The Dubai Real Estate Regulatory Agency (Rera) denied rumours that the Dubai Lagoons project had been scrapped, said a statement. 

The project had been delayed and was a year behind schedule, which had sparked off the rumours, said a Gulf News report.

The Rera statement reassured investors on the project, which had been offered to investors on a 99-year leasehold. It was acquired by Schon Properties from its earlier 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," said Marwan Bin Galita, Rera chief executive.

"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," he added.

He also said that Rera had a plan in place to better monitor the construction of the Lagoons as it progressed.