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AED 702m returned to buyers of stalled real estate project

Tuesday, 28 May 2024 06:26

By ARN News Staff

@ADJD_Official / X

A court in Abu Dhabi has settled 822 execution files, worth AED 702 million, over a paused real estate project in the UAE capital.

The Abu Dhabi Judicial Department (ADJD) has ordered the deposits to be returned to buyers of the Wahat Al Zaweya Project and the property contracts to be terminated. 

The decision comes as the judicial body was tasked with settling disputes from buyers, whose money had been collected into an escrow account. 

The judicial body is also working on completing the second phase of settlement with 630 other buyers who had also filed lawsuits against the stalled real estate project.

ADJD was set up in October 2021 to settle disputes related to Wahat Al Zaweya and Wahat Yas projects, with the aim to ensure disputes are settled and funds are repaid.

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