These are the names of the initiatives taken by the Dubai Land Department: Tayseer and Tanmia. These will help in reviving the real estate market in Dubai.

Tayseer will help financing through local banks while Tanmia will target getting more investments through rejuvenating the stalled projects. The latter is an initiative by Real Estate Investment, Promotion and Management Center—REIPMC.

Tayseer will help the buyers of many unqualified projects with financing. The qualification process is a long process that involves identification of a project by the DLD.

The projects are then subject to be qualified by the government. Government has its own criterion for qualification like it considers only those projects, 60 percent of which is already sold at the time of identification.

It should further be 60 percent complete in its construction process; rest construction be going on at the scheduled pace in conformity with the Real Estate Regulatory Agency approvals. There are also other factors like a reliable contractor who could guarantee a timely completion of the project.

The government backs local banks in financing the purchasers of the property. The Dubai Land Department (DLD) signs deal with the local banks to this effect. The purpose of this financial backing is to ultimately get the projects accomplished timely.

Seven local banks have signed agreements in this context so far. As many as 40 projects have been qualified under the initiative and have been registered as phase-one initiative. Some 215 investors have taken benefit from this scheme so far.

There are some 26 projects that are being considered for approval. The projects are illustrative of what thrust the government has been giving to the repairing of the losses, the Dubai real estate has suffered since the global financial crisis struckDubai adversely.

Though the procedures involved in the Tayseer and Tamnia initiatives are long, the long term effect of these well-stressed schemes is expected to boost the market soon.

It is also expected to help the market fight the challenges brought about by depreciation of rupee against dollar. The latest developments in this regard indicate NRIs (Non Resident Indians) may seek investment in their homeland as the properties there will cost less to them.