Bay Grove Residences Phase 2 Escrow Account

National Bank of Ras Al Khaimah (P.S.C.) holds the escrow account for Bay Grove Residences Phase 2, account number 0323*****6002 (the full number appears in the Escrow Details section of this page). The account sits under DLD project number 3631, which the Dubai Land Department registered on 04 April 2025 under the register name Bay Grove Residences B - Dubai Islands.

Instalments paid into the Bay Grove Residences Phase 2 escrow account are held by the bank and released to the developer only against construction progress verified under the supervision of the Dubai Land Department, not on the dates buyers pay them. The account is registered to project 3631, so every release is tied to that project's recorded works rather than to the developer's wider business.

The Bay Grove Residences Phase 2 launch payment plan is set by calendar date rather than by construction percentage: 20% on booking, six instalments totalling 50% dated May 2025 to January 2027, and 30% on handover in November 2028. That places 70% of the price before handover, while the Dubai Land Department register read 5.72% on 21 July 2026. Instalments stay due on the dates in each buyer's Sales and Purchase Agreement; escrow is what keeps money paid ahead of the works under supervision, because the developer draws on it only as construction progress is verified. Terms for a unit reserved now, including any instalments whose launch dates have passed, are confirmed in the reservation form and the SPA.

On 21 July 2026 the Dubai Land Department project register recorded Bay Grove Residences Phase 2, project 3631, at 5.72%, and the RERA inspection report of the same date found enabling and piling works progressing on site. With most of the building work still ahead, a large share of the price is scheduled before the works it pays for, which is the stage at which a DLD-registered escrow account does the most protective work. Each dated register reading is tracked on the Bay Grove Residences Phase 2 construction updates page.

No. The 4% DLD registration fee on a Bay Grove Residences Phase 2 purchase is paid to the Dubai Land Department at booking, alongside the 20% down payment, and is not part of the unit price. As a government registration charge it does not pass through the project escrow account at National Bank of Ras Al Khaimah (P.S.C.).

Oqood is the Dubai Land Department's interim register for off-plan sales. Recording a Bay Grove Residences Phase 2 sale on Oqood registers the buyer's interest in the unit against project 3631, the same project whose escrow account receives the instalments. The final title deed follows completion, the handover payment and the DLD transfer steps, in the sequence set out in the unit's Sales and Purchase Agreement.

No. All off-plan payments for Bay Grove Residences Phase 2 belong in the DLD-registered escrow account 0323*****6002 at National Bank of Ras Al Khaimah (P.S.C.) (revealed in full in the Escrow Details section of this page), as recorded in the Sales and Purchase Agreement. A request to pay a personal account, an agent, or a different company account, particularly one offering a discount for doing so, matches the usual pattern of payment fraud, however official the paperwork appears. Money sent that way sits outside the protection of the escrow account.

Yes. Escrow protection for Bay Grove Residences Phase 2 follows construction progress, not the calendar: funds in the account remain under DLD supervision and continue to be released only against verified works, whether handover lands in November 2028 or later. Escrow protects capital while the project is completed; it does not pay compensation for a delay, and delay terms sit in the Sales and Purchase Agreement.

RERA takes control of the escrow account if a project is cancelled, and refunds to buyers are then handled from the protected funds under DLD supervision. That protection covers money paid into the registered account for project 3631; money sent to any other account sits outside it. The register lists Bay Grove Residences Phase 2 as Active, with construction started on 17 June 2025. How the Dubai Land Department regulates registered projects and their escrow accounts is covered in the Dubai Land Department guide.

In the Dubai REST app, Project Status under Services returns Bay Grove Residences Phase 2 by project number 3631 or by its register name, Bay Grove Residences B - Dubai Islands. The project's escrow panel lists the bank, National Bank of Ras Al Khaimah (P.S.C.), and the escrow account number, which is the same account named in the escrow clause of the Sales and Purchase Agreement.

The Bay Grove Residences Phase 2 escrow account protects money paid into it; it does not guarantee the handover date, pay compensation for delays, or fix the unit's specification or resale value. Payments sent to any other account fall outside it, and the 4% DLD registration fee is paid to the Dubai Land Department rather than into escrow. Delay terms, specifications and defect obligations are set out in the Sales and Purchase Agreement.