Wednesday, October 10, 2007

Cirrus Development- the first in Dubai to form a Trust Account, prior to announcing a single property

cirrus developments
Cirrus Developments, a leading Dubai real estate developer, has entered into a Partnership with Badr Al-Islami, the Islamic Banking Division of Mashreq, to form a Trust Management Account for the security of property buyers.

The Partners have announced an awareness campaign to keep the public informed about the new Emirate of Dubai Property Law (Law No.8, 2007) that offers protection for investors buying 'off-plan'.

Cirrus Developments holds the credit of being the first property developer in Dubai to have set up a Trust Account even before announcing a single property offering in the market. Also, Badr Al Islami becomes the first finance house to receive approval from Dubai Land Department to provide these accounts.

The account has been activated based on the new Law No.8 of 2007 that guarantee accounts of real estate developments in Dubai that came into effect in July 2007. The law aims to protect purchasers in off-plan transactions by creating trust accounts so that the installation payments are managed.

The Chairman & CEO of Cirrus Developments, Behnam Eshragh, said "As a developer, we volunteered to be part of the Trust Management account six months prior to the time when the law was passed. The new property law is welcome news for property buyers in Dubai. We aim to offer our best possible experience for our customers, and this is a mark of our commitment in this area."

No comments: