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Finance charges due to delayed payment

Discussion in 'Dubai property' started by aj01, Sep 29, 2008.

  1. aj01

    aj01 New Member

    My father delayed payments due to the lengthy delay on a project. He's being chased for the payment plus a 5% financing charge because they are saying completion will be in December.
    I've looked into the contract etc and have told him he's probably going to have to pay it but have been in touch with Vk to outline his situation and a schedule for remaining payments plus confirmation that completion is as advised before we release payment, given false promises in the past.

    Then today he receives a demand for remaining payment plus a 15% financing charge, otherwise they will cancel the contract.

    Anybody have any advice? Much appreciated
     
  2. cansaw

    cansaw New Member


    I suggest that you email RERA - info@dubailand.gov.ae - This is the Real Estate Regulatory Agency of the Government of Dubai and they will be able to assist you. Just note that their offices are closed until Sunday.
     
  3. aj01

    aj01 New Member

    Thanks, have reviewed other threads and realised that seems to be 1 route, if only to provide some leverage in the discussions with agent. Just wish the odds weren't stacked so highly against buyers, from all sides.
     
  4. cansaw

    cansaw New Member

    The Government of Dubai has implimentated RERA, for this reason - don't feel shy - they would like to hear from you & assist. Sorry to see that you a bit of a problem. New regulations now stipulates that Developers must provide docs that the development has been approved (plans), financials for the development is in place, and must start building within 6 months after launching the project,
    to prevent situations like this. RERA will strictly control it. You can also see on the RERA site if the developer & project is registered or not. That way your investment is protected.
     
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