Home buyers on an Abu Dhabi development are being charged Dh150,000 (US$40,840) for a parking space. Investors in Hydra Avenue Towers, a six-building development by Hydra Properties on Reem Island, claim they did not learn about the charge until two years after making their down payments. "When you pay Dh2.5 million for an apartment, you would expect a parking space," said one investor who gave his name as Adil. Another said: "I'm not going to pay ... I'm upset by what they've done and the little recourse I have."
Investors in Hydra Avenue became concerned recently when they were asked to sign their sale-and-purchase agreement which contained a clause that said parking would not be included. They said the developer gave them 14 days to sign or risk having their contract cancelled. The investors said they were told by Hydra's customer relations department that they would need to pay a Dh150,000 fee before a parking spot was allocated.
Ahmed Khalil, the commercial director of Hydra Properties, said the original agreement did not stipulate that parking was free. "None of our customers have been promised a parking space for free. If a customer wants a dedicated parking place, this comes at a price," he said. The row comes as a group of investors are preparing legal action against Hydra to recover money they invested in delayed projects.