New Payment Plan!

Yesterday - I recieved a new payment plan details for my REGENT park office at the Royal Estates Project.

The new offering seems to look like this:

Pay the remaining 85% of money in 90 Installments. In 30 months the construction is going to finish - and on handover (we would still have 60 months to go for the monthly installments) its our decision to take the monthly route or arrange for a MORTGAGE.

Who is this new thing serving. Investors - Definitely NO. Developer - Definitely YES.
Lets see how this NEW thing unwraps itself
1. I paid 15% of 1.4 Million - that comes to around 212K Dirhams.
2. Divided the 85% into 90 Months - that comes to around 13K Dirhams per month.
3. Then by the above plan I have to pay 13K for 30 months - that comes to somewhere 390K

If I consider my old plan
1. I paid 15% of 1.4 Million - that comes to around 212K Dirhams
2. I need to pay another 15% - that another 212K Dirhams - and thats it. I dont have to pay anything else till handover. Added to this Aristocrat people (all LIES) - told us that they would arrange a mortgage partner for us. Now the same people are telling us to arrange for mortgage ourselves.

The mortgage industry is going thru a rough ride now - and I do not expect it to get better in atleast 1 year from now. And again thats the most optimistic view. And how the hell they expect us to pay 13K per month for 90 Months - that is simply rediculous.

And why would I end up paying 180 MORE as per the new plan! I just cant get hold of this stupidity.

And Still the headlines of GULF NEWS on 6 Jan 2009 says - INNOVATIVE and ENCOURAGING Payment plan for PALISADES!!!

Things that go against PALISADES
1. They have not yet started a SINGLE thing at site - I had a site visit last Novemeber. Nothing has moved.
2. AS per RERA - all OFFSITE projects need not take more than 20% - and rest should be paid in accordance with the construction progress.

Do they know that NO Investor is going to take this option? Or they know that very well and want to knock off the project officially citing INVESTOR INTEREST WANING - theory?

Comments anyone?