| Re: Law Concerning Guarantee Accounts Of Real Estate Developments In The Emirate Of D -
06-07-2008, 06:43 PM
Desperado Thanks for this valuable piece of infor4mation. Particularly Article 17 caluse b where a developer is asked to commence sonstruction work in 6 months. Unfortunately, self has purchased an off-plan property in Jumeirah Village South, the developer's rep at the time of sale said the work is continued and project will be completed in March 2009, but I have recently found that the project has not even started. The worse thing is that the developers insist on payments saying that construction is not related to payments.
This problem is serious as nobody wants to pay 40 to 60 % of the price when construction has not even started. I am not a solicitor but I believe that any court of law will not favour the developer for demanding payments upto 80% even though very little or no construction has been done.
The situation gets even worse when developer does not even want to reply you querries. |