ESCROW ACCOUNT
Although it is a very good initiative from Ajman Government, but the procedure/action should be very quick to RESTORE THE INVESTOR'S CONFIDENCE in EC.
Generally,the money deposited in ESCROW ACCUONT is held by third party who will release the money to the developer/contractor based on the construction progress.
Now let us see the following real scenario.
1- There are a majority of people who have already paid atleat 50 % of the total amount whereas the the construction is between 0-10 % ( lucky people, please excuse us). Why to pay more if the construction level is not reached upto the justified level.
ARRA should compel the developer to start and deliver the project as per the schedule. Then only they can ask us to deposit the money to ESCROW account.
2. What about the projects which are being constructed/developed by R- Holding itself ? What about the infrastructures ?
3. Some of the projects which has already reached through mid way (10-15 storied) are expected to be finished by the end of 2009. How the ARRA guarantees that the infrastructures will be ready by that time so that the residents can occupy thier apartments.
3. Can they allow us to hold/delay the payment if the construction is not started yet, or it is just at the foundation level?
Good question
Salaam Arshad....
Good question....it would be nice if you could email ARRA and ask them this question and let us all know their reply.....
Maybe other resident members can help us by talking to people at ARRA directly on the phone and ask this question.