HURRAY! GOOD NEWS - 70% Refund on Paid Amount

[dubai_or_not]

Marwan Bin Galita, CEO of RERA confirms that the 70% refund is on Paid amount and not on the value of contract.

Interview in Arabic:

[ame=http://www.youtube.com/watch?v=PzIUnD8Il7M]YouTube - Marwan Bin Galita (right),CEO of Rera confirms 70% refund[/ame]

 

[opticool]

is this really true, and if so, do you think the same law could apply to Ajman RERA when set up in the future to protect any monies paid to many of these unscrupulous developers?

 

[desert dream]

I'm not so sure..
for the 70 % refund..you should have paid 30% of value right?
if u paid 10% down it does not count?

 

[badrah]

i've watched the vedio and he didnt mention any thing about the 30 - 70 % rule it's only writtin on the screen of the channel which RERA can easily discredit, he has mentioned so BLah Blah Blah about escrew account only.

 

[memo123]

Yes He, he didn't mention anything about the developers that have taken up to 70 % on the project value and there is nothing on the ground and also one year late , why cant they as RERA tell the developer go and play somewhere else and give the investors their money back in full. how long can an investor wait on his money ?
I read an article on our local news paper Bin Ghalitah is saying that many projects will be delayed to 2010 ! so if you have taken a loan against ur unit , you are ,,,,,,,,,,,,,,,. What about all the losses the investor is incurring , cost of money , opportunity loss, loss of interest on his money ....................etc.
why is the developer allowed to delay the project with no say for the investor . and hence why should the investor loose 30% of his money and have nothing in his hand to show for it ?
bla bla bla bla , talk is cheap action is needed. It is all one big propaganda to calm down dis-grunted investors