Emirates City Forum

You are welcome!
Regards

Yes, I meant on this site. I can see the block now and it is labeled RE Regulatory. I think ARRA Info would be more to the point.

what kind of help will ARRA provide to us (Investers) because the builder will rigester with them and open escrew account and we will have to pay installmets in that account but eventually the money will go to builder. What if the construction delays more and what help and support from ARRA if the builder changes the payment plan or any term and condition of the contract?

One thing which is missed in all writing is:-

Its well and good for ARRA to advise -verbally- investors not to pay any more installation unless and until the developer has registered with ARRA and eponed an ESCROW account and that payment, then, should be made directly to the account.

However, in your contract with the developer, there is a provision which states that any delay on paying the due instalment will attract such and such interest (penalty), calculated on daily basis. (Its totally unfair and unjust; because its imposed only on the investor and nothing on the developer - but that is another story). Consequently, if the investor delays "duly" payment, there will be a penalty based on daily interest, and this is in accordance with the biased CONTRACT which the investor had signed willingly. ARRA verbal advice, presented by the poor investor, will not stand in front of any court to wave off the "dammed" penalty, which, in some cases can be in thousands of AED. The investor, in this case, will suffer another blow of being robbed.

The only way out of this dilemma is for ARRA - as the official government body - to give a written advice to the investor that he or she must not pay any futher instalment to the developer until such developer do x, y and z. That authoritative letter will be the only official document, addressed to the investor, which will save the investor from incurring the wrath of the financial penalty.

HAS ANY BODY RECEIVED SUCH A WRITTEN ADVICE, AFTER LODGING A COMPLAIN?

Or is there any official document by ARRA to that effect which can be used by the investor in future, for self-defence?

Best regards

Hello Admin,

Thank you very much for this provision. This is very thoughtful on your part. I want you to know that this is much appreciated.

Kind regards,
Mohammed Ibrahim

i have strong feeling that projects already started will be completed sooner or later,how a city with such publicity(emirates city) be left half built and half left halfway,that is going to be very ugly and shame,even if the developer run away or not registered with arra,some one from somewhere either r holding or ajman government will finalise the project,here a great deal of patience is needed

Ajman Investor,
Are you resides currently in UAE or Pakistan (some members in this form have false info. in thier profiles), answer then I will tell you why I asked that question and I will comment about your admonishing the self assay above.

Ajman Investor,
You mentioned in your post above: “Now that all money which we earned is lost because of our off plan property purchase decision and sudden recession and bad economical crisis..”, Do you really belief that these are the main reasons for the current mess in Ajman?!.
Here a paragraph from a comment I posted before: “The mess created in E.C. by the betrayal of developers and contractors, bad faith and incompetence of Master developer, lack of regulations, the absence of vision and inexperience of ARRA and also exaggeration in good intentions of investors (may Naivety of some of us as investors).”
From your above posts and also previous posts, as you are on travel all the time, that means you may be a business man and you invested in Dubai, Ajman and Canada and may be Pakistan and other places, that’s tell us you have experience in real estates and business, So how, as you mentioned, “You purchased with close eyes”?!!, What you left to ordinary man has no experience in real estate, Did he had purchased his property while he was sleep?!

Ajman Investor, again from your previous posts, you been deceived in Dubai, Ajman and Canada, So, is scam normal in real estate or is something wrong always with your judgment and decisions?!.

You stated:” We purchased flats on payment plan without asking our developer about construction based payment plans, without asking him to show aproved drawings from Municipality, without asking and checking his experience and his history in development business, without asking him to write clearly what if he cannot deliver us on time, etc etc..”, my respond to that:
1- You know that usually contracts for purchase flat in E.C. signed
after 6 months to 1 year or more from booking, after investors
pay a considerable amount of money, may reach 30-40% or
more, So when he received his copy of contract and refused to
sign it until the contract be fair to him, he will loose his paid
money, since developers will not change any clause in the
contract and will terminate it.
2- You know that most if not all contracts in Ajman during 2006 until
late 2008, the payments based on certain dates and it was rarely
based on construction progress, the buyers has no choice and it
was Seller’s market.
3- It was the common system in Ajman that allowed developers
start to sell properties year or more before having approved
drawings from Municipality. Knowing that approved drawings will
not prevent developers to deceive investors later on.
4- Checking developer’s experience and his history in development
business, I agree that is a major step should be done by investor
before he decides to buy, but take in consideration getting
enough and correct information for investors living abroad is not
easy, beside Ajman was attracting many new developers came
from outside UAE and their experience (if any) are abroad, again
Master developer sold lands to any so called developer ready to
pay and was no regulations stated to developers register and
get approval before start selling properties.

