4 years delay and not much you can do !!!?
If any one of us delay making a payment that is due to a developer / financial institution, we would have the cops hunting for us.
When Nakheel or Maan al Sanea (Saad Group) use OPM (other people's monies) and get away for years at length, we are simply left helpless. The moral of the story is if you wish to default - make sure that you are really big. If you owe the bank 50K, you're screwed, if you owe the bank 50 Million, the bank is screwed.
- 1 decade agoFavorite Answer
Being one of the so called "victims" of this issue I can easily tell you that the court has ordered Nakheel construction to pay back all buyers the money that had been paid for projects that have NOT started construction yet! If you have paid for any property and the construction has begun then you are simply allowed to NOT pay your installments until the end of the project.
This means that if your apartment or villa has yet to begin construction you are eligible to get a full refund from the company. Otherwise you are simply allowed to NOT pay until your building is done.
I know this for a fact as we had both situations in my family. We bought 3 apartments and we got a full refund since the construction hadn't even started yet, and we have 2 villas that had started but were on hold and we simply do not pay until the end of the construction.
This seems very unfair I agree but seeing as how most of these construction companies are governmental and not private it is the best they could do.
This issue is not in UAE only so you cannot blame the laws here. There are MANY projects world wide that get scrapped for a variety of reasons and are dealt with accordingly.
So again if your house is in the process of being built you have the right to avoid paying any further installments until the end of the project, however if the project has yet to be started (and by this I mean even pre building and making foundations) you are legally allowed to take this case to court and get a full refund.
As far as owing the bank 50mil goes, well they do not give personal loans to that extreme anymore, what they do is they will pay your installments and you will pay the bank :)
- Anonymous1 decade ago
I don't know the reason for your question/statement, I just don't understand. Whenever you buy property, you make a contract, right? This contract should state what happens when one party is not able to fulfill the conditions made. Don't you make payments for property through a solitair's account?
Where are people getting away with "OPM"?
Btw: what are your business plans doing and how is your wife?
If you have a loan for AED 50K (mostly based on your salary), yes you are screwed, but I never heard about a bank giving a loan for AED 50 Million without any securities. Therefore the bank can't be "screwed" in this case.Source(s): me
- fari447Lv 41 decade ago
You are 100 % right. People like us (expats), who are working hard to save something after many years of saving, dreams of having our own home get screwed by big developers, who just get away with our whole life savings as they have money and they have WASTA and connections with the influential people.
Its very sad.