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RERA Rule - Developers to return 70% of downpayment?

Discussion in 'Dubai property' started by dubaizone, Nov 10, 2008.

  1. dubaizone

    dubaizone New Member

    I heard that RERA has come out with the rule that all developers are supposed to return 70% of the downpayment if the buyer wishes to return the property back to the developer. I wanted to know if this is true? also i beleive this is only for the initial downpayment?
    Please share any information you may have on this as this would be a major development in terms of RERA regulations.
     
  2. nosstrand

    nosstrand New Member

  3. Roshan

    Roshan New Member

    The developer has the right to retain 30% and give back 70% or whatever additional down payments made.

    The investor stands to loose 30%.

    REgards

    Roshan
     
  4. TommyC

    TommyC New Member

    Another investor without mortgage? Join the mailing list now!!!

    investorslaw13 @ hotmail.com (remove blanks!)

    http://www.propertyforum.com/forum/...rslaw13-hotmail-com-remove-blanks-please.html
     
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