Buyers of property in the delayed Hydra Village, a Dh2 billion (US$545m) housing project being developed by Hydra Properties on the outskirts of Abu Dhabi, are considering legal action against the company in an effort to either recover the money they have invested so far or have their contracts rewritten.
If the case goes to court, it would be the first major property dispute to be heard in Abu Dhabi where, unlike Dubai, formal property regulations are yet to be established.
The long-running battle between the Hydra Investors Committee, a group of about 350 members, took a turn for the worse after buyers rejected a revised contract offered by Hydra earlier this month.
In Dubai construction work rapidly develop that Dubai is international city of the world and most authorized companies come here and involving real estate business.
ReplyDeleteHydra Village Abu Dhabi