Property investors in Nakheel’s Palm Jebel Ali development have been shown a revised payment schedule because of the delay to construction.
About 400 homebuyers last month petitioned the developer to reschedule their payment plans because their villas are likely to be delivered four years late. They were shown the documents for a revised plan by Dubai’s Real Estate Regulatory Authority last week.
Under the new terms the next instalment, which was due on 1 April, has been deferred until the end of this year, while the remainder will be linked to stages in construction thereafter. A group of investors was shown documents confirming the new plan in a meeting with Essa al Mansoori, the head of the trust accounts section at RERA, last week.