Lilies & Lavender Towers - Aug 2010
I received this picture from R-Holding today.
Other friends can contact their developers and ask them about progress of their towers/buildings.
I think the reason of slow progress of some towers is stopping payments by buyers. Honestly i don't think this solution can help us. The developers can offer buyers a new solution for payments too, Because the buyers can't accept the current situation and so don't pay the installments.
We should find a solution for satisfying both sides, sellers and buyers.
Regards
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Comments
Transparency is the key.
Transparency is the key. The builders have to realise that the buyers have been sorely pissed off and not ready to invest more of their hard earned money into an uncertain project. The builders should come clean and take the investors into confidence by calling for a periodic investors meeting to review progress and strategy. Many investors are willing to cough up more money and support their projects provided they are told what’s happening with their money and what to expect. I don’t see this project going forward any other way, certainly not with my money.
Dear Sawajeed, I agree with
Dear Sawajeed,
I agree with Transparency. It can make confidence between buyers and developers.
Congradulation only 24 more floors to go
conrdaulation, only 24 more floors and another two to three more years to wait, what is the haste ;0(
Dear Admin
Just like to remind you that R Holding were suppose to deliver this project one year back and now they are asking us to finance their failure in achieving their promises
I understand your opinion
I understand your opinion and also i agree with you.
Just i said that for completing the project, The buyers and developer can agree for rescheduling the installments of first three year. I mean all installments that the buyers should pay not more.
It means that the developer should another plan for payment which receives all installments of first three year till completing the project , End of 2009.
I think many of buyers have paid for about 2 years, So the developer can receive just installments of 1 year remained. the installments of second three years should be received by developer after delivery.
The current situation is not acceptable. I mean the slow progress of the project.
What's your idea?
;)
Dear Oshurie, I agree with
Dear Oshurie,
I agree with you perfectly if the buyer have paid installments for 3 years.
But There are buyers who have paid 2 years or less.
According to the provision 6 of the "Agreement for sale and purchase of property" which is as following:
Default by Seller
If the Buyer has fulfilled all of the Buyer’s obligations of payment, and the Seller is unable to deliver possession of the Purchased Property on the Completion Date, then the Buyer may give the Seller a notice of termination of this Agreement, within thirty (30) days following the Completion Date, and if the Seller is not in a position to give the Buyer vacant possession of the Purchased Property within ninety (90) days of receipt of such notice, then the Seller shall refund all payments made by the Buyer, without interest, and this Agreement shall be terminated. If the Seller remedies the default within the said ninety (90) day period the date of the remedy will become the Completion Date and this Agreement will remain in full force and effect and the Buyer shall remain obligated to make all outstanding payments.
Regards
Lilie and Lavender towers
Dear Admin,
Thank you very much for the update and comments you made, I think the best solution and just solution will be for buyers to get brakes for the payments, why? for those of us who were paying regularly for the last three years and where committed to honour their contractual obligation, for R Holding to shift the completion date several times and keep asking payment to continue and not only that to ask increased payments is un fair to any standard. what will happen I think is that RHolding will get all their money before it is completed the both project. Where is budget plan 3years payment, pay 10% on completion and keys, then to carry 3yrs more year with increased payment as buyers are getting rentable appartments?.