Quote:
Originally Posted by DAYFox
As in the contract is written they pay 0.5% a month of the whole amount of the money which was paid. That means for instance if anticipated completion date was March 2008 and finanlly handover is March 2009 wou will get 6% back of your investment!
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In my contract, the compensation only begins if the project is delayed OVER a year. What does it state on your contract, 6 months? I bought in Feb 2007, and the date of completion shows dec 31 2008, so only, if they go past december 2009, will I get my first payment in January 2010. I tried to argue with them about making it 6 months delay, not 1 year, but they would not budge. As with most things in Dubai real estate, we don't have much to stand on. I could either sign the contract or not sign it and potentially lose out on the deposit I had put down prior to signing the contract.