Down Payments

[timur]

Dear all,

I received a letter in my email dated 26.03.09 , from a real estate company of which I have a 1BR apartment (off plan) with. It was addressed from the company and is stamped and signed. It states the following:

" This is to inform you that we are in the process of preparing a new payment plan for the project. This is going to be based on the construction status of the project as per the directives of RERA (Real Estat Regulatory Authority).

We are waiting for the guidelines from RERA, and as soon as we receive them, we will advise you of the same. Meanwhile please note that no further payments are required from you for this project."

My last payment is now waaayy overdue. Mind you I am not complaining about not giving the next payment but I have no clue whats going on and they haven't got back to me yet. I have already paid around 3 payments worth nearly 300,00 Dhs to this developer. I really don't know what to do now. I am wondering if there is any way to get your money back. Has anyone received something similar from their developer?? Does anyone have a clue whats going on?
Please advise in anyway.

 

[timur]

Hi U.A.E lawer,

Do you know what is the best approach to tackle this situation? Do i just wait?

 

[timur]

no its global royal tower

 

[dubainvestor]

Dear Timur,

Is your property related to Elite Residence or something like that?. Rgs UAE Lawyer

Hi UAE Lawyer,

We were just looking on the forums and noticed your post. We have 2 apps in Elite 6 and a few weeks ago we heard from their attorney threatening default, but we responded to say we would not pay anything until a new construction linked payment plan was in place as per RERA guide lines. We have not heard anything back, but as you mentioned Elite in your post, do you know if they are in the process of arranging a new payment plan. Or better still, is there any way we can get out of the contract and get our money back, we do not trust Triplanet at all.

Regards.

 

[Pint of Guinness]

Dear Timur,

Is your property related to Elite Residence or something like that?. Rgs UAE Lawyer

Hi uaelawyer,

I am having similar problems with my developers - only this construction link payment plan works in their favour as we used to have a 65/35% payment plan (we pay only 65% up to completion and 35% spread over 4 years after completion). Now, they have decided to completely change our payment plan so we have to now pay 100% by completion - something we never factored into the cost of our apartment as we were going to pay the remaining 35% out of rental income after completion.

Can they just change the payment plan as they please?

Thanks