I am wondering about what you mentioned that “now I lost all my money and I don’t have at the moment further installments to pay” and the same time you have demands and suggestions to continue investing in the same projects you “Lost” your money in. Lost means money Gone and will Not returned. Lost and Demands can’t be combined together, if you lost your money, forget it, if still not lost your money, you can have demands.

It is not the lack of companies who can build major electricity stations to provide electricity to Ajman, the problem are finance, absence of decision (mainly wise decision) and vision.

Ajman Investor
You keep giving impression that you are a business man and has investment everywhere and experience in real estates and business, but actually your posts tell the opposite!!!

You can not compare Lehman brothers, Toyota and General motors with Ajman developers, there is a great insult to these companies even though Lehman brothers has gone bankrupt. Lehman brothers has been faithful to its customers for 130 years before they went bankrupt. GM have been the world's largest supplier for a long time before they were beaten by Toyota because Toyota delivered more environmentally friendly and fuel-efficient cars. While Toyota has had less turnover during the crisis and lost money for the first time in history. Now, sales started to increase again for Toyota. Everyone understands that there has been and is still hard competition between Toyota and GM and the competition is in favor of the market.

Tell me what has Ajman developers delivered since 2006?
Many projects started long before the financial crisis came in earnest in October 2008.
These amateurs were just looking for money. They have never been serious about delivering to their customers for money they paid for.
Already, several of the developers run away and the worst is the master developer Al-Rashed who have closed the office and disappeared.
The financial crisis is just an excuse to go away with people's money.

Dwarish...
Well if you have all the written things then for what you are waiting for? File the case brother... if you cannot then atleast publish it , post it here on net and I will try to put this in Media. Brother its a big thing that you have all written assurance as none of us have that all with us.
All of us or Most of us have reservation forms without completion date of building and with one universal condition that if we don't pay installments our paid money will be forfieted.....
Secondly I am not at all saying that Developers are good or bad...as I know some are really bad, some ran away, but some are there still trying to sort out problems and issues. So please donot get me wrong, I am trying to understand and trying to reach one point agrenda which can solve most of ours problem and issues.

Whereas, the Seller is the true and Lawful owner of plot no. 118 at Helio Area. Emirates Road, Emirate of Ajman registered with the official authorities and Ajman Municipality, The Seller is currently carrying on the development and construction management constructing the building named Lilies Tower on the aforesaid Plot of Land, which is composed from residential units. The anticipated date of Completion is mid 2009.

4. Default by Buyer
The Buyer shall pay Interest at ten percent (10%) on all installments for which the payments are in default. In the event that the default is not cured within thirty (30) days from the due date, then the Seller shall have the right, at its discretion, on ninety (90) days written notice to the Buyer, to terminate this Agreement, and if the payment default has not been remedied during the said ninety (90) days notice period, this Agreement will automatically be terminated, and in such an event all payments previously made by the Buyer shall be absolutely forfeited to the Seller as liquidated damages. The Parties hereby agreed that the Agreed Amount constitutes a genuine and reasonable pre-estimate of the damages that will be suffered by the Seller as a result of such default by the Buyer. The Buyer hereby acknowledges and agrees that the forfeiture of the Agreed Amount in the foregoing circumstances is fair and equitable and does not constitute a penalty.

