View Single Post
  #324  
Old 18-05-2008, 03:04 AM
Roshan Roshan is offline
Moderator
 
Join Date: Jan 2008
Location: Dubai
Posts: 781
Default

Quote:
Originally Posted by Sixgun View Post
I think that what investors can be comforted by, is that the eyes of the whole world are on this development, and no matter what happens to individual developers, Dubai government/family, will not allow this project to falter and have gaping holes in the over-all plan. Even if they have to step in and finish the buildings themselves, they will.
If anyone is unlucky enough that their developers disappear , I'm sure that the worstcase scenario would be an extended wait, and hassle, but it will be surely handed over to them at some point in time , intact.
Dubai hierarchy are very proud and stringent, and would not tolerate the "bad press" for the relatively meagre amount of keeping honest investors safe.

Am I just looking through Rose-coloured glasses, or does this make sense???.
Absolutely right. Dubai Govt will not allow any bad press to fall on it's developments. They have spent billions of dollars on marketing Dubai and will not allow it to fail. At the same time, they cannot get involved with each single project and hence RERA is assigned the task to ensure that no defaults take place on developments. Developers running away is no longer applicable.

Regards

Roshan
Reply With Quote