The goal of the new efforts to maintain the relationship between theÂ developers and buyers is to allow people an extension to arrange money or reschedule their payments, according to the officials.
Already some cases of payment default have been registered, but until now agreements are not terminated. A few developers, such as Emaar and Nakheel are offering flexible payment options to investors, with the global economic downturn making it difficult for investors to pay mortgages on time.
According to the Land Department, the decision of any extension or rescheduling is taken on a case-to-case basis and usually a “reasonable” time is granted to buyers for arranging the money. The Land Department is also finalising the regulation aspects of laws already introduced â€“ such as Law No 7 of 2006 concerning land registration, Law No 13 regulating the interim real estate registration and Law No 14 of 2008 on mortgages.