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Developer sees year-long delay on launch

17.01.2015
Developer sees year-long delay on launch
The developer now estimates a 15% increase in their construction costs as opposed to what it would have been a year ago. One Dubai developer is learning about the ramifications of a year-long delay on project launches, Gulf News reported. “The plan was to have the sales launch of the Elite Downtown tower — located in the Downtown area — in January 2014 ... but we could not go ahead with it at the time because there was an issue that involved the master-developer and the plot location but had nothing to do with us,” said Juwaad Beg, CEO of Al Madina Al Raeda Real Estate. “We were constantly pressing our case with the Dubai Land Department and to issue us with the No Objection Certificate for the sales programme. It was just three weeks ago that we had the final clearance from the Land Department.” But things had changed in the interim. The developer now estimates a 15% increase in their construction costs as opposed to what it would have been a year ago. “The initial plan was to cap the cost of development at around AED500 million, now it could be around AED550 million to AED560 million,” said Beg. “It also cost us by having our funds being blocked all through this period.”
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Ref.No: OF1209
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1,655 ft2
76 AED/ft2
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Call management
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management