Heat on Indian investors in Gulf realty
A UAE court ruling has turned the heat on Indian high net-worth investors, who have defaulted payments to Dubai's Al Fajer Properties. HT reports.india Updated: Jan 17, 2011 23:41 IST
A UAE court ruling has turned the heat on Indian high net-worth investors (HNIs), who have defaulted payments to Dubai's Al Fajer Properties.
A large number of Indian HNIs, developers and exporters have reportedly invested in Al Fajer's commercial project -Jumeirah Business Centre towers at Dubai.
Realty analysts said that several Indian HNIs and developers had bought space into the Jumeirah Business Centre during 2007-08 when Dubai's realty market was booming.
Many of these have made part payments to the developer but have been withholding remaining payments after Dubai's realty market crashed during the economic crisis.
The minimum investment is estimated to be around $2-3 million (Rs 9 to Rs 12.5 crore).
The court's ruling allows the developer to take legal action against the defaulters that includes confiscation of property to recover its dues.