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I am not sure about the current market value of the property as there are not any properties which are being sold in the market. On the whole JVS is kind of a dead locality at the moment. there is not a great deal happening there and If I was in your position, I would definitely find out if the property is being constructed as per schedule?
I would be very apprehensive to continue with the payments, would personally visit the locality or get someone to pay a visit. If that is not an option then find out more from various forums and get up to date with the current scenario in JVS.
This project names appears in RERA list of cancellation of 200 projects . But the builder say's that this project will be constructed shortly & will continue. Further, he ask for more payment (Al Masah Real Estate). what should I do...
If the name of the project appears in the cancellation list of RERA, your suspicions are genuine.
I would recommend you to contact RERA directly and discuss the matter in detail. You can inquire if this project will be excluded from the cancellation list shortly and will be continued in future or not.
If they provide you surety that the project will be excluded from the cancellation list, you should definitely make payments on time. Otherwise the wise decision would be to save your money from turning into big loss.
If you have other queries, please feel free to ask any time.
We all know the current situation of Dubai real estate sector and in such circumstances, the cancellation of project poses to be a negative blot on developer's reputation both financially and brand image. RERA has canceled several projects that look unlikely ever to be finished and few developers out of them have also challenged RERA's decision to cancel their projects.
In response, RERA has to take notice of the petition to determine the project status and if the project fulfills the RERA's cancellation criteria, the project will be considered canceled otherwise developer can proceed the development.
In your case, as you have mentioned that project appears in the RERA's list of canceled projects, it is possible that developer has filed the petition against RERA and hoping to win the case and continue development. Therefore he must be asking further payments.
I would suggest you to inquire the matter completely before taking the decision of making further payment or not. If the case is filed and the status of project is ambiguous, you will not have to pay further, unless you will be sure about the proceedings. In other case, your developer does not have any right to ask further payments.
As Madiha has told you to contact RERA to get the status of project or seek legal help.
Hope things are clear now. Anything else that you want to ask, feel free to ask!