Bay Grove Residences Phase 4 Escrow Account

Mashreq Bank PSC holds the escrow account for Bay Grove Residences Phase 4, account number 0190*****493 (the full number is in the Escrow Details section above). The account is recorded against DLD project number 3785, registered with the Dubai Land Department on 20 June 2025.

Buyer payments sit in the escrow account at Mashreq Bank PSC, and the developer receives them in stages as Dubai Land Department inspections record construction progress. An instalment falling due on a calendar date does not by itself release funds; release follows recorded progress on site. A retention amount remains in the account after completion for the rectification of defects.

The published 70/30 plan sets instalments by date: 20% on booking, six instalments from December 2025 to August 2027 totalling 50%, and 30% on handover in June 2029. Escrow releases follow recorded construction progress instead. By the dates in the published plan, 45% of the price is due on or before August 2026, while the register reading dated 24 July 2026 was 0.04%; the comparison is between two published figures and says nothing about any individual buyer's payments. The SPA governs the schedule for any purchase.

At the 24 July 2026 inspection, the Dubai Land Department register recorded 0.04% for project 3785, with an undated previous inspection figure of 0%. The inspection report gave the status as Pre-Construction, Progressing, with mobilisation under way and no construction activity yet begun on site. Because construction-linked releases follow recorded progress, the reading shows how early in that release cycle the project stood on that date. Each new reading is tracked on the Bay Grove Residences Phase 4 construction updates page.

No. The 4% DLD registration fee goes to the Dubai Land Department when the unit is booked, together with the 20% down payment, and it never enters the escrow account. Being a registration charge, it is not held with the construction funds and is not released to the developer at any stage.

Oqood is the Dubai Land Department register for off-plan sales. A Bay Grove Residences Phase 4 unit is registered in the buyer's name under Oqood after booking, which links the purchase to project 3785 and its escrow account. After completion and handover, expected in June 2029, and once the full price is paid, the Oqood registration is converted into a title deed issued by the Dubai Land Department.

No. Each off-plan payment for Bay Grove Residences Phase 4 belongs in the DLD-registered escrow account 0190*****493 at Mashreq Bank PSC (the full number is in the Escrow Details section above), 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 paying outside escrow, matches the usual pattern of payment fraud. Money sent that way sits outside the protection of the escrow framework.

Yes. The account continues to hold buyer funds, and releases continue to follow recorded progress rather than dates. Escrow protects capital while the project is built; it does not pay compensation for a delay. Delay terms, where they exist, are set out in the Sales and Purchase Agreement. The expected handover is June 2029.

If the Dubai Land Department cancels a registered project, RERA takes control of the escrow account and refunds to buyers are handled from the protected funds under DLD supervision. That protection reaches only money paid into the registered account. How the Dubai Land Department regulates off-plan projects is covered in the Dubai Land Department guide.

The Dubai REST app lists the escrow details of every registered project. Under Services and Project Status, project number 3785 is listed as Bay Grove Residences D - Dubai Islands, and its escrow panel shows the bank and the account number, which match this page and the Sales and Purchase Agreement exactly when the details are genuine.

Escrow protects buyer payments made into the registered account until they are released against recorded progress. It does not cover money sent to any other account, costs that sit outside the purchase price, or compensation for delays, which depends on the Sales and Purchase Agreement. It also does not guarantee the June 2029 handover date or any resale or rental outcome.