Ajman Escrow Account
Dear All:
I was advised to contact my developer - and request that all PDC's be returned, which I would replace with cheques issued to the new Escrow account. Have been trying to contact the developer, and they say they need more time to set up the Escrow Account. My developer is Sweethomes.
Also, there was a post on Skyscraper City by Ajman_Lover - as follows - about the newly set up AJMAN RERA .... I am reposting below;
A good news for eveybody. From one of my real estate friend, I got some information about AJMAN RERA. The fulflashed office is started in OLD MUNICIPALITY BUILDING & full flash customer supprt office for AJMAN RERA started. Anybody affected peron can visit beween 8 AM to 2.00 PM at their office to lodge your compalint. The staff is very supportive to listen.
Still the office telephone number is not publised officially, so i am not liable for any change/authorised or not. But in interest of my beloved Ajman reputation among investors, anybody can try 009716-7444144 ( Telephone) & 06-7444145 ( Fax ).
One customer support executive communicate me that no need to pay any rest amount direct to developer. Lodge your complaint with the name of developer, who still not register for AJMAN ESCROW account,& this AJMAN RERA seems connected with Ajman rulars Court( Division of property Regulation).
So, give a big hand to AJMAN GOVT. for great initative & don't write bad for AJMAN.
The rest matters better you speak to AJMAN RERA suppott executive regarding PDC cheques return, CONSTRUCTION BASED PAYMENT etc. as I am not a investor.
i dont trust any more
Now ajman government waked up!!!! where was this regulatory authority when the developers were taking our money and not doing anything. Now ajman wanted people who stopped payments to pump their money again.
I am sorry, the game is over, i am not stupid to invest in a country in where the regulations are changing every day. They are doing this regulatory authority to back the developers and not the investors as they want to implant some trust in the hearts of investors, but I am sure investors understood the game.
The wise decision is still valid: Stop payments to developers if your money you are getting from your hard earnings, but continue payments if have won your money from a lottery
I agree - with you. I would
I agree - with you. I would not buy anything simply based on Ajman creating RERA.
For instance, in Dubai have all occurred long after RERA was in place. Developers constantly ignore whatever RERA has to say there. I dont expect it to be a lot different in Ajman. Having said that, for those of us - who have already been sucked in and have no choice - this is better than nothing.
R-Holding!
I am not quite sure how this new arrangement of paying into an escrow account will ensure investors' safety.....though the arrangement will surely ensure that R-Holding is able to recover the price arrears of land from the developers from these escrow accounts since R-Holding is going to be the principal account holder and developers will be sub-account-holders. And possibly this will will leave the developers with lesser funds to use for the actual construction of towers.
Escrow Accounts
Hello,
I think there is a misconception of Escrow Accounts. What i understand from escrow is even if R-holding is the primary Escrow holders, access to these funds will also not be available to them. It would be under supervision of the holding Bank and ARRA and the fund raise in these accounts will be release to main and sub-developers on construction basis and after approval of ARRA. The more the construction would be , the part of the funds will be release from escrow accounts to the developer or the sub developer. Developer will not have access to this funds directly or indirectly if they are not on their progress.
Escrow account is not control by developer but by the BANK under supervision of ARRA. Hence this will ensure that only if developer have made specified progress he will be having access to part (not even whole) of this funds otherwise your funds will not be release to developer what so ever and will be kept with the bank. In case there is no progress or unexceptable progress by developer deem by ARRA, investor can get back their funds which are hold in escrow accounts by ARRA. THIS IS MY UNDERSTANDING OF ESCROW ACCOUNTS.
Sorry Folks, But i would like to highlight some things which i observe in this forum. Earlier few forum member were reserve that there is no ESCROW account and funds are not safe and developers may run away with their funds hence escrow accounts was necessary and now when escrow accounts are getting in place, same members are using other excuse to pretent that their investments are not safe. WHAT are these members upto?
I understand many members have bought from developers who have never built earlier and lack experience. Hence this is bond to happen and have only look what price they are offering and was tempted to buy with. Lowest is always not necessary to be good always. For example, when i first choose to buy, that time the rate was 285/sqft ( one of the developer who have not start yet) . I prefered to research and finally after putting hard effort checking about the developers past records, what they delivered, what they built, i bought the flat from a developer when the rate was 380/sqft. The result is atleast i am hopeful i will get the flat even though it will be delayed. Atleast i have peace of mind.
Admin,
I suggest, if you are busy, you can delegate some people to moderate the forum. A seperate forum sub- category to be made, where anyone can express their view point and point of discuss or specific topics or their reservation and angry. The main forum should be kept free of all this and should not be spreading so much of negativity. This affect the rapport of this forum. The main forum should be reserve to discuss project development, pics and general annoucements and discussion. That was the main objective of this forum. Also if you can make sub categories forums for each tower, so discussion related to each tower is place in one location. If one tower is not progressing so all views and comment either postive or negative are store in it location and not spread over all the forums. This i am telling you after using other similar forums and experiencing them.
Spreading so much negativity will not yield any positive result.
My comments are not to hurt any one's feelings but to express a general and broad prospective.
Escrow Account
This forum is to share the good and bad news between all of us, if i know or receive any information from the developer i would share it with the members of the forum, every member have the right to know what is going on and the mess the developers putting us in because of their poor managment and the false promises, we all have invested in good faith that we are going to get a palce to live in or use it for future investment, we have invested our money from sweet and hard work, we have the right to be pesemestic and negative thinking, we have been robbed in the day light and this is the only way to express how we feel.
what!!
