Tanmiyat revealed today the details of a new payment plan for all of its developments in the United Arab Emirates (UAE) including flagship project “Living Legends”.
The new plan for Tanmiyat’s customers was drafted in consultation with several investors and sales agents to ensure the viability of the schedule. All payment timelines are benchmarked against construction milestones as per the latest RERA law. In developments like Living Legends, where villa construction is ongoing and will be completed at the end of 2010, investor payments are expected to be completed over the course of the coming year.
The final calendar of payment reflects the realities of today’s real estate market and allows both the developer and its clients the freedom to pursue a variety of solutions.
Dr. Wan Hasni, Advisor in Charge of Tanmiyat, said: “In May 2009 we advised all of our customers to stop making their payments as we were going to review the schedule of payments against the construction progress. Last month, we began communicating the revised, RERA-approved payment plans to our customers.”
“Our newly enhanced customer relations department caters to our customer’s requests and has been offering them guided tours of our construction sites. We’ve received wonderful feedback and we have many more satisfied customers willing to go forward with our new payment plan,” he continued.
Several investors have welcomed both the new plan and the added degree of transparency Tanmiyat has begun to introduce to the process.
“In the past, there wasn’t always clear communication to investors, but with the new management on board there has been a marked improvement,” said Shabir Suleman, owner of 70 properties in the Living Legends development. “I’ve been able to tour the site to view the status of construction, and I’ve seen firsthand the advanced state of the development.”
“I was one of several investors who were asked to review the new payment plan prior to its implementation, and I, personally, am quite comfortable with the new timelines that have been put in place,” continued Suleman.
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