How to recover your money from a cancelled project in Dubai

My partner and I purchased a one-bedroom unit in Dubai in 2008. After paying approximately a third of the purchase price, the developer experienced problems with the project. We reached a settlement with the developer and agreed that the money we had paid will be transferred to another project of the developer where we reserved a studio apartment. However, we only signed a reservation form with the developer and not an offer to purchase. The second project has now been cancelled after several years. How can we recover our money?

The process of recovering any money from a cancelled project can be protracted and the purchaser will need the process adopted by Rera and the committee for the liquidation of cancelled projects to run its course. Once the cancelled project is with the committee, the purchaser should ensure that his or her details and claim are recorded with the committee so that he or she is included in the distribution of any proceeds upon the liquidation