There isn't any particular information available about this issue. But I have read Article 9 of Rule no 9 of 2009 amending provisions of Law No 13 of 2008 which states that:
a. in case the Developer has completed at least 80% of the project,
the Developer may keep the full amounts paid and request the
Purchaser to settle the remaining amount of the contract price. If this
was not possible, the Developer may request that the property be
auctioned in order to collect the remaining amounts due to it.
b. in case the Developer has completed at least 60% of the project,
the Developer may revoke the contract and deduct up to 40% of the
purchase price of the Real Estate Unit stipulated in the contract.
c. in case of projects where construction commended but did not
reach 60%, the Developer may revoke the contract and deduct up to
25% of the purchase price of the Real Estate Unit stipulated in the
contract;
d. in case of projects whereat construction has not yet commenced
for reasons beyond the Developer's control without any
negligence or omission on its part, the Developer may revoke the
contract and deduct up to 30% of the total amounts paid by the
Purchaser.
You may read it further at:
http://www.rpdubai.com/rpdubai/fg?f=DaFD6buDFunTim9885A7Nu9lzfurwomL1TSA5bIPpx74yZjn%2BrvF3H%2Bh%2BawxeTOw
(1 answer)
