Browse
related articles
Dubai issues new payment rule
- United Arab Emirates: Wednesday, December 31 - 2008 at 11:27
Dubai's Real Estate Regulatory Agency (Rera) has issued a new rule which says developers can collect no more than 20% of the cost of a property from a buyer until construction begins, reported Emirates Business. 'We have sent out letters to 100 developers - as well as having meetings with them and lending banks and institutions - telling them to take payments from buyers worth only up to 20% of the contract value,' Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told the daily. Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule.
Also consider reading:
Today's top stories
Week's top stories
Facebook
LinkedIn
Digg
Browse
related articles
- » Japanese contractors 'owed billions'
- » Oman Air warns Boeing on Dreamliner delays
- » Value of ongoing and planned real estate projects for Saudi Arabia estimated at $586bn
- » Abu Dhabi National Hotels achieves 27.8% profit growth
- » The Duke of York formally opens Marco Pierre White Steakhouse and Grill and Frankie's
Jeff Florian, Senior ReporterWednesday, December 31 - 2008 at 11:27 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Thu Jan 08 2009.
Disclaimer:
The information comprised in this section is not, nor is it held out to be, a solicitation of any person to take any form of investment decision. The content of the AMEinfo.com Web site does not constitute advice or a recommendation by AME Info FZ LLC / Emap Limited and should not be relied upon in making (or refraining from making) any decision relating to investments or any other matter. You should consult your own independent financial adviser and obtain professional advice before exercising any investment decisions or choices based on information featured in this AMEinfo.com Web site.
AME Info FZ LLC / Emap Limited can not be held liable or responsible in any way for any opinions, suggestions, recommendations or comments made by any of the contributors to the various columns on the AMEinfo.com Web site nor do opinions of contributors necessarily reflect those of AME Info FZ LLC / Emap Limited.
In no event shall AME Info FZ LLC / Emap Limited be liable for any damages whatsoever, including, without limitation, direct, special, indirect, consequential, or incidental damages, or damages for lost profits, loss of revenue, or loss of use, arising out of or related to the AMEinfo.com Web site or the information contained in it, whether such damages arise in contract, negligence, tort, under statute, in equity, at law or otherwise.
It looks like you are using a Mac - check out our 
Web Feeds