Saturday, February 17, 2007

Emaar plans to ease out the purchase options for tenants

Further to the announcement made by Emaar Properties to the tenants at The Greens, regarding the selling off properties which are now under rental, Emaar has now sanctioned additional time period for the tenants to arrive at their decisions.

Last week Emaar had sent a letter to the tenants that they had the option of buying their homes before they are sold out to outsiders, though the time allotted for arriving at their decisions for just one week.

Following this announcement, about 120 residents signed and submitted a letter to Emaar requesting for re-consideration of its announcement, as majority of the residents were not in a position to purchase flats, and the time allotted to them to arrive at their decision was also small.

Now, a spokesperson of Emaar Dubai has stated that on further discussions with Amlak Finance, they have decided to ease out the purchase options for tenants and have arrived at a better option, which could prove more beneficial. As per the current option, a three percent discount on the earlier price quoted is being offered. Hamptons, who is in-charge of managing the purchases willl provide more details regarding the discounts.

Emaar has also announced that it is willing to waive off the property registration fee, wherever applicable, which will further reduce the financial burden on tenants. Now, the tenants are also provided with an option of approaching any other mortgage provider, if required, in case they do not wish to route it through only Amlak Finance, Dubai. Amlak Finance was offering the tenants the option wherein only the principal amount profit needs to be paid in four easy installments during the first two years. The Principal payments will begin only after two years, thereby reducing payments significantly in the first two years.

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