Al Fajer plans action against JBC defaulters
Dubai, January 16, 2011
Al Fajer Properties, a leading real estate developer in the UAE, is set to take legal action against customers who have defaulted on payments at its Jumeirah Business Centre (JBC) towers in Jumeirah Lake Towers community.
The announcement comes close on the heels of the company winning a landmark ruling in a significant legal case in the UAE courts.
In the ruling the judge had ordered a defaulting customer to pay 40 per cent of the contract price to Al Fajer for defaulting on payments for their delivered properties in the JBC towers.
A company spokesman described the ruling as a turning point for all developers in the UAE who have delivered on their properties.
'The ruling is in line with the sales and purchase agreements that are signed in good faith by the customer and the developer under UAE laws. At Al Fajer we believe in win-win situations for both customers and AFP but customers have been misled in to believing they do not have to meet their contractual obligations,' the spokesman added.
Al Fajer was the first developer in Dubai to offer a five-year payment plan and up to a 40 per cent discount on its properties. The company has completed and successfully handed over five commercial towers in JLT thus meeting its stated obligations.
It has also completed these projects in record time by constructing the projects on an accelerated pace of a five-day cycle per floor, the spokesman said.
“We have gone out of the way to help customers cope with the difficulties they were facing by offering unique discount offers,' he remarked.
'We have met all our commitments and contractual obligations to customers despite the tough environment and it is disappointing that some of our customers aren’t meeting their commitments and contractual obligations,' he added.-TradeArabia News Service