The rights of a foreign investor when the unit is not delivered on time

Dear questioner,

You can terminate the contract before the expiry of the grace period if it is impossible to complete the building within the grace period.

The faster the better when you file the case before the developer goes bankrupt because of financial problems or the project gets canceled.

We have to review the contract to be able to advise you.

Contact us via phone or email to provide you with our legal services.

Taken Care & Answered by,

Mohamed Noureldin

Legal Consultant (Licensed in Dubai)

Dear questioner,

Normally, the developer has the right to extend the anticipated completion date for a period of 12 months. If the project is not completed within the extended handover period, then as an investor, you have a right to terminate the contract and ask for a full refund of the invested amount.

Further, we need to review the SPA in order to assist you properly.

If need be, kindly contact us via phone for a detailed discussion or write us an email for further assistance.

Hi, we need to review your SPA in order to provide you with a detailed and more specific course of action and remedies available keeping in view the current scenario.

However, in general cases, the developers can extend the anticipated completion date of the project to one year or as mentioned in the SPA.

In case of failure to handover the property after the expiry of the extended period, the investor can claim for a full refund of the property value and can also claim compensation for the loss of opportunity and any other losses suffered due to the delay.

Please note that this is a general opinion and not an opinion on your inquiry. We can only advise you when we have the facts and after reviewing the SPA. We will also need to check the completion status as per RERA.

For further assistance, please feel free to contact us via phone or send us an email.