Hydra told to limit payments to below 50% of unit's value

Hydra Investor Group (HIG) has asked Hydra Properties officials not to ask for further payments from investors who have paid 50 per cent of the unit's value.

"We want to work with the company to complete this project. We have asked them not to force people who have already paid 50 per cent of the value of the property," Graeme Perry, a spokesman for the Group, told Emirates Business.

The group, which met Hydra officials' yesterday, said they asked the company to review the contentious clauses in their contracts and take steps in reassuring the confidence of investors.

"The attitude of the company too is changing – now they are willing to talk to us as a group rather than as individuals. We want them to reassure investors by taking positive steps so the market perception of the company changes."

Hydra has reassured the group that the project will be completed and their grievances will be put before the board of directors, Perry said.

On Monday, this newspaper reported that Hydra had issued legal notices to some investors in the Hydra Village project saying their property will be re-acquired by the developer and the amount paid to reserve the units by the investors will be forfeited if they fail to pay their outstanding dues.

The completion date of the project has been pushed back by two years.

Ahmed Khalil, Hydra's Commercial Director, had said the firm deals with investors' on an individual basis and not as a group.

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