August 01, 2017
In my publication this week, I discussed about a property case that I was involved in. One of the leading developers in Dubai failed to deliver villas (worth upto 84m) to three Asian investors in Dubai. During the construction phase, the investors agreed to adjust the purchase price of the aforementioned villas with a new order of five villas that developer promised to deliver. The developer had promised that the balance would be returned to the investors after adjusting the price. After reviewing the case documents, the court ordered to cancel or terminate all agreements between parties and further ordered the developer to pay 84m to the investors along with the applicable legal interest.