Ajman Boulevard - SPA Cancellation as per ARRA's revised rules
The progress update as per ARRA website is ZERO percentage for all Ajman Boulevard (All towers). From the payment side, most of the investors have already paid more than 25% of the total booking price. I have not received any recent payment reminder from AA property but had reeived earlier which I had replied back asking for construction progress as well as reduction in price and revised payment schedule based on construction miles stones. ( The booking form has 9 construction based installment but the milestone is not clear where as the contract has got a calender date instead of construction milestone)
Question: Since the progress is ZERO percentage, does the recent change in ARRA's rules for cancellation of SPA have any impact on Ajman Boulevard. Per my understanding, they have not submitted any ARRA approved construction based payment plan uptill now, so the threats from AA property do not have any legal effect. Appreciate, if some one can clarify.
ARRA new rules
Your are correct. AA cannot cancel your contract without approval of ARRA as in your case you have paid 25% and the construction is 0%. AA can only ask for payment when they cross 25% of construction. You may also contact ARRA for advise on this, if you require more assurance. A lot of negative things have been said about ARRA but I got sincere feedback when I contacted them. I do believe that ARRA has been formed in the long term interest of Ajman realty, otherwise there was no requirement for them to come up with these new rules to protect investors and put controls on developers.
Ajman Boulevard
I tried to all AA properties again and again, but no one answers the phone. Has their phone numbers changed or they have vannished. Can any one in UAE try to call them and post their contact number please.
Ajman Boulevard
I assume there is nothing much any one could add/comment on except that the situation is turning worst day by day...
Ajman Boulevard Progress!
AA properties have made progress - they have obtained permission from ARRA to swindle your money. They have obtained a letter from ARRA stating that the completion date for the project is June 2013 and contracts cannot be cancelled without ARRA's permission. It's open truth that AA Property and ARRA are both owned by the ruling family. So this delay permission is a natural process to ensure that investors do not get their money back - construction or no construction the our money is now theirs to keep and enjoy.
The letters I received from AA properties are in pdf format, I will upload them here if someone can give the steps. Meanwhile, I will be glad to email the letter to you.
Ajman Boulevard
Thank you bechara for the details.
To me, it sounds like very bad news. It does not seem right that ARRA and AA property can change the Sale purchase agreement (SPA) conditions without even consulting the investors (buyer) who is one of the signatures to the SPA.
If possible, can you send me the letter at email : kjarkata@yahoo.com (kjarkata at yahoo dot com)
ARRA to change rules
Guys, we have invested in a country, which has no protection for the individual. It is an absolute state, you could call it a dictatorship, where one ruling clan makes up the rules, this is also true for Dubai, Abu Dhabi, KSA, Oman, Qatar. In a way it is the same system as in North Korea, except that the rulers have behaved better here, but if a "bad" ruler came into power, he could change the laws to e.g. repossess everything in the country and kick all foreign investors out. This won't happen unless they were insane, but Ajman found a great way of making money, by luring small investors with no lobby and no defense. As I mentionned before, these coasts were inhabited by pirates, and they still are. Today these pirates are driving fancy cars and wear stylish sun glasses.
http://i56.tinypic.com/2lsadmc.jpg
Ajman Boulevard
Well said Josau, I totally agree with you. The pirates have now expanded their business to be the biggest cheaters......
Ajman Boulevard construction delay letters
I have managed to convert the pdf files into Jpg and have uploaded them in the following location. I am surprised that apart from the few posts here by the same members no one else seems to be bothered.
http://www.emiratescity.org/image/tid/294
Ajman Boulevard construction delay letters
Thank you Bechara, for posting the letters.
I am very surprised by the contents of the ARRA's letter. The contract is between the deveoper and the investor (customer) and ARRA decided to make the decision on its own without even consulting the concern party who has signed the contract.
Seems like law of the jungle - the rulers can bend the rules as well as act unlawfully without any hesitation.
I am not going to pay them even a single cent even if I lose all what I have paid them so far.
Ajman Boulevard - SPA Cancellation as per ARRA's revised rules
I just received a letter from AA property with attachment of ARRA letter mentioning the extension of delivery to end 2013 and also NO CANCELLATION which is clear voilation of the SAP terms and conditions signed earlier.
But in a lawless village of Ajman, there is nothing much the investor can do to protect his right except to accept the fact that he was stupid enough to invest make a bitter decsion to forget about his investment and move on...
Ajman Boulevard construction delay letters
Has any body in UAE visited AA property and discussed/tried to find out more details about the recent letter for delay in construction/handover date issue by ARRA for Ajman Boulevard in favor of AA property.
Ajman Boulevard
Ajman Boulevard is all f... by the bast..rds. They have spend all our money having a nice time.
God will punish them....
There seems to be nothing we can do, GOD will punish them for sure.
Ajman Boulevard - what a joke!
I bought here and have not heard a word from them in over a year. I did go out to the site and photograph it myself last year and they have done nothing! A few holes in the ground but no major pilling work.
They offered a friend of mine an alternative apt in another development recently, personnally I just want out. I would like some money back, but now think that is a pipe dream.
We had been to a solicitor and he mentioned that after they pas the completion date we would have more of a case, now that they have extended it... no chance I guess! Someone posted about ARRA and AA Property's being owned by the same person, could not agree more, so what hope do we have??
Ajman Boulevard
I noticed that construction progress of the ajman boulevard has changed to 4% on Arra's website.
Is there an invisible work going on that only Arra can see?
Ajman Boulevard - 4% complete??
I had been to ARRA recently and they said the 4% is piling work! ARRA is wrong, this actually should be 50% work completed. They missed out events like fales advertising, media hype, smooth talk and lies by go wealthy.com, and the so called registration with ARRA. All this comprises 50% work completed. So guys stop grumbling.
Ajman Boulevard
I'm sorry for the issues you have been having with Ajman Boulevard. Wouldn't it be a nicer place if people stuck to the rules and did business fairly? I hope that this issue gets resolved and that you get treated fairly. I hope that the lines of communication open up between all parties involved.
Trace Communications
Ajman Boulevard
Has anyone filed a complain with ARRA, appreciate if you can share the covering letter as I am a bit confused what needs to be written.
I would like to make a complain foreseen non-fullfillment of contractual obligations in terms of handover date?
Ajman Boulevard fraud
I want my money refunded for Ajman Boulevard which I paid to AA Property. I know that this project is a fraud & will never be built
Ajman Boulevard fraud
Dear ARRA,
You are supposed to protect investors not only developers. You have already received complains from many investors and also have copies of contract. You can see from the contract that the developer is in clear breach of signed terms and conditions.
We the investors do not understand why you are not taking any action. The investors are not interested in swap options which are far beyound the current market price in still under construction projects which will never be completed in near future (as you know about it).
Please take action, the investors have lost trust in ARRA which is a regulatory authority of Govt. of Ajman as it is not taking any action and just passing time, with every day passing by the investors are desperate and losing patience/confidence.
The developers and/or govt of ajman might benifit with investors money for a short time but the confidence lost by the citizens of the world in Ajman givernment and laws will have a lasting effective and a major loss to the rulers if ajman in the long time.
Ajman Boulevard fraud
Is there any update, seems like the developer has gone very quite and absolutely ZERO commnication and does not also reply emails.
Is this project in ARRA's cancelled Projects list?