawatts of energy annually, which can serve the requirements of 135,000 residential units. The first phase of the project will be completed in 2023 and the entire project will be completed in 2024.

Director General of Dubai Municipality Eng. Dawood Al Hajri briefed Sheikh Mohammed on the new plant that is one of Dubai’s largest infrastructure projects. Created to serve the emirate’s current and future waste management and green energy requirements, the project consists of a waste weighing unit, 15 reception points, five furnaces, a steam and power generation zone, 10,000 gas processing units, 27 gates and a zone for extracting metal from incinerated waste.

Sheikh Mohammed was also briefed on a Dh500 million project to develop public beaches in Dubai. The project aims to develop one million square metres of beachfront area from Al Mamzar beach to Umm Suqeim 2. The project will be implemented in three phases — the first covers 4,250 metres of beachline extending from Al Mamzar Creek beach to Al Mamzar Corniche, the second covers 2,150 metres of beachline extending from Jumeirah Beach to Al Shorouq, and the third phase covers 6,015 metres of beachline in Umm Suqeim 1 and 2.

The project aims to revitalise the beachfront and increase swimming areas. Dedicated areas for water activities and jogging and cycling tracks will be provided as part of the overall plan to promote a fitness culture and healthy lifestyle among the city’s residents.

Ras Al Khor Wildlife Sanctuary development project

Sheikh Mohammed was also briefed on the Dh100 million Ras Al Khor Wildlife Sanctuary development project, which seeks to enhance the sanctuary’s ecosystem and biodiversity. The project will increase wetlands in the sanctuary by 20 hectares and expand green cover by planting mangrove trees in a 100-hectare area. Service facilities and entertainment amenities will also be built as part of the project.

Green Dubai Project

Sheikh Mohammed also reviewed a project to develop the first open garden on Al Mamzar Creek that forms part of the Dh2 billion Green Dubai Project. To be implemented over a four-year period extending from 2021 to 2024, the project is set to add 8 million square metres of green spaces. The project forms part of a broader plan to expand the city’s green spaces, increase the percentage of green areas in development projects and raise Dubai’s global ranking in this area.

18 Sep 2019

Business, Dubai, dubai real estate, established business, startup's admin 3 Comments

India start-up scenario.

Why there is no better time than now to invest in startups

Investments in the Indian start-up ecosystem surged 322 per cent in July year-on-year. They rose to $5.61 billion last month, against $1.33 billion in July 2019, according to data from Tracxn, a firm that tracks investments and financials of private companies and start-ups. The funding that went into Jio Platforms’ alone accounted for nearly 87 per cent of the total amount

The number of companies that garnered the investment, though, fell to 82 last month, against 120 in the same period in 2019.

Top-funded sectors

The top-funded sectors include telecom ($4,854 million), enterprise infrastructure ($236.2 million), ed-tech ($164.95 million), real estate- and construction-tech ($78.1 million), retail ($57.42 million) and media and entertainment ($53.90 million). The consumer sector, which encompasses online and technology-enabled consumer-facing companies in the business-to-consumer (B2C) space, raised $183.47 million.

While Jio Platforms, Nxtra Data, Vedantu, Zolo and Toppr were the top five funded companies in July 2020, the most active investors – based on the number of deals in July – included Mumbai Angels, Matrix Partners India, Accel, LetsVenture and Unicorn India Ventures.