Congratulations. Crystal Residency Project is Registerd with ESCROW

Dear All,
At last, Crystal Residency Project is Registerd with ESCROW account. This was told by Palm and when i visited the Arra site, i found the record on Serial number 139

http://www.arra.ae/english/images/pdf/Projects%20with%20ESCROW%20-%20English%20(v10).pdf

139=Crystal Residency= Emirates City=Bonyad Developers Limited=R Holding =Ajman Bank= 01-1005123-010

This is a good news in year 2010 and i hope that construction will start again covering all delay. They will definately start revised payment plan, so it is requested that we all should have a common and logical stand. I have paid 50% of my amount, what do you suggest how should i pay in future, if they start construction.
Anyways, best wishes for all of you and your loved ones.

Regards,

Sanan

so

what?

Don't run to them

You look in a hurry for payment!! You paid 50%. Ask how much they achived before you think about payment. Escrow account doesn't guatrentee anything. It doesn't mean that the building will be constructed. It actuallu means that the developer has a second chance to ask you for payment. So, be careful and use youyr money wisely. Good luck.

crystal residency

Do not rush for payment unless you collect all pdc cheques.
Also you must see whether they have started the project, moved equipments etc.
Payment should be done on instalment basis i.e floor wise.

don't pay sigle Dhs for them

We are all waiting for the units which is registered in ARRA nearly an year back and work is going on for last 4 years.

security

The Escrow account as far as I know means that a 3rd party holds the funds and will release them to the developer based on progress payments. So if you pay into Crystal Escrow, the money does not go to the developer directly, they bank will release the money only if they have achieved certain progress with the construction.
The good news is that now there is a secure way of transacting.
The bad news is that we have already payed significant amount of money most of us 50% on faith that they will do the construction.

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