A group of investors locked in a dispute with developer ACW Holdings have urged its members to withhold further payments until installments are linked to construction.
Investors, many of whom have paid 80% of installments on properties, claim payment plans are still date-based.
ACW’s projects have not broken the ground and are experiencing severe delays.
Last month, Arabian Business reported that ACW investors had formed an action group, consisting of around 70 members.
Writing in the latest newsletter to ACW investors, Simon Brew, chairman of the group, said: 'We repeat our advice not to pay any more stage payments on any ACW developments until you receive a RERA-approved payment plan which refers to real building milestones and not just to calendar dates. We have not yet seen any ACW payment plan which meets this criterion.'