Ajman dispute panel made up of Arra members, judge
Ajman dispute panel made up of Arra members, judge
Publish Date: 2009-07-03 01:00:09 Story Code: 17326
Dubai: The newly established dispute committee, set up by Ajman's Real Estate Regulatory Agency (Arra) will consist of five Arra members and will be presided over by a judge whose identity remains confidential.
Fees will be cheaper than in regular courts, an Arra spokesperson told Gulf News.
No other details are available, but the setting up of the committee has come at a good time as investors in certain projects are experiencing problems with developers.
Casamia Star, developer of Frankfurt Residence, a yet-to-be-built residential tower in Ajman, caused alarm among investors by telling them the project had been cancelled.
However, Arra officials told Gulf News last week that neither the project nor the developer had been registered with Arra and that the developer did not have the right to cancel the tower.
"Casamia Star is not registered as a developer with Arra ... [and] non-registered developers were given until [Wednesday] to avoid further action. As far as project cancellation is concerned, no developer has the right to cancel a project unless the regulator says so and that requires satisfactory reasons," Arra told Gulf News.
Investors in the project flew into Dubai last week from around the world to find out what had happened to their investments.
Arra told investors that they would investigate the matter further.
Another concern to investors now is that the project account of Casamia Star remains active, according to Amjad Ghulam, one of the investors.
"The account is still alive and collecting money. [An investor] paid their payment in June and it's cleared," Ghulam said to Gulf News.
So far, the 251 investors have paid around �5 million (Dh30 million) to the developer.
© Gulf News 2009. All rights reserved.
Ajman : Emirates City | Humaid City | Marmooka City
medicor panel?
who wants to bet that this panel is setup to quickly disolve the cases raised in Ajman and claim that there are no problems?
the only problem that ARRA so far identified in public is the casmia one, even that, they are asking to "further" investigate. A broad day light case of theft, clear as sun, and they are saying lets furhter investigate.
What do you think about people like us who are claiming about slow progress in construction or even games played by the developer. do you think they will give us time of day? I doubt it.
Ajman government is providing huge coverup for the developers by claiming that different forms of fruad is legal, seems that the only form of fraud ARRA will agree on is, if your developer cancelled the project. That much is clear so far.
The fruad committed in Ajman have taken the following forms, and ARRA has to recognise all of them:
1- Property sold based on VISA, infrastructure, lakes, high end living promises, that none of it will materialize. So in reality, the flat should be sold at 30% of what it was sold to us at in 2008. Since all the promises will not make it. They knew this going in, this is not due to financial crisis. They knew going in that there is no electricity, no parks, no malls, no lakes, no support from the federal level.
2- Developers are collecting money and not building fast enough, or building at all.
3- Developers are collecting money while they are not authorized by any formal entity neither have any building experience.
4- Developers are collecting money while do not have liscenses to build
5- The reservation forms and the contracts from ajman developers violate all laws, these contracts are not written to equate the buyer and seller. They are written to force buyers into matters against his overall benefit, such as for example pay no matter what regardless of what happens to constructions. Bottom line, the reservation forms and contracts would be illegal under any legal system around the world.
EC failure
No one in the world can convince me that now the government of ajman will punish the developers for not abiding by the contract. Where was the government when the robbery started in 2006. The funny thing in the local news of ajman no one speaks about the problems in the projects as if there is no problem.
I am hereby to just say to ARRA, i dont pay anymore for off plansn and i dont pay if there is no electricity, generators option is not accepted also. I am not a refugee living in a camp.
Listen investors, the game is so clear no, they want investors to pay more money in order to let them stuck although they know that it is a complete failure project.
ARRA promised that 1 may is the deadline for developers to register, and then extended the thing to 1 july and then extended to unknown period. Do you think if you go to ARRA they will support you? Answer is no, i have tried it, the only thing is that they will say pay only if the developer opens an escrow account.
So this simply means that they can not guarantee anything. Suppose the building is finished( will never happen) and there is no electricity, this means that your money is freezed with them.
Also listen to the scheme that they may create in the future to compensate the losses: suppose after 15 years all the problems are solved and we recieve the flats( will never happen), they can come and say to you, ok you have to pay 30,000 aed per year as maintenance cost, who can say no. simply nobody. you will pay by force because we dont have no options.
