I've bought a studio in GCV2. Haven't signed the contract yet. Have you? If you haven't, beware of the Initial Corpus Fund clause (8.3 I think), it's a killer! Included to cover the cost of a prize offered by the developer in a Gulf News subscription raffle!

No I haven’t signed the contract either but I only purchased a few weeks ago. So what is this Initial Corpus Fund, I guess that’s why I got it really cheap (£51000 on the 12th floor!). I suppose if it's in the contract we don’t have a choice and have to pay up!

I went to their office to ask them to justify the 20,000AED extra I suddenly have to pay on handover as a result of the new clause. They hadn't even prepared a bullshit answer and just fobbed me off with maintenance and emergency nonsense.
They also told me that owners without the clause will receive a letter one month prior to handover asking for the same amount, 50AED per sq/f. Welcome to the wild west where contracts are meaningless.
The whole thing has made me decide to get rid of it before handover, shame really; I was looking forward to keeping it.
So what did you buy? Studio or 1 bedroom, square footage?

I can guess why they will ask for the money 1 month before handover because they can then threaten to not hand over the unit if we withhold the amount. Also, every time someone re-sells their unit before handover the developer makes 2%, so they win each time. Like you, I might sell, but even if I pay the extra £3000 do you think its worth it because I only paid £51000 (as resale) for a 12th floor flat? I have seen studios on lower floors advertised for around £56000 in the last few days!
My unit is studio on floor 12. What about yours? Are you based in Dubai?

Reading the various gripes about Dubai property in all its aspects and having been here in excess of 25 years all I can say that as long as buyers are meekly accepting terms and conditions that are unfair, unreasonable and down right underhanded developers/brokers/estate 'agents' will get away with it. That's the same everywhere, but particularly now in Dubai.