What happens when there are delays on residential projects in UAE?

With the implementation of Real Estate Regulatory Agency (RERA), can I now hope that residential project on which investment has been made will be delivered without any further delay?

Yes. In case of delay in completion of residential projects, the liability has been imposed on the developer to pay interest to the consumer. As RERA provisions necessitate 70 per cent of the project funds to be parked in a dedicated account, this will ensure that developers do not divert the funds to other projects thus safeguarding the interest of homebuyers