Builder promised delivery date by December, 2014 extendible by six months to June 2015 but it is now October 1, 2016, and the flat has not been delivered. This is despite the fact that 90-95% of the loan amount has been disbursed by financial institutions. Now banks have stopped disbursements.
Builder lies that work is going on. When buyers visit the site there is no activity. I visited the site in September. An employee of the company, an engineer, informed me the construction team at the site has not received monthly plans so there is no activity. Many engineers have resigned or been laid off by the company.
Last week the builder floated news that they are taking bridge loans from bank to complete project and work has restarted. Again it was a lie. Another buyer visited the site and learned the truth. No work!
I have heard the company has started new projects and is doing intensive marketing in Dubai. Be WARNED! This is an unethical builder!