UAE: Nakheel presents revised budget for Discovery Gardens community

[LahoreEstate]

Leading Dubai-based property developer, Nakheel, has established a revised budget for its Discovery Gardens community following detailed review of suppliers and scope.

The new price has been arrived upon, together with Dubai's RERA (Real Estate Regulatory Authority), and gives a reduction of Dh.5 per square foot in service charges for homeowners.

The Managing Director of Nakheel Asset Management and Design (NAMAD), Abdulrahman Kalantar, mentioned that initially when the service charges were set for Discovery Gardens, it was based on the best estimates. Thereafter, after a long review, the company has taken advantage of recent reductions in the cost of goods and serviced and has made this reduction in overall service charge budgets.

The new low service charge rates will be back-dated to 1st January 2009, and any rebates will be credited against next year's service charges, effective 1st October 2009.

Following introduction of Strata Law in April 2008, Nakheel made required preparations to register the Owners Association with RERA, once the regulations are finalized by the Dubai Land Department (DLD).

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