Agreement

ROSE's picture

32% paid but from last 4 months still awaiting for origional agreement why Developer is not handingover but compell to client to pay installment and post dated cheques .
The construction work speed is also come down,.
I am surprised & searching the answer of above question ,
At present situation & during these crisis, Developer is not suppose to ask post dated cheques
He should give guarrenty to buyers to complete the project in time

ajmanflat's picture

deplayed payments

did you reach an agreement with esskay for late payments? what did they inform you when you stoped paying?

MR TOWER C15, not EDEN

MR TOWER> Where did it dissapear from this list in Forum once you register??
1. We were in ARRA(old immigration building , Ajman), working ours 8am -2pm. MR tower has no escrow account, payments officially need to stop from investors.
2. Lets make an organized vist again maybe to findout all about MR tower, otherwise, we may end up without our money.
3. MR tower have NO right to request for PDCs or commitments to pay, they need to give us our contracts, which we signed. Its up to us to pay after we get a contract or not to pay. They DO NOT have escro waccount and till 1 st May is deadline by ARRA. Then Esscay will be banned from working in Ajman, then what we do, a?

ajmanflat's picture

MR tower

I visited the company location my self. Scary looking 3 bedrooms, small place, I cant believe ARRA would allow such small operation to exist and collect millions from people. When you visit the construction site, esskay (amature operation) think if they put some rods in the ground then they will get to keep the money and keep asking people to pay as they claim they are prgressing. Esskay like other developers in Ajman have no cash to build, thats why the construction almost stopped when investors stoped sending in their installments (per ARRA instructions). Here are my recommendations for MR Tower investors:

1- Dont Pay
2- Dont Pay
3- Dont Pay

Wait until you see your contract, you will find out that you have no rights, its all about protecting the owner of the building.
The contract has no promise of viable appartment for you, no electricity, no water, no sewerage, no description of your rights on selling the unit or renting it, no description of the view your appartment overlooks, many other problems with the contract. Most importantly, it forces you to keep paying regardless of construction prorgress.

Dont pay until you see your contract, and decide how to proceed. The days of sending money blindly are over.

Ajman Investor's picture

Esskay's Office

I Agree with AJmanflat that "The days of sending money blindly are over", he is right we should not pay Esskay blindly and should get something against our payments, atleast we should go and visit site before every payment, or they are quite good in posting pictures of construction updates, so should visit their website www.mrtower.com and see the updates before making payment. But I think Ajmanflat visited the wrong office or visited the agent's office with whom he purchased flat, as the office of Esskay is not a flat, it is on ground floor and is a Big shop and is quite impressive office, atleast I didn't saw such beautiful office of ANY AJMAN developer, even Sweet homes, Chapal etc have smaller offices than Esskay.

ajmanflat's picture

Esskay developer hole in the wall

they have hole in the wall for an office, it is disgrace to see they work out of this @#$% hole while collecting millions. If I knew my money going to that hole, I would have never paid it.

Ajman Investor's picture

Visit Esskay Office, its in Naiemiah Tower

Ajman Flat, why you are so negative for every developer in Ajman, Why don't you thought before or saw office of developer or asked for Electricity when you were doing purchase with various developers? I think because everyone other person was investing and making money by giving 2 , 5 or 10% advance, you try doing the same thing and because of Global Financial crisis and Recession when every other property came down all over Dubai and Ajman and in UK, USA also people like you, instead of taking burden of their own mistakes and blunders on themselves, just trying to put this on others shoulders. Now as I am saying something against you, might be you will come up saying that I am a friend of Developer or I should get lost of the forrum or whatever, but my friend whereever you are right, I always appreciated that, but it seems you only become negative and want to get your money back, where as we see things in a different manner, think that any developer who have purchased the land, has also invested some amount, and developer who are selling on 3 , 5 or 7 year payment plans cannot receive millions of dirhams, think and calculate before you blame any one, WE ALL INVESTED IN GOOD TIMES TO MAKE 100% PROFITS ON OUR INVESTMENTS, and as market is down now, every one is doing loss, we cannot digest this and our minds are not accepting this loss. My dear friend developer was also in good times thinking to make atleast 50 or 60 millions on one project and now as market is down, they are also in troubles and looking for way outs as they will also not make that much profit now. I am not saying all developers are good or all are bad, but we should not only speak negative for all. I am atleast positive and think that if market will pickup then we all will forget things but as now market is down we should join hands with each other and even which developers, if atlast we find developer is cheater then YES we should tell every one but if we don't know we should not play with respect of people, this is not right religiously and humanly also. Now when Escrow accounts are coming, developers have to do auditing of the receive money and put everything in ARRA and thus our money are automatically safe... If a developer do his auditing and put funds in escrow account, then he is honest and he did his part, then it we who have to do our part by paying him, I am sure many of us including myself will not pay, because we are not seeing that we will get any profit from our investments, so if we not pay then it is WE who are cheaters, who did commitment of buying flats with developers and then because of market are not buying, and because of our actions people who are paying will also suffer. At that time if developer use the same language and style against us, we won't like it, so it is my request that be reasonable and be realistic and try to accept the loss we already did and not blame people and things for our own wrong decisions. Electricity will sooner or later will come as which part of UAE even villages are without electricity... So this will definitely come and city need that in 2011 or 2012, so keep patience PLEASE. don't get me wrong I am one of you not developer not even friend of any developer. I am Sorry if it hurts you, but I will love to see people comments keeping respect of each other that who are the people who atleast agree with me or disagree with me.

M-R Victim. I am happy to

M-R Victim. I am happy to see that you are positive about these issues but not everyone is happy. I was LIED to and my developer( LVRE) STOLE my hard earned cash, all i wanted was an apartment for my family but NOTHING, not even sure if its ever going to get built. I invested to live in apartment and that dream has been taken away from me buy cheaters. You tell me am I supposed to be happy for myself and family, NO i dont think so. I am NOT a gambler and NEVER will be, I bought an apartment like anybody else but unfortunately it turned out to be a stupid gambling game that wwas created by the developers. Please, I am not having a go at you and am sincerely happy for you but under these circumstances i am with AJMANFLAT and want these thieves dealt with harshly. Smiling

Ajman dream's picture

Developers cheating need correction

I am with AJMANFLAT too, but want the thieves to be corrected, realize their mistake, repent and get back to work, rather than money grabbing.

Between Hope & Desperation!!

Too much criticism and spreading desperation among investors and not taking any constructive action is flat wrong and increase panic and will not help investors in any way, at the same time, seeing everything is rosy and building great baseless hopes and ignoring the facts is naivety.
Mr. M-R Victim, If you have a very positive sentiment Why your nickname “Victim”?!.

MR Tower

did some body sent your contact details that were involved to buy in MR tower apartments. so that we can share the problems what we are presently facing related to this