And i'm just want to say: who says that ajman lost its reputation, No never, now its a temperory thing, after 5 years a new generation of investors will come to the market and they will be decieved by another generation of developers. Thanks to God, he creates what is called fogetness, otherwise, you will never finf such ponzi schemes happening in the world.
Finally i will thank ajman government for the big support and transparency and will also thank ajman developers because really they impressed me, Out of nothing they created billions(ex R-holding) and last but not least, i will thank all ajman investors including myself, because we are the first generation of people to build ajman. Althoug we lost but remember that at the end we are called investors.
Gulf News
Thank you for posting the article.
I understand we all lost faith in ARRA, but after out meeting with ARRA 2 weeks when we were in Dubai, they are investigating Casamia Star account.
I suggest that investors from a project do something like we did. Organize, fly to Dubai, meet with ARRA, go to the bank and try to find out if the account is still active, hire a lawyer, do interview with 3 major newspapers in UAE to gather other investors in your project.
I'll be happy to help you during this process since we did all those steps 2 weeks ago.
Here is the link to the Gulf News article:
http://www.gulfnews.com/business/Real_Estate_Property/10328111.html
The main key, is "do NOT give up".
Sincerely,
Farhad
p.s: if you look at the articles from 3 newspapers, the names of the reporters are mentioned. They were very helpful to us in Dubai, they even came to the scene with us when we met with managers of Casamia Star. You can contact them to do interview with them.
attn farhad
can u give us the phone nos of gulfnews and khaleej times journalist.so that we can contact them.
regards.
Email Contacts
Dear zp296,
I don't have their phone numbers,but I have their email addresses. That's how I contacted them and requested an appointment to do the interview:
Khaleej News;
Martin Croucher
martin@khaleejtimes.com
Gulf News:
Suzanne Fenton
Sfenton@gulfnews.com
Fellow investors
i would suggest that each one of us post ajman related information in our respective countries. I dont think UAE government is listening to us. Atleast we could do a favour to others by posting about these developers and happenings in AJman in respective countries. This way it can get global recognition for being the worst.
Be it the MR towers, sweet homes, lake view, Esskay unique towers etc
i am sure this criticism is spread in UK, but we need to do more in other countries.
let us do it
ARRA AGAIN !!!!
what a jok ARRA again,
and it will be cheaper that a normal court case!!!!!!
this is another game most of those leagal advisors who works for ARRA are EX R Holdings !!! they might offer you to swap to one of their towers !!!
i can see it from now , those who will go for this option will loose again.
guys if you are taking a leagal action go to a proper court please !!
ARRA AGAIN !!!!
what a jok ARRA again,
and it will be cheaper that a normal court case!!!!!!
this is another game most of those leagal advisors who works for ARRA are EX R Holdings !!! they might offer you to swap to one of their towers !!!
i can see it from now , those who will go for this option will loose again.
guys if you are taking a leagal action go to a proper court please !!
can you confirm?
smileesever
I had the same doubts, how do you know that they are "ex r holding" ?
do you have any details or information?
it is not a secret i guess,
it is not a secret i guess, when i visited ARRA in FEB , the customer servise staff 'a local lady' named Latifa, assured me that R holdings as a master developer will provide ARRA with Leagal Advisiors to be present at their office.
when my colleague visited them in March she was intreduced to a 'Tall big guy ' these are here words who intreduced him self as an R holidings legal advisior working with ARRA !!!! to provide an instant advise to investors on the spot!!!
guess you r right
because charleststates had once mentioned on this site that they r working out some kind of solution with ARRA.
goldcrest dreams
hi ,
we have paid around Aed 1,00,000 from our hard earned money to star giga as developer of goldcrest dreams .v hav stopped paying from past 8 months considering that escrow account wld be in place but unfortunately nothing has happen .thery had promised in contract 8% annual returns for 3 years as position was in 2010 -feb now they say in 2012 they shld compensate our loss in there payment plan .i dnt think that anybody wld pay and trust ajman govt and developer considering that there is no infrastructure ,no water ,no elect r etc .Ajman Govt should try and be alert and active and be responsible and cancel projects and refund investors money .
Freehold property in ajman looks like a DREAM.
ARERA Dont have an offical website also its a shame .
Correction
A small correction Rajesh, freehold property in Ajman is not a dream, it's a nightmare! To hope that Ajman govt will step in and help is called daydreaming.