?The World? dealing with cancelled projects | Bayut Blog

Dubai has been home to some of the most unusual real estate projects of the world. A few years ago, such projects attracted much interest from the foreign investors and architects. The situation is not the same any more as many companies and investors find it unsafe to flow heavy investment in Dubai real estate. These dropping interests are affecting the rate of construction and development work in property projects of Dubai. One such project, which was previously very popular among buyers, sellers, investors, and Dubai estate agents, is The World. The project is now facing some legal issues over delayed completion and RERA confirmed that one of the projects at The World, i.e. Jasmine Garden, is to be cancelled.

Jasmine Garden, the residential resort on Thailand Island, is facing construction challenges and therefore, delays have been observed in it. These delays were noticed by the concerned authorities and after legal proceedings, RERA decided to take legal actions against it. Nakheel, the developer of this project, initially denied the rumors about cancellation of Jasmine Garden project but they are now offering refund to the stakeholders. RERA has advised the investors same about the refund refund. The real estate laws are well defined in Dubai and they offer equal protection to the investors, therefore no hassle is witnessed among the clients. Nakheel has also made it clear that 100% refunds (in instalments) will be offered to those who had stakes in Jasmine Garden.

One thing in this entire situation is very encouraging i.e. the real estate authorities in Dubai are active and observing every real estate development to make sure that only those projects get legal protection and assistance, which protect clients? investment and meet the conditions set by the Real Estate Regulatory Authority. Such steps are strengthening real estate investors? faith in the region and at the same providing an equal chance to different developers and halted projects properties in Dubai to get the due protection and promotion that they deserve.

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