Quote:
Originally Posted by metlofts
Hi,
Any advice would be welcomed.
We have bought a studio in Metropolis Lofts (JVS) and i think the developer is a company called UKCIG. Does anyone know how trustworthy UKCIG is?
We have currently paid 30% with a promise of a sales contract at 25% which i believe is normal. However, no contract has been issued with the excuse they are waiting for their Escrow account details before accepting anymore payments or issuing the contracts.
Is anyone else in a similar situation to this? My 40% payment has become due but my agent (Casa Dubai) say they will not request or pay anymore payments until the developer has their escrow accounts details.
Thanks,
Roy
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Roy,
Have you bought from the primary or secondary market ?. If it's from the primary market, most of the developers have a contract ready within the first month of booking. 2 such deals of mine had this kind of arrangement.
Some developers go by the booking form and a contract is given mid way through the project. 1 such deal of mine has this kind of arrangement.
I have not heard of this developer and might not be able to omment on it. But the approved developers list is put out by the real estate authority RERA. See if he figures in that list.
It could be that each developer has a particular way of dealing. Besides the above there is nothing much I can say.
Regards
Roshan
If your agent has not given