I do agree with you with emirates city might never be built alt-least in near future but differ on losing about investots hard earned life savings.
The deveopers should deliver as promised / committed in the booking form/SPA/Contract. If the deveopers fail to deliver, they should return the investors money as well as pay the penalty as per contract. I do understand that the rulers of Ajman are involved in this but there should be respect in terms of international business noms whereby you deliver what you had promised or return what you got paid.
I agree with you from a practical point of view for the following reasons:
First: the price fall doesn't make it sensable to continue paying installments for something that is not worth a fraction of what is required to pay for.
Second: most developers have not even started construction and aren't able to do so.
Third: the very few developers who are continuing are doing so very slowly and need decades to finish construction.
Finally: and most importantly, Emirates City lost the possibility to be a city. There is no sign of infrastructure or services and there is no hope for such needs to be provided. There is no demand for such a city any more, and even if finalized, it will not be inhibited anyway.
Therefore and practically speaking, there will be NO emirates city.
Abdul Rahman will not reply to any of my emails,when I called his mobile he made excuse after excuse and then closed his phone,Shami Towers in Ajman will not get built I am totally convinced Emirates city is finished.
what is arra going to do with projects & developers which are not register yet? what will happen to such projects & investors payments?do we loose our money or the government suport us?
I feel the situation depends upon which tower you have invested in. Different towers have shown different progress and atleast some of the towers will get eventually finished and delivered. The situation looks bad for the towers which have not shown any significant development till now and are yet not registered with ARRA. I hope RHolding and ARRA do take some bold steps in this regard.
I don`t think any of the Towers will get finished and all our monies lost.Ajman don`t want to no,you can get a Lawyer and fight your case but its to no avail.I have paid AED 211,000 and have come to the conclusion that its gone.
I assume your tower might be one with the problems that I indicated - little progress & no registration with ARRA. Have you checked the possibility of a replacement solution with RHolding. RHolding incidentally is launching a new website but you can contact their office to try and move into a more secure development. Property investment now has to be looked upon as a long term plan. Maybe it is too soon to give up on your 211K. Emirates City has its share of problems but where in the world there are no financial problems at this point of time. Rest is upto you.
No my tower is registered with ARRA and got Escrow account,like all the rest.I am a regular visitor to Ajman and can see no progress,its like a ghost town,its finished before it got started,they are all crooks.I hope I`m wrong!
All towers are not yet registered. The ones which are registered seem to be one step better. However, much depends upon how much construction has already been done on your tower. There are 4 towers in row C which have completed their super structure but even they are not sure of the time it would take for RHolding to provide infrastructure.
There is no infrastructure in Emirates city,no water mains,no electrical connection,no drainage.All the developers are just crooks,do not pay anymore money to them unless you want to lose more money.I will never buy off plan again.
EC without infrastructure is even not suitable for camels, so I totally agree with Mark, do not pay then even a single cent untill they give the investors international guarantees of their committment as per contract or 100% refund of the investors money. ( I would prefer to get my money back from the crooks of ajman)
Mark,
Any ideas on how we can retrieve our monies. Our contracts have a clause that stipulates something to the effect that "cancelled contracts will require us to pay a penalty to Brouks". This implies we can cancel our contracts, however Brouks are saying they need permission from the Ajman authority for this. I am confused and tired with their excuses.
Khalil,what about if this project does n`t get built(like i think it won`t),no work for more than 18 months.Brouks are just crooks and must return our money.We must get together and fight them.
I went to their office last week and all they were proposing was a property swap with either Lillies Tower or something in Greens/JLT. I will never buy off plan again! These projects are another unsure investment AND they're asking AED850-900/sqft! Pure robbery! We want our money back, they can keep the 10% penalty. We've invested AED375k for 2 units in Shami and it is truly shameful. I filed our case with ARRA back in July but all they can do is request that Broukes meet with us to discuss settlement. They have no teeth to force them to pay. Broukes does not need any permission from ARRA to return our monies. They told me they have no money in the escrow account so they cannot pay and they have nothing but excuses about how much they spent on the project themselves. The one agent from Broukes that has already been mentioned here, in a heated discussion, told my husband he can sell the steel to get our money. My husband remarked then that they don't plan on building if that is the case! This agent then hung the phone up as they were having a heated discussion. They have a project being built now in Sports City and I feel that once that project is finished, then they'll skip town for good. We are doing what we can now before this happens as we will not sit by idley to let these crooks get away!
I went to their office last week and all they were proposing was a property swap with either Lillies Tower or something in Greens/JLT. I will never buy off plan again! These projects are another unsure investment AND they're asking AED850-900/sqft! Pure robbery! We want our money back, they can keep the 10% penalty. We've invested AED375k for 2 units in Shami and it is truly shameful. I filed our case with ARRA back in July but all they can do is request that Broukes meet with us to discuss settlement. They have no teeth to force them to pay. Broukes does not need any permission from ARRA to return our monies. They told me they have no money in the escrow account so they cannot pay and they have nothing but excuses about how much they spent on the project themselves. The one agent from Broukes that has already been mentioned here, in a heated discussion, told my husband he can sell the steel to get our money. My husband remarked then that they don't plan on building if that is the case! This agent then hung the phone up as they were having a heated discussion. They have a project being built now in Sports City and I feel that once that project is finished, then they'll skip town for good. We are doing what we can now before this happens as we will not sit by idley to let these crooks get away!
We all need to do our part and file a case with ARRA to put pressure on these guys to come to the table to discuss settlement and explain what happened to our money in the escrow. Just one buyer filing a