Dubai's state-backed developer Nakheel is offering investors discounts of up to 30% on its units to tackle payment defaults in a move aimed at encouraging customers to pay their installments on time.
The deal is being offered on Nakheel's Jumeirah Heights Clusters, Marina Residences, Veneto and Badrah phases one and two projects and investors will be eligible for the deal if they are up to date with their installments and they continue to pay on time.
'Nakheel is aware that the current economic conditions pose a challenge to some customers and is, as such, introducing some initiatives to help customers meet their commitments and obligations towards Nakheel,' the company said in statement.
Emaar has recently relaxed payment plans for some of its property investors and private developer Deyaar said is slashing the price of its units by 30% to help struggling clients.
But attempts by Abu Dhabi based Hydra Properties to calm its investors who are furious about a two year delay on its Hydra Village project, have degenerated into anger with some investors being thrown out of the company's offices after a meeting ended in acrimony.
Hydra has been meeting groups of investors to discuss their position after sending out legal notices to some warning them that the company would seek to take repossession of units if outstanding payments were not paid.
A meeting earlier this week with one group of property investors appeared to go well. But another group was asked to leave the offices in Abu Dhabi when an argument broke out.
Hydra Village, a large residential community development in Abu Dhabi, has been delayed by two years and is due for completion in 2011.
