RERA Rule - Developers to return 70% of downpayment?

[dubaizone]

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.

 

[nosstrand]

Hi there.

No clear answers, but this there is another thread about it in this forum

http://www.totallyproperty.com/dubai-property/10368-dubai-new-law-13-a.html

 

[Roshan]

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.

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

 

[TommyC]

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.

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