According to its property investors, Dubai Investments Park’s first building on the Dubai Lagoon site – a project launched in 2005 – could be delivered soon.
“The builder said they will initially deliver one building in this particular zone (Lily),” said Bibhu Dutta Jena, who bought a property at Dubai Lagoon in 2006. “The Civil Defense approval is underway and once that is done, there is the need to get the BCC (Building Clearance Certificate) before the handover to property owners.
“What the builder is saying is they will deliver two more buildings within this year and two more buildings thereafter. There are two more zones – only partial construction was started a long time ago. They will start working on those after the Lily Zone delivery.”
Originally launched by Schon Properties in 2008, the project was to be delivered in phases, but failed to meet any of its project milestones or promises to investors. Schon tried several times to get this project revived and delivered, but none of them were successful.
There were 50 odd buildings in the master plan, and it was one of the most successful off-plan launches of 2005-06.
Investors were left in the dark about the status of their properties. It was at this point that Dubai Land Department and RERA (Real Estate Regulatory Agency) intervened and distributed parcels within Dubai Lagoons to multiple builders to get it off the ground.
Investor relief
Some investors in Dubai Lagoon – one of the first affordable freehold projects to launch in Dubai at the time – will finally have some relief knowing they will soon receive their keys. “Many investors had paid the full amount on their units, and some also filed cases against Schon and won the case to recover the amounts,” said Jena. “But there was no one to return his or her money.”
Dubai Lagoon is located on prime land at DIP, where land and property values have grown steadily over the years. Dubai Investments recently took over another Schon project there, the Schon Business Park, for failing to meet contractual obligations.
Persistent push
Jena belongs to a group of 109 investors who have been pursuing their rights to their properties for years. They approached Schon directly, and when that didn’t work, they brought their case to RERA. “The Dubai real estate authorities were diligent in trying to find a solution and ensure that property owners were not left with anything to show,” said a buyer at Dubai Lagoon. “It’s taken time, but when the first building gets delivered, it will again bring back the project into the limelight.
“And Dubai Investments Park is a happening location – that too will work in the developer’s favor. That of the owners too.”