Escrow account and Chapal developer
Has any body got recent updating on Chapal who are obliged to open Escrow account in Ajman? All efforts to get direct answers from Chapal are to no avail, which shows that they are neither serious nor ready to comply with Ajman government's rule and laws. To date, Chapal have not done so! Nor is there any real noticeable progress on the ground for their much publicised projects in Ajman.
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Same typical response....of one who does not have answer!
Every time contacting them, they reply with their standard response that they will communicate to us ASAP and to use crm@chapalworld.com for correspondence!
The latest update I got from them is today, and the same typical response above.
Regards,
Yaagoub
received extended payment plan for Legacy
Hi Guys,
I'm new here.
I have also received extendended payment plan but I noticed they want me to sign a revised contract which adds a further 1 year to completion date.
I spoke to Chapal and they said I should sign it. I said what if i don't sign it, they said then i have to continue paying according to my current payment plan and if they don't deliver according to the contract then i'm entitled to compensation or refund depending on the law at the time.
I'm confused what to do?
Whatever you chose, though,
Whatever you chose, though, you must not pay directly to them but to the ESCROW account. That is the main point.
RARA rules is simple
I have devided not to sign contract and will deposit money in escrow account as per value engineering, this means that I will deposit into RERA account once they will finish building upto 30 level that will cover the cost of 50% which I have already paid to them.
Remember full stuctural cost covers only 40% of total value of project and remaining 60% cover internal fitting and fixtures.
I wouldn't advise signing
I wouldn't advise signing the extended payment plan, it contains a lot of small print that changes the contract heavily in their favour. It takes away the clause that requires them to pay interest if the project is not completed on schedule, reduces the amount they have to pay you back if you cancel, and a bunch of other stuff.
Escrow account and chappal world
I refused to sign revised payment plan and amendment to original contract because I do not want to give them excuse for unjustified dealy in completion. They should provide escrow account for futher payments. I agree with Mr. Shallwani that building should have reached to 30 levels as most of the buyers had already payed more than 50% of the cost. I also urge all members to assert pressure on the Chappal admin. to take up visa issue with the ARRA as they committed at the time of sale and was printed on their brocheurs.