At least 43 stalled projects worth over Dh10 billion have been revived by the Dubai Land Department ( DLD ) through two of its real estate project revival initiatives, a senior DLD has revealed.
"We have facilitated takeover of 39 projects valued at Dh10 billion ($2.75 billion) by various developers under our Tanmia initiative," Duaa Issam Dablan, Senior Deputy Director, Dubai Land Department , said addressing a real estate seminar last month. The DLD , through Tanmia initiative, provided funding for four projects, she disclosed
"We arranged funding for another four projects under our program," Duaa said, bringing the total to 43. Forty-five projects have been registered under the scheme.
In July 2013, Majida Ali Rashid, Chairwoman of the Real Estate Investment and Promotion Centre, had told Emirates 24|7 that DLD was studying 158 projects that could be revived through its real estate initiatives.
"We have registered 45 projects under Tanmia and another 45 under the Tayseer scheme. We are currently studying another 158 projects," she said.
Tayseer is a guaranteed funding initiative and was launched in June 2010. It initially had covered 40 projects across Business Bay, Dubai Marina and Jumeirah Lake Towers.
In order to qualify under the scheme, projects need to have adequate infrastructure planned or in place; escrow trust account have to be properly managed; technical report must show that a minimum 60 per cent of construction is completed and that a minimum 60 per cent of the project has been sold.
Tanmia was launched in September 2011 and was aimed at getting semi-government/private investors on board to get projects completed.
Under the scheme, property investors were also given the right to register their stalled projects with the DLD . Emirates 24|7 revealed earlier developers had launched 42 developments, which includes 17 villa and townhouses projects, this year till end-August.