Yes I I do hope the law changes as it has changed several times but to whose benefit? From where most genuine buyers (not the real estate players) are standing it is completely one sided and where the developer can keep the money even the 30 percent (even when they haven't constructed one floor) claiming it to be force majeure and "entirely out of their control they will continue to claim" and blame it on anyone other than themselves (that's how they are trying to get away with it). How could it be possible when all of them are blaming everyone else but themselves. They have not even provided any tangible proof ever what caused the force majuere to occur, not even the GFC can be used to protect them if that's what they rely upon and anything else is of their own making - (only and act of God no one has control over and that hasn't happened in the past 3 years, therefore they have nothing). They also ignored any contact with investors, ignoring anything to do with construction questions and progresss and ignored messages sent constantly, these are the complaints provided by investors and are common. This is where the law is open to interpretation and in hindsight is usually one sided as force majeure if it subsists for in excess of 6 months (and it did),all reasonable steps should have been undertaken to mitigate the effects of force majeure which didn't happen...unfortunately the developers are using this "excuse" as a band aid fix whenever it suits them and of course easy for them to keep 30 percent of monies paid. There was also a RERA regulation that if 20 or was it 30 percent was paid and no progress i.e. actual floors being constructed that no further monies were to be paid by the investor. Therefore no progress no money which is fair enough. This regulation was also supposed to be enforced by RERA. Genuine buyers have paid in excess of 30 percent in fact many thousands paid 75 percent and no progress occurred. No buyer is going to continue to pay when they know they have paid out so much already without any progress, this is the only reason why a genuine investor would stop paying and they have every right not to continue. Genuine buyers will always pay up if there is sign of work commensurate to the monies paid but there hasn't been and that is clearly indicated in the media. In these many and majority of instances it hasn't been the case and the developer has ignored the genuine investor all the way through, these are not real estate players but people who have mouths to feed and to pay the banks where they borrowed after having been coerced into believing all was safe in Dubai and that the project would be completed by that date. These developers know they are to blame the reason why they have kept silent and not answered any relevant enquiries as there there is no money, they even refuse to provide by law the escrow statements to each individual when they have been asking until the cows come home - their requests all ignored. RERA don't want to know either so who is really protecting the genuine investor in all of this one has to ask? This is not about real estate players, this is about protecting the real person tied up in this mess and where the authorities should be doing something about it immediately, including enforcing laws of protection immediately and actually doing something about them without the buyer having to go through hoops only to lose more monies just to try and get justice just because these laws are open to interpretation. Laws should also be interpreted correctly and this game play should stop! One also has to ask themselves why is it when buyers hadn't paid up they were in constant contact, all very nice and could be so accommodating, would respond immediately, but when the deposit and the installments paid total ignorance and yes there are many investors who paid upfront the lot or at least 75 percent of it all so where does it leave all these people - are they real estate players and deserve this - it's stealing money and all this is allowed? All this is all too common and that is what really is happening out there and there has to be a stop put to it all. The authorities have had 3 years (perhaps more) to do something about it and nothing but one sided laws are enacted.
