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Ajman Failure projects revisited in local news
Ajman project 'still just desert'
Publish Date: 2009-07-08 02:00:05 Story Code: 17558
Dubai: Investors in Lake View Towers in Emirates City, Ajman, have filed complaints to both the police and the emirate's regulatory agency regarding the status of the project.
More than 500 investors have paid over Dh120 million so far towards their units in Lake View Towers 1 5, being developed by Lake View Real Estate Developers, and still "all they have to look at is a piece of desert," an investor told Gulf News.
More than 40 complaints have been filed at Al Refaa police station in Dubai and with Ajman's Real Estate Regulatory Agency (Arra), but "no action has been taken," said the investor.
However, a spokesperson for Arra said that the wheels are in motion for a solution.
"The police are doing investigations. Arra has filed the investors' complaints against the developer who has started the registration process to a certain stage. Arra will do its best to protect investors' money and will make sure that the law is transparently applied," the spokesperson said.
Local property chatrooms are full of concerned investors wanting to know what's going to happen with their investments.
Suhail Gani Quraishi, administration manager of Lake View Real Estate, said the developer has registered and it is only the short-term investors who want to wriggle out of the project. "The people who have complained need their money back, that's it. A lot of it was short-term investment," said Qureshi.
Around 90 per cent of the registration process is complete with only some final documents needed to complete it and then construction will start, added Quraishi.
Arra recently set up a dispute committee to deal with such issues.
Two weeks ago, a group of around 20 investors in Frankfurt Residence, also in Ajman, went to Arra en masse to demand updates on their investments. The developer, Casamia Star, had refused to meet the group.
© Gulf News 2009. All rights reserved.
Ajman : Emirates City | Humaid City | Marmooka City
LVRE yet lies again !
LVRE yet lies again !
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Is R Holding become next? why R Holding not held responsibe they are vey bad in communication with their custmors wthout proper engineering professionals how they can go ahead they are simply depends on Adanan Saffirini without any future vision
Gulf News report "project still a desert"
It Was very bold of gulf news to come out with a report on lake view real estate, it is so true that the developer(lakeview) Has done nothing to boost the investors confidence.
It is alarming how a real estate company can conveineintly cheat an investor!!
It totally undermines the law of the Land, with a total disregard to the comittment/promises they have made to the Investors.
Ironically it was fun to read how shamelessly the developers representative claims in comments that the persons who have complained are short term investors , well he should check his record and his disfunctional brains, the project was to be handed over on october 2009 where as the project is not even complete by 5%. so people who have already paid as much as 50% are not short term investors, they have right to claim for there money back as the developer has done nothing since the agreements were signed in june 2007! if the developer has taken 2 years to do 5% job then their intentions is any body's guess!!
It was ridiculous comment for him to issue a statement that the registration with ARRA is 90% Complete as one will know the truth if they walk into ARRA office to notice that they are(Lake View Real Estate) one of the few who have not completed registration formalities from the past four months.
More over the Same Sohail Qureshi lies bluntly every time, we walk into their office saying construction will start soon, as they should have completed by now!!
It is high time For the Ajman Government to correct the image of this beautiful peace loving country that such cheats are put behind bars and the government takes over the project and funds connected with it. This will bring cheers to many mid income investors .