Sorry no one will allow us to express our opinion on the forum and I think some people are acting like lawyers defending the dishonest developers and i ask the admin to ban them from writing in the forum. The purpose of the forum is to express reality and not to defend developers.
Expressions!
Thanks Igor, I don't think my post deserved such a harsh reaction, we are all in together and we are all on the same side!!
I can understand Deepineyez post was directed at me, and I don't mind it. I just expressed my views and I am certainly not being negative about anything, just trying to be realistic about the whole thing. Things are really not satisfactory, and if people state only the POSITIVE, I can call it at best wishful thinking.
One apparent reason behind ARRA's insisting on escrow account at this stage, and having R-Holding as the principal account-holder is to enable the master developer recover its land price overdues from the escrow account. THis is my view or rather hunch, and people having other views on this are most welcome. I never said escrow account is bad or anything like that and I would very much want such an arrangement in place right now rather than later.
There are whole lot of issues further, like who will monitor the progress of the towers, based on which monies lying in escrow will be released. Are banks technically capable to assess this. Or will ARRA / R-Holding monitor these accounts in relation to the progress of construction?? Its a change for the better that some developers are coming out with SOME information atleast, and ARRA too appears to be supportive of the investors, but there is still a long way to go to achieve total transparency. Lets all just keep a close watch as time goes by and the events unfold....and Hope For The Best!!
Escrow Accounts
.
Lake View RE ESCROW Account
Do Lake View Real Estate has ESCROW Account?
Please Advise !!!
Thanks in Advance.....
Escrow Account
Fms: To your question, I have not invested in that project - but my understanding is that all Ajman developers have to set up an escrow account, for all projects. For instance, in my case - Sweethomes is saying that they are setting it up for Ajman Uptown. You need to check with, and push your developer for it. Frankly, I don't think it should take them much time to set it up - but as usual, expect it to be dragged out.
ESCROW ACCOUNT
Many Thanks For Your Answer.
FMS
Escrow Account
I 2 Ajman:
You bring up a good point about who is technically capable of assessing progress. Otherwise, the developers will be engaged in shifting sand and call that progress/activity. Also, in some cases, just doing extensive foundation work - they can argue that it accounts for 35% of the work etc. That's why in many countries - foundation is assigned a certain %, pouring a floor is a certain % and so on. In highrises - payment is specifically tied into your floor. So for instance, a buyer on the 20th floor doesn't need to pay just because the 1st storey is poured/constructed. Anyway, I think your point is another reason why Dubai RERA is talking about creating technical committees....hopefully Ajman follows.
Whatever it is, I hope enforcement of the new ARRA is quick and dependable, otherwise - that'll be the next joke.
Escrow Accounts
Hi I2Ajman,
I clearly mention " My comments are not to hurt any one's feelings but to express a general and broad prospective".
Nor did i have you or anyone specific in my mind when i post my comments. I hope it clarify your doubt. It was base on flow of comments in general.
Secondly my comment was mainly to express my opinion of Escrow Account Functions.
I donot think Escrow Accounts are in place to recover LAND COST but to release funds to developer/ Sub developer related to construction of the plot and are release on part of construction bases. There are set of rules involve and i think the consultant/Engineer have to certify that this much construction of the tower is done to be able to release funds for need for next set of construction phase.
This is only my understanding and may not be accurate. Hence someone involve in it or certified can elaborate.
GoldCrestDreams-1 in Ajman
Folks,
I have seen all letters sent by Star Giga which is the same and we now need to get together and complain to the Ajman Govt and at least ensure that our investments are safe.
From: shakil Ahmed (shakil@stargigaest.com)
Sent: 14 February 2009 13:33:59
To: 'Rauf A' (rauf1@hotmail.com)
Cc: shibin@stargigaest.com
Dear sir,
Thank you for your email.
The construction of Gold Creast Dream on hold – the reasons of which, will be notified to our customers in the coming time. However, as far as payments are concerned we wish to advice you that Ajman Government has introduced new laws concerning free hold properties which requires (amongst other things) that all developments in Ajman have an escrow account and all payments be made in favor of that account only. This we trust provides more security to both the customers and developers alike.
We expect the required procedures (which makes us in compliance with existing laws) to take a month and until such time you have the option to discontinue paying further installments.
Please do not hot hesitate to contact us for further queries that you may have concerning your investment in our projects.
Regards,
Shakil Ahemad
The Customer Relation team.
Star Giga Establishment Limited
Hamarain Centre, Office# 131, Gate# 2
PO Box: 29193, Dubai, United Arab Emirates
Phone: +971-4-265-0700, Fax: +971-4-265-9567
Website: www.etastar.com, Email: info@etastar.com
WHAT DO WE DO?
Reflections towers by avanti holding
Sir I am one of the victim of paying pre launch of the Reflections towers, which was guaranteed Re-sales on payment of 30% and this project never even got launched, now the builder without even putting up one stone on the foundations is demanding more money for the project.
I wanted my money back as it is not even launched, is there any one in the forum who are in similar situation and what does the rule say on this case.
Stop
This is a forum for investors and not for selling of anything else. What is wrong with you? You dont even have any interest in this forums.
hhhhm
I'm really impressed that there so much about this subject
that been uncovered and you did it so well, with so much class.
Good one you, man! Really great stuff here.
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