RERA projects construction updates in Dubai

source Go Wealthy

Almost three quarters of property developments in Dubai have made construction progress despite the economic slowdown, according to preliminary data from the industry's regulator. Of 552 projects, more than 72 per cent showed some construction progress, while 17 per cent were "stalled" and 11 per cent were "delayed", according to the latest data from the Dubai-based Real Estate Regulatory Agency (RERA), which is undertaking a study to map construction progress across the emirate.

The RERA launched a review of 1,108 off-plan developments in the emirate in February to try to increase transparency and trust in the property market. It has already completed reviews of about half of the total, according to its website.

The survey would help the RERA decide which projects fitted into which category,. Under the review, called the independent progress monitoring report, each project is rated from 0 to 5 for its construction progress, with 5 being complete. The RERA website displays a coloured arrow for the speed at which a project is moving along. A green arrow denotes the project is progressing according to schedule, while an orange arrow means the project is advancing according to a new schedule approved by the RERA. A red arrow means it is delayed and a black symbol means the project is stalled.