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Completion dates

Discussion in 'Dubai property' started by Wannaberich, Apr 11, 2008.

  1. Wannaberich

    Wannaberich New Member

    Isnt it about time developers were more realistic with completion dates?
    No project is completed on time so surely they should be made to compensate investors?This would give them more incentive to finish.
    For those who know the market know not to take any notice of a completion
    date given by a developer.However,many people,especially overseas
    investors simply don't know.
     
  2. Gashead

    Gashead New Member

    There already is an incentive to finish, penalties. But these are paid to the developer by the contractor and never passed on to the investor.

    Delays are set to continue for a long time yet as cement supplies continue to be a problem.

    Add a year to every completion date.
     
  3. Fanny

    Fanny New Member

    Two years late is nearer the mark with Lake Terrace at JLT!
     
  4. ironicman

    ironicman New Member

    Reply to DoBuy

    Hi DoBuy

    This is my 1st post as i have only just found this forum. I am currently making a purchase in Marrakech. My contract states that if the Developer does not deliver within 2 years of recieving the building permit then I can claim 1% of my purchase price for every month it is overdue. There is a 10% maximum penalty per year. I would obviously claim for the first 10 months and then claim again after 12months. Have I missed something or is it not me that gets this money? My legal representative hasn't told me that I won't get it if it is late being delivered. It seems to be an excellent incentive to the developer to get things done. I am also buying in Prague where the penalty is not so great and I am not even sure if the developer will even receive the build permit for that development. Regards.

    Mark
     
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