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Sky Vision Realestate
PO Box 252364
Dubai, U.A.E.
Telephone/Fax:
Office No: +971 4 3468500
Fax No: +971 4 3468400
Email Address/Website:
info@skyvisionrealestate.com
www.skyvisionrealestate.com
 
     
 

Having its headquarters in Dubai, Sky Vision Real Estate has stepped into Dubai's realty with undeterred determination to deploy its dedicated professional management team to cater to the needs of the clients, be it an individual or corporate, local or international. With a sound financial foundation and reputed management stature of its parent company. Sky Vision Real Estate  has already made its presence felt in this arena, locking horns with major stalwarts operating in the region, dealing independently with EMAAR and other governmental agencies.

Sky Vision Real Estate  offers freehold properties to suit all types of lifestyles and budgets, backed by a team of real estate professionals. So whether you are looking for luxurious villas, deluxe apartments, building plots or even after sales service, our team can satisfy your requirements, bringing your dream to fruition.
 
 
 
The Dubai Land Department will release an amended Article 11 of Law No13 that regulates the Interim Real Estate Register in the next two weeks, introducing new provisions for cancellation of contracts, a top government official said. "We will release an amendment to Article 11 in the coming two weeks. It is something good for the market as it is more comprehensive and detailed," said Dubai Land Department's Director-General Sultan Butti bin Mejren. In November last year, the department issued an internal administrative circular whereby it gave the interpretation of the meaning and practical application of Article 11. According to the department circular, in case of a termination of an off-plan contract, the developer may retain 30 per cent of the contract value with the rule (30 to 70 per cent of the amounts paid) and shall be applicable to the amounts exceeding 30 per cent. Moreover, in case of the contract termination, the developer of a property is entitled to retain the amounts paid by the buyer until the real estate unit is sold. According to Law No13, Article 11, a developer should inform the Land Department if a buyer breaches the sales contract. The department will then notify the purchaser in person or by registered mail or e-mail and give him 30 days to fulfill his contractual obligations. At the end of the term the developer will have the right to cancel the contract and refund the sum paid by the buyer after deducting an amount not exceeding 30 per cent of the total value of the unit. Although Mejren declined to give details of the amendment, he said: "The revised article will set new grades for properties and developers. It will be more than 30-70 rule, which is now applicable." Axel Jacob, a legal consultant with Fichte & Co, said: "It's no surprise that the government is now preparing an amendment to Law No13, which assumingly will bring the law closer to Real Estate Regulatory Agency's position as expressed in its circular." He added: "Hopefully the amendment will not only take developer's interests into account, but also the interests of investors, whose confidence is what requires a boost in order to help the real estate market to pick up again. "The amendment has been tipped to be more sophisticated than the circular, and it would be helpful if it took into account different stages of construction progress and possible defaults on behalf of the developer in evaluating the applicable penalty amount."
   
 
 
 
 
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