Tuesday, March 10, 2009

RERA Law - Copy




Dear Investors,

Please find below the SCREENS of LAW with RERA regarding the Property Sale in Dubai.

Please refer article # 11 Point No 2 - that clearly stipulates that a DEVELOPER can only keep 30% of the PAID Value. Again - there are already several confusions with this law - but still worth to know as an investor.



Thanks and Regards,
Posted by Dubai Investor at 3/10/2009 03:22:00 PM

6 comments:

  1. aebMarch 10, 2009 at 7:53 PM

    i think your demands were very reasonable and if the developer is not being helpful maybe rera is our only choice!

    ReplyDelete
  2. AnonymousMarch 10, 2009 at 9:57 PM

    Would someone have a copy of the escrow agreement relating to the escrow account on which our monnies are hold? I am a royal estate investor and also a business lawyer in Paris an I would like to check if any article of this agreement could be helpful. Thanks in advance.
    Frédéric BERNARD

    ReplyDelete
  3. AnonymousMarch 10, 2009 at 11:03 PM

    This is very useful. the clause 11 clearly say 30% of paid monies i.e. they can deduct 30% of 15% that we have paid. we were led to believe that the developer can retain 30% of the total property value which obviuosly is not true

    ReplyDelete
  4. UnknownMarch 15, 2009 at 2:26 PM

    This comment has been removed by the author.

    ReplyDelete
  5. UnknownMarch 15, 2009 at 2:54 PM

    I agree with the Bloggers to demand for refund of the monies paid.

    ReplyDelete
  6. Rajeev GuptaAugust 28, 2011 at 2:23 PM

    As now on 27 August 2011 no construction except for the town houses are going on ,and last date of the handover is already over ie.December 2010.The developer is obliged to pay all the money to the investors.

    ReplyDelete

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