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Cancelling Contract

Sun, 11/22/2009 - 14:02 — dubai_eye

I'm seriously considering cancelling my contract with sweethomes. The penalty for this will be me losing 50% of the amount paid (it used to be 30%) before the financial crisis. I'm really not sure how they can play with those numbers whenever they desire. Not only that, but they actually have to approve the cancellation in order for you to get the 50%, so there's a chance they might not.

Did anyone cancel their contracts with any developer and got any money back? my next installment is due in february and im really not sure if i should continue my payments or just withdraw and be happy with the 50% i may get offered.

‹ rainbow towers Sweet Homes another trap ›
Sun, 11/22/2009 - 17:38 — H R M

Cancellation

It is better for you to continue your payments, because sweethomes have escrow account and they are bulding the towers, you can sell your appartment after completed and you get more money for that, if you cancel your contract, you will lose alot of money, thats just my advice.

Fri, 02/25/2011 - 14:18 — ammars27

After visiting the

After visiting the offices

After visiting the offices of R Holding regarding my investments with Sweethomes in Emirates City Rainbow Towers this February the following news was relayed to me as an update.

1. There is no set start or ending date of the main infrastructure e.g. roads, shopping Malls, Mosque, Office Blocks etc
2. There is no set start or ending date for the main utilities e.g. Electricity, sewage, waters etc
3. There will be NO Lake in Emirates City anymore due to problems with water becoming Toxic in Dubai projects. (although I paid so much extra money for a Lake View apartment.)
4. It is possible that Emirates City may be finished in Phase's in the next decade so shall remain a building site for many years to come.
5. There is no possibility for a price adjustment from 500-600 Dhs to today's market rate of 200 Dhs per sq ft.
6. His Highness Sheikh Rashid bin Humaid Al Nuaimi, Head of Ajman's Municipality. is the Sole person behind this project and is the Sole Owner of R Holdings which guaranteed investors to come to Ajman and invest money and it is R Holdings that are solely responsible for all the main infrastructure in Ajman.
7. The developers are now collecting money as per the New Amiri Decree passed last year on construction linked payments by ARRA ( His Highness Sheikh Rashid bin Humaid Al Nuaimi, Head of Ajman's Municipality) and shall be paid out as per completion of building but this does not take into account that there shall be no roads, lights, shopping mall etc there, so we shall be left with a completed project in the middle of the desert!

I was given an email address to write to His Highness Sheikh Rashid bin Humaid Al Nuaimi with my concerns and I urge you all to write to His Highness Sheikh Rashid bin Humaid Al Nuaimi with your concerns and put pressure on the developers to re adjust the prices in Ajman, to stop threatening demand for money, to pay compensation for delays, and to cancel those affected by the changes in the master plan if they wish to exit and link the Escrow accounts payments to the overall master plan project completion rather then individual buildings as we were sold a Building in Emirates City and not the Desert with no power, water and sewage.

In my view most developers shall complete the buildings to 90% and receive 90% of the funds from escrow accounts then take of with our money leaving us with incomplete buildings with no utilities and infrastructure as there shall only then be 10% balance left to pay on completion. In this way the developers are in 50% profit and have no interest in our investment. The Government need to take a guarantee from developers and hold on to there passports or a big financial deposit to make sure they are still around until the full main project is completed including the main infrastructure.

It was the sole duty of R Holdings to check the compatability of the Lake and feasibility of the overall project before selling and launching the project, any change in the master plan shall void all contracts under the trade and descriptions act.

Please note the below email address is to Shk Rashid personal office, please refrain from any bad language and only write if you have something of value to say. The better the statement on your email the more serious it shall be taken to the Shk himself,if abuse is received I am sure they shall close down this email address and we shall all loose out this channel of communication.

The email address you should all write to is: aoa@rholding.com