DUBAI After an eight-year-long wait, property owners in Golden Mile have started receiving their title deeds.
The move comes after developer Nakheel and Kuwait firm IFA Hotels and Resorts resolved a longstanding commercial dispute which had led to the closure of the Riva Beach Club and the sandy area outside residents’ homes declared out of bounds.
IFA was a sub-developer of a number of properties on the Palm Jumeirah trunk including Shoreline apartment buildings Al Haseer 7 and Al Nabat 8.
Handover
Buildings 1, 2, 7, 8, 9 10 were handed over to owners in 2009 and buildings 3 and 4 in May 2010. In the subsequent years, buildings 5 and 6 were also handed over. However, without formal proof of ownership homeowners could neither sell their property nor let it out for rent.
Susan Dinor, board member, Owners’ Association of Golden Mile, said residents are happy with the development and are now coordinating with Dubai Land Department (DLD) to secure their title deeds.
Big relief
Canadian expat Clive Geisler, who owns seven apartments here, said the move has come as a big sigh of relief.
“Without title deeds, it was seemingly impossible for us to rent the apartments or seek electricity and water connection. We had to make several trips to DLD for special permission in this regard. Thankfully we are done with that now. So far, I have managed to get title deeds for three of my eight apartments. It is a good start and I am hoping to get the title deeds for the remaining units in the days ahead,” she said.
Another resident said he has cleared his service fee dues and is now waiting for the title deed for his one-bedroom apartment. “Whether it’s the rent contract or utilities, you need a title deed for just about everything,” said the Indian expat who purchased the property in 2011.
The title deed is the only legal proof of ownership for a property investor in Dubai. Without a title deed a property investor is not considered to be a legal owner in Dubai. Title deeds are required not just by banks and utility service providers, but also the Department of Naturalisation and Residency Dubai (DNRD). According to a lawyer, in the absence of a title deed, any property transaction can be considered null and void. in the eye of the law.
