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Originally Posted by ikqureshi
I spoke to my contact at Al Attar yesterday. The project has been confirmed as delayed by up to 12 months. This is, as i posted before, because of alterations to the Master Plan drafted by Nakheel. What this means now is that i believe Al Attar should delay their payment schedules to coincide with these delays but i doubt they would. In my opinion, delays will mean a lot more properties will enter the market at the same time which could impact the re-sale price for those wanting to sell after completion.
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If we delay the payments, will they come back with reminders. For the last one and a half year, I neither got a reminder nor a thank you note for paying on time.
As per the agreement, if this delay is due to "Force Majuere" (infact it is), the delay in payments will be legitimate.