Quote:
Originally Posted by Roshan
ESCROW is on big time. Developers will no longer be able to screw around and dodge developers.
From what I heard from RERA is "Do not pay if there is no Escrow. Payments will have to go into a trust account".
I spoke to my developer and he emailed me a letter which looks more like a RERA approval and insisted it's a letter for ESCROW compliance.
WATCH OUT : The developer usually tries this trick and one should not fall for it. I just asked him to provide the Trust account number if he says that he is Escrow compliant. Again, he will confuse you with the RERA registration number, ask him which bank you have the trust account.
I will be visiting RERA with my papers and I will post the details.
The time for Fly by night developers is out.
In time to come only licenced developers can buy land in Dubai. What was happening was investors used to buy land and flip and when land turns hand several times, automatically the cost of development goes up and the developer starts charging more to cover the overheads.
RERA might be a bit slow but they are on the job.
Regards
Roshan
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Roshan,
You are very correct, things will get even tighter, I have heared that RERA is in the process of implementing an inspection regime themselves to inspect the progress of construction and they will approve the money coming out from the Escrow accounts banks.
So if construction is delayed by even one month it RERA will be on the devleoper's case to know why construction is being delayed. Massive operation but very important .. what do you think?
REgards,
An Insider