Tanmia Program - to revive cancelled real estate projects in Dubai
Dubai enjoys a plethora of investment opportunities, the majority of which may be legally navigated with relative ease. Property investments, as well as sale and purchase transactions, practically proceed in accordance with the requirements imposed by the Dubai Property Law which provides for registration of projects, approval of escrow accounts and involves strict financial reporting. Although it is not uncommon to encounter slight discrepancies in application, for the most part, the property regulation structure provides security and well-documented procedure under which recourse is fairly clear cut should any difficulty be encountered.
However, what happens in the instance of investment under an altogether different set of circumstances, where the possibility of return on investment may be improved owing to prior circumstances which render the opportunity less attractive to the ordinary investor in respect of projects which, but for the circumstances surrounding their status, would see potential return and development at a competitive rate. Projects that have already encountered complication and have been enrolled at the Dubai Land Department (DLD) may now be resuscitated by investors willing to navigate a previously murky passage that is now becoming ever clearer.
Enter Tanmia, an initiative of the DLD established as the Real Estate Investment Promotion and Management Centre to provide a platform for investors and developers alike to seek opportunity in the form of incomplete projects of varying degrees that have encountered difficulty and have subsequently been cancelled.
According to the DLD website, Tanmia is geared towards boosting confidence in the real estate sector by facilitating the registration of developers as well as the funding by investors against those specific projects falling under their ambit. Tanmia accordingly acts as mediator between the developer of those registered projects and potential developers as well as investors that are interested in buying or investing in such projects.
Tanmia Program aims at boosting confidence in the real estate market by focusing on incomplete projects under all categories and addressing public or private entities to benefit from them.
The Land Department will showcase the projects to interested new developers, who are willing to enter the rising real estate market of Dubai, in case the Developer is approved by DLD, the Real Estate Investment Management and Promotion Center will supervise the transaction. Link
However, what happens in the instance of investment under an altogether different set of circumstances, where the possibility of return on investment may be improved owing to prior circumstances which render the opportunity less attractive to the ordinary investor in respect of projects which, but for the circumstances surrounding their status, would see potential return and development at a competitive rate. Projects that have already encountered complication and have been enrolled at the Dubai Land Department (DLD) may now be resuscitated by investors willing to navigate a previously murky passage that is now becoming ever clearer.
Enter Tanmia, an initiative of the DLD established as the Real Estate Investment Promotion and Management Centre to provide a platform for investors and developers alike to seek opportunity in the form of incomplete projects of varying degrees that have encountered difficulty and have subsequently been cancelled.
According to the DLD website, Tanmia is geared towards boosting confidence in the real estate sector by facilitating the registration of developers as well as the funding by investors against those specific projects falling under their ambit. Tanmia accordingly acts as mediator between the developer of those registered projects and potential developers as well as investors that are interested in buying or investing in such projects.
Tanmia Program aims at boosting confidence in the real estate market by focusing on incomplete projects under all categories and addressing public or private entities to benefit from them.
The Land Department will showcase the projects to interested new developers, who are willing to enter the rising real estate market of Dubai, in case the Developer is approved by DLD, the Real Estate Investment Management and Promotion Center will supervise the transaction. Link
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