Quote:
Originally Posted by New_Investor
Q point called me and there's a new launch Phase III price starts at AED 1200 psqf ?!! this is totally ridicules, the original price was 600 psqf and currently on resale you can get a good deal of 750 - 800 psqf?!
this project was supposed to cater for the low and middle income class!! do you see the irony in this.
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Dear All,
What Al Mazaya and other developers do is that they launch the project with a certain percentage of units up for sale at a low price. Once that is sold-out and interest in the market about the project is growing they would release the second lot at a higer rate to get more money and the last lot would be when construction is complete.
Now to come to Al Mazaya, they are a reputable developer from Kuwait; however they have not yet delivered any projects in Dubai, they have alot of things going and alot of investeors money. To get the real picture from them or any other developer, ask them to see a completed or near completed project to get an idea about the quality.
Regarding Escrow, yes all projects are required to have escrow accounts so money get deposited in them. However, the concept of Escrow relates to releasing money to the particular project as the construction progresses.
The million dollar question is: Who is monitoring the construction progress and approving payments from the Escrow Accounts? Ask RERA and the escrow account managing bank???
Regards,
An insider