Delay in construction & New Visa Rule
My developer wanted to reschedule payment plans and make changes in the agreement due to so called financial crisis and anticipated delay of at least one year in completion and handover of the building. I refused to do so as I have already paid more than 50% of the unit price and still continueing to pay monthly instalments without delay. The developer has not provided escrow account despite assurance. The reason for delay in construction is not due to financial crisis but because the developers have invested buyers money in other projects out of their greed instead of using it on the same project that money was meant for. Moreover developers are not willing to take risk and pour funds from their own finances to complete the projects as committed. As per agreement the buyer may cancel the cotract but developer will refund the money less 10% only after the resale of the unit .
The developer had promised residence visa on behalf of the Government of Ajman at the time of purchase but the agreement stipulates that the visa is subject to approval of the authorities. The new visa rule is very disapointing for investors in Ajman as there is hardly any property worth a million dirhams. The people invested their hard earned money with confidenec and trust because they felt that their investments and intersts are protected by the government. After the the new discreminatory rule concerning visa and no prtection against the developers violating the agreements I lost that cofidence. Like me, there must be many more who will not trust and will ever think to invest again. Is there any way out or is there anybody in power to listen and provide justice and relief to investors who must have sacrificed the needs of their loved ones for better future ? I hope the government of Ajman would and should take serious notice and neccessary measures to regain the confidence of people if they realy want future developments and progress.