Dear Sirs
Since it is necessary now and it is an imposed law by the government that all installments should go into an escrow account where by the developer can’t make any use of the money, and can’t withdraw any of it unless he shows what he is going to build and use this money for which phase.
Hence, the investor plus the developer is not making use of the money laying there for more than six months while no construction is on site.
Hence
We all as members on this forum should sign a petition to all the developers where we all bought units or floors
That the payments are not a must every 2 ½ month or every 2 months or even three months , no each payments should be a must after finishing and only finishing a certain phase of the building , development or project . I don’t understand why should I pay 2 years in a dance and the developer has not put one brick in the ground , not even soil testing or pilling .
So we all should contest and ask for new rescheduled payment schedules where payments should coincide with finishing as I mentioned a certain phase and if the project is delayed the payments should also be delayed by the same period . Just as it is implemented here in my country, also if the developer promise a certain completion date, He will only adhere to this date if the government impose penalty fees for every day he is delayed. In addition, certain independent supervision from government should be on top of all the projects. I.e. are in continues dialogue with the project mangers for every development so no one can hide.
Only this way Dubai can really establish trust in developers small or big and the investor doesn’t feel he is being milked and abused with nothing in hand to show for all the money he or she are paying
I for sure sending three developers that I am stopping all payments from now on unit I see something on the ground.
As I recall one person asked a developer representative on this site about a certain development and the agent got vicious and rude and told him that only our customers get the latest progress reports of the project. So I pm d him and told him that I am a customer and this is my email send me what u got. It had been three weeks and I still do not have one picture. Let us put our hands together and stop this abuse