5. Default by Seller
If the Buyer has fulfilled all of the Buyer’s obligations of payment, and the Seller is unable to deliver possession of the Purchased Property on the Completion Date, then the Buyer may give the Seller a notice of termination of this Agreement, within thirty (30) days following the Completion Date, and if the Seller is not in a position to give the Buyer vacant possession of the Purchased Property within ninety (90) days of receipt of such notice, then the Seller shall refund all payments made by the Buyer, without interest, and this Agreement shall be terminated. If the Seller remedies the default within the said ninety (90) day period the date of the remedy will become the Completion Date and this Agreement will remain in full force and effect and the Buyer shall remain obligated to make all outstanding payments

R HOLDINGS RESERVATION FORM
Reference Number:___________

Buyers's Details:

For Indivisuals:

Title: First Name: Last Name:

Nationality: Passport No.:

For Non - Indivisuals:

Name of Company:

Commercial Registration No.: Date: Place of Registration:

Address for Communication

Via Registered Post:

Via Courier Service:

Phone No. Mobile No.
Fax No. E-Mail Address:

Joint Buyer Details (Applicable for Individual Buyers only):

Title: First Name: Last Name:

Nationality: Passport No.:

Appartment/Villa Details Price Details :(In AED)

Appartment Type. Appartment Price AED: -
Floor No. Additional Parking Bay AED:
Unit No. Extras & Options (If Applicable ):
Size Per Sq: Ft. i).
Price Per Sq: Ft. ii).
Total Purchase Price AED: -

Deposit:

Simultaneously with the Signature of this reservation form, please accept payment of AED.
AED.
Means of Cash/Cheque No. Dated: From:

Initial Deposti AED

I hearby confirm that the client above has been introduced to R Holdings by
Signed on behalf of the Client by Name: Signature:

Date: Phone No. Mobile No.
Fax No. E-Mail Address:

I/We are aware that by signing this irrevocable Apartment Reservation Agreement, I/We hereby enter into a binding
contract with the Seller for a reservaion of the above Appartment and this Reservation Agreement is Subject to:

1. The Payment of the outstanding balance of the deposit of - on or before -
2. My/our signing the Agreement of Sale for this Apartment within one week of being provided it for execution .
3. My/our making the subsequent payments as per the following payment schedule.

R Holdings
Down Payment @ 10% of the Total Appartment Price
Intallments for 1st Year Per Month
Intallments for 2nd Year Per Month
Intallments for 3rd Year Per Month
Down Payment (At the time of Completion) 0 @ 10% of the Total Appartment Price
Installment After Completion (3 Years) 0 Per Month
COMPLETION End of 2008 or Start of 2009

4. In case the payments above are not realized and/or Agreement of Sale is not signed, the Seller has an option to
Terminate the Reservation Agreement and, in order to mitigate the Seller's damages arising out of the termination of
this Reservation Agreement sell or otherwise depose of the Apartment/Villa as it deems fit without any further reference
to me/us. In Such an event, all monies paid by me/us shall also be subject to forfeiture in full and shall not be refunded
me/us.
5. If for any reasons cheque return, the Seller have a right to impose a fee of AED 500 (Five Hunderds) to be paid by the
Buyer to cover the administration expenses.
6. The above forfeiture and damages shall also be applicable, in case I/We decide not to go ahead with the purchase of
the above apartment and request the Seller to terminate this reservation.
7. My/our bearing all exchange rate differences and/or bank charges, including credit card transaction charges as applicable.

I/We are aware and agree that:

i. The sale of the apartment is subject to the approval of the Master Developer.
ii. The Agreement of Sale will be issued by the Master Developer in due course on its standard format and the same will
be in line with the draft copy that has been provided to Me/Us. In the meantime, I/We Shall continue to abide by the
Payment Plan and other terms and conditions of the Resveration Agreement.
iii. Any assignment of the Apartment/Villa shall be sunject to the prior approval of the Seller and the Master Developer and
would be subject to the payment of the prevailing administrative fees and advance payment of the installment next due.
iv. In case of any changes to the Location or Unit Number on the Master plan, the assignment of the Apartment/Villa
Number can be change accordingly.

Signed on behalf of the Buyer by.

Name: Designation
Signature: Date

Signed on behalf of the Joint Buyer by.

Name: Designation
Signature: Date

Signed on behalf of R holdings by SAHARA PROPERTIES.

