Dubai Property Marked 'Under Cancellation' After 19 Yrs

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A real-estate project in Dubai Investment Park (DIP) was recently marked 'under cancellation' after 19 years of its launch, shocking Dubai residents who had invested in the project.

Schon Properties launched the real estate project in Lily Zone at the Dubai Lagoon site in 2005. The Dubai Land Department recently marked the project as 'under cancellation', shocking investors who had dreamed of having a home in the community for 19 years.

There are at least 111 buyers who have been waiting for the past 19 years for the completion of this project or a refund for their investment.

The first phase of construction was set for completion in September 2007 and handover by 2008.

However, the mixed-use development experienced various challenges including financial difficulties and stakeholder disputes, which led to failure to meet the deadline.

After years of investors being left in the dark, the Dubai Land Department and the Real Estate Regulatory Agency (Rera) intervened and handed over the project in Lily Zone to Xanadu Real Estate Development to complete the project.

However, the new company's promises to complete the project within two to three years did not come to fruition.

The project's status was initially updated to 'cancelled' on the Dubai Rest app on Oct. 6 this year, but it was marked 'under cancellation' on Oct. 22.

Dubai Property Marked 'Under Cancellation' After 19 Yrs

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Dubai Property Marked 'Under Cancellation' After 19 Yrs

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