one-year extension in payment schedules
Chapal relaxes payment for year
Publish Date: 2009-02-17 02:00:06 by Gulf News 2009
Dubai: Chapal, one of the leading freehold property developers in Dubai and Northern Emirates, yesterday said it will allow up to one-year extension in payment schedules by property buyers in the company's freehold projects in Dubai and Ajman.
"This announcement is part of 40 Years Celebrations of Chapal's business success. The relaxations are valid for 40 days. Existing clients of the company participating in this offer, may also receive further waiver of any penalty charges that are normally applied for late payments," the company said in a statement.
"Chapal's commitment and care for the community is at the forefront of our policy decision making. Noting the prolonged effect of current economic down turn on end user, we felt that there was a genuine need to support apartment and villa buyers in our projects," said Ahmad Chapal, Executive Director.
The extension in payment schedules will benefit thousands of investors and property end users who booked apartments and villas in Chapal's freehold projects in Dubai Sport City, Jumeirah Village Dubai, Emirates City Ajman, Emirates Lakes Towers (Ajman) and Chapal Flora Residences (Ajman).
Chapal Group
Congratulation to Chapal group upon completing the 40 Years in the industry, It would be better if they construct at list 20 floors in any single project in Ajman.
Hope they will deliver the aprtment timely, so investor or end user will no oblidged by the differ or relexed payment plan.
When these so called big groups will understand that performance will speak, and not artical in news paper or big hordings in the town.
Do something constructive, and remain faithful to the investors.
Chapal Group
I quite agree with Dwarish! Actions speak louder than words! Furthermore, Chapal should give all investors their Escrow account number to which all instalments should be paid. Only that way can they boast here in the UAE on this 40 yrs!
Otherwise, it's nothing but soundbites which we can very well do without!
Shareef
my opinion
in my humble opinion, Chapal does not believe in customer services, they just want to take investors money by luring them and showing big ads in news papers and then instead of spending that money on construction, they start another project and never care for old project, never shown any concern about delayed project, never cared for investor who trusted on them for temely completion.
as somebody told in their posting , they claim about their 40 years business but in this 40 years time.. never build even 20 stories of any project, anounced more than 25 projects but nothing completed on time..
they must think about customers not only about ways to take money from investors.
Hi Guys, I'm new here. I
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?
what is the extended payment
what is the extended payment plan
is this the concession they gave ?
does it mean you end up paying more or same amount but repayable over longer period ?
as for the difference between existing contract and new payment plan, with 1 yr more for them to complete in, its likely they are not going to complete in time, thus if you go for extended payment plan, then if there late no comp, in any event nothing to confirm they would give any comp even if late on original
PS whats the procedure to get the extended pay plan, ?
Revised Payment plan & New Visa rule
Chapal wanted to revise payment plan & change the contract for their own interest and not on the demand of investors as they claim. The purpose of whole exersise is to delay the projects without any valid reason. I feel that Chapal has already got more than 60% of the money from the buyers but invested in other projects instead of using on same project it was meant for. Since I have already paid more than 50% of the cost of my unit in Harmony, I refused to revise my payment plan and new contract that allows them to deduct 30% instead of 10% in case of refund. The progress of construction is not satisfactory. On my recent visit to site I found that building is raised upto ground floor level where as at least half of building structure should have been completed by now. I suggest all investors should not agree to revised payment plan that will provide them an excuse to delay the projects. The delay in projects will cause loss to investors much more than the benefit they will gain from revised payment plan and contract.
Since Chapal promised residence visa at the time of purchase, I also urged the management of Chapal on my recent visit to their office to take up visa issue with ARRA in the interest of investors & themself as well because non of their investors qualify for visa facility as per new law. The management told me that that they already wrote to concerned authorities, only Allah knows if it is true.
I also suggest to collect data of all Chapal investors to communicate and join hands to assert pressure on Chapal to fulfill their commitments and convince ARRA to review the visa rule and allow all investors to benefit irrespective of their property value if the Ajman government is interseted in maintaining their immage anf future developments. If agree, we should call for a meeting at any weekend and invite Chapal & ARRA to clarify the concerns of all members who had invested their hard earned money for that sake of better futur.