Dubai property investors can seek stalled project restart

The Dubai Land Department has reiterated that registration under the Tanmia initiative is not limited to developers of stalled projects only, but investors can request inclusion under the scheme as well.

In a statement sent to Emirates 24|7, the department said that investors or groups of investors can approach them for inclusion of their project under Tanmia.

No details were, however, given on how the process can be initiated.

The Tanmia scheme, launched in September 2011, aims at revitalising the real estate market by focusing on the incomplete projects.

It aims at getting semi-government/private investors on board to get projects completed.

The department is currently auditing over 100 projects.

So far, 11 real estate companies have signed agreement with the Centre for Promotion and Management of Real Estate Investment, the investment arm of the department, to join the programme.

The department did not give any details on how many projects have been funded under the scheme.

Emirates 24|7 reported last month that Pacific Ventures, an Indian property developer, had become the first developer to acquire two projects in Jumeirah Village

Triangle under Tanmia and was in talks to acquire two more projects - one each in Business Bay and Dubai Sports City.

In April, the department stated in the planned sovereign bond prospectus, that a total of 291 projects were on hold in Dubai as of March 31, but they were likely to see the light of day as all qualified for either the Tayseer or the Tanmia initiative.

The Real Estate Regulatory Agency, in the same prospectus, had revealed that 165 projects have been completed since the beginning of 2009; 291 projects were on hold ; 291 projects were likely to be completed in due course, while 29 projects have not yet commenced.

Tayseer, a guaranteed funding initiative, was launched in June 2010, and initially covered 40 projects across Business Bay, Dubai Marina and Jumeirah Lake Towers, but was extended to 114 projects over time.

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