Changes to Article 11 of Law No 13

[monsi]

New property law to address investors' concerns

A newly amended property law will introduce a “sliding scale” by which the size of refunds issued to investors for cancelled projects will be based upon how much construction has been achieved by developers.

 

[nictt]

This is apparently the sliding scale that will be used!...

Dubai Real Estate Alert: Dubai Law 13 Amendment Issued, Clyde & Co international law firm

New property law to address investors' concerns

 

[AjmanInvestor]

less than 15% constructed projects all monies must be returned

Dubai Real Estate Alert: Dubai Law 13 Amendment Issued, Clyde & Co international law firm

less than 15% constructed projects all monies must be returned

 

[romail]

less than 15% constructed projects all monies must be returned

These changes of articles are for time period only
i request to dubai government that to make an online application form for those who want to take refund.And dubai government should act seriously by asking all developers to refund peoples money right away otherwise people life saving "if vanishes" will have a deep impact in dubai future .

 

[AjmanInvestor]

I totally agree with you ONLINE COMPLAIN SYSTEM MUST BE THERE

These changes of articles are for time period only
i request to dubai government that to make an online application form for those who want to take refund.And dubai government should act seriously by asking all developers to refund peoples money right away otherwise people life saving "if vanishes" will have a deep impact in dubai future .

I totally agree with you ONLINE COMPLAIN SYSTEM MUST BE THERE, LIKE ALL OTHER COUNTRIES HAVE CONSUMER FORUMS WHERE YOU CAN GET YOUR CLAIMS FROM A CHEATING DEVELOPER, SELLER , SHOWROOM ETC FOR YOUR PURCHASED COMMODITY

 

[memo123]

So if a developer puts a fence around the plot and plays with the sand does that mean below 60% of the construction work and has the right to keep 30% of the money paid?
Such a vague term and utterly unfair rule.

 

[AjmanInvestor]

Investors and buyers graveyard ready now with new amended law

so if a developer puts a fence around the plot and plays with the sand does that mean below 60% of the construction work and has the right to keep 30% of the money paid?
Such a vague term and utterly unfair rule.

investors and buyers graveyard ready now with new amended law

 

[mpat]

is there any standard that decides about the percentage completion, some developers might say that we completed foundation and pasking and we are now upto first floor and that s why our 50 % construction is completed . . . Is that fair ?