Landlords, tenants in final push for MFR Properties' dues

Property owners and tenants who have not been able to recover dues from MFR Properties have launched an online petition to drawn attention to their plight.

MFR Properties is a real estate company that was suspended of its license earlier this year by RERA.

MFR Properties presented contracts which allowed them to sublet a property, with the promise of paying the sum in four cheques.

Meanwhile, the occupying tenant was offered the rent for a much lower price, to be paid in one cheque.

By the end of 2011, MFR Properties declared bankruptcy and the cheques of hundreds of property owners bounced.

Click here to read: How the MFR scheme worked

Property owners and tenants affected then decided to join hands in efforts to address the issue and retrieve the money that was lost.

In March this year some property owners accepted to settle for a discounted deal with MFR Properties as the company aimed to manage a solution and gain back the trust of their customers.

However, many found themselves without any deal and alleged that efforts of MFR Properties to settle the dispute have ceased to exist.

Hence, now as a last-ditch effort the online petition is being circulated.

The petition will finally be forwarded to the Dubai Land Department (DLD) and Real Estate Regulatory Agency (Rera).

“Hundreds of owners have invested their properties, trusts, willpower in this agency to sub lease their respective apartments.

“However they've been robbed of their hard earned money,” says the first part of a petition doing rounds on the net.

“What is the next step for recovering the money back ?” the petition asks.

Although public prosecution is handling one case after another and Bur Dubai Police Station confirmed that the man behind MFR Properties Mohammad Fahad is currently behind bars, this has not led anyone to a successful retrieve of the money lost.

The petition can be viewed here.

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UAE landlords, tenants in final push for MFR Properties' dues

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