Name: Signature. Date

for office use only:

R Holdings Representative: Signature/Date
Sales Manager Signature/Date
Authorizing Representative Signature/Date

Dear Dwarish , we have been befrauded . We all agree that world wide financial crisis but where is electricity , infrastructure , malls? Master developer only killing time believing EC will be dubai in some time . Not honoring commitments and no law . Further courts on developer side and govt also on developer side. Not one single recovery yet from any developer . Or any settlement.

So what is your advise about lake view real estate in Ajman, The owner/developer is in Jail in Dubal for fraud charge, The Lake view office still open and they think the arrest of Aman Quraishe is no effect to the project!
LV is not registered with ARRA yet but they did pay the registration fee
we got some dodge property exchange offer with other property company in dubai...
What is your advice?
Do we lost all our invetment money with lake view?
Claim the police case against Aman Quraishe and lake view will help to get our money back?

Yes...we should get United first. I am with you, suggest us how to proceed further. I am coming back on 23/09/09 to Dubai. Hope to meet you somewhere and discuss further.

To: Sanjiv
lake views owner(Mr.Aman Quraishe) is in jail in dubai, you should do a police claim to get your money back, the lake view real estates office is still open, they got a new office addresse and phone numbers, but they never answers any ones phone or emails...

Simple facts about investments in ajman .

1. Take a loan - buy a property in ajman .
2. Pay for over a year or two
3. Developer does not build. (image if one person paid 100K in installments -- total flat 220 - Total sum collected 20,000,000 . Where is all this money being used)
4. Don't have money paying the bank. Go to jail .

In short invest , lose money and end up in jail. Or invest and forget.

All these talks abt this is happening, that is happening .. trust me .. nothings is happening ..

developer blaming the master developer and via versa.

Its all a well played game.

Who is affect investors.

Think about it. The best way is approach your consulates for help.

Hi Guys,

As anyone invested with this company for a project in Mina Al Arab RAK or Lagoon View Tower, Emirates City Phase 2 (Ajman)???
They were agressively advertising at all the Malls back in 2007/2008 regarding their 12 month buy back option which i took.
The settlement of that is due now and i am assuming at different times for other investors, however it seems the company has since shut down to my Horror.
Can anyone advise if they also invested with Lootah Real Estate & Commercial Brokerage?
I would like some feedback on those that did and to form or join an existing committee for further persual of our investment.

As per Agreement, they are bound to give 90 days notice to pay all dues. My unit is in in lillies tower " the project of Master Developer". With respect to status of completion of construction, I paid 30% of the total amount which is equivalent to 72% of the amount required before construction but construction status is 36 % (18 slabs out of 50 slabs). I cant not take further risk to lost my money. I bought directly from developer. if they are balck mailing right now by jsut giving 7 days notice that means they can do in near furture. Moreover, as per recent analyses , it is hard to see revival in next three to four years. especially ajman's survival is depenedent on Dubai, which is itself in difficult situation.

Right now i am helpless. I approached one lawyer they are asking upfront huge amoutnadn then upon recover significant % of recovered amount .it seems major chunk of recovery goes to his /her pocket. lawyers are enjoying the such situation becasue it is the time to make money.

My # is +92 333 2320829
Gogy

There is jungle law in Ajman. Now investors should take up issue at International Forums (UN, GCC, Arab League, ICO etc) and seek justice. There is no way to get refund irrespective of terms of agreements because of connivance of officials of ARRA and apathy of Ajman Government.

Regards,

Abid Ajmal

Hi there,

To say the least I am very stressed and annoyed abou the BL properties/ Hunter and Hunter situation. I feel it is a well thought off and planned scam as Hunter and Hunter have disclaimers all over the reservation form that the are not responsible in any way and now they are trying hard to get out of it. We are now in court and it is costing a lot. I want to know if anyone in the same position will like to come on board (not because of the money) but to allow the case to carry weight. Hunter and Hunter are saying the case needs to be heard in Dubai, and I have paid the money into the their account. Please kindly let me know if you have dealt with Hunter and Hunter and I can brief you of the sorry so far. We have trial set for the 3rd of October to November 2011. My email address is DemiJay007@gmail.com

Please kindly contact me as soon as possible to move things on