Dubai: The Dubai Lagoons, a project that is running more than a year behind schedule, has not been cancelled as rumoured, the Dubai Real Estate Regulatory Agency (Rera) assured investors on Tuesday.

Rera yesterday issued a statement reassuring investors against rumours that the project has been cancelled. The project, offered to investors on a 99-year leasehold, was bought by Schon Properties from its previous developers.

"The project, which was initiated before the launch of Rera, saw some delays. Rera, in its monitoring responsibility, had to respond to investors' complaints and safeguard their rights and interests," Marwan Bin Galita, Rera chief executive, said in a statement on Tuesday.

"Having been registered in the real estate developers' record, Schon Properties deposited the requisite amounts in its escrow accounts. Rera then had a list of all the investors of the Lagoons project," Bin Galita said.

Gulfnews: Dubai Lagoons has not been cancelled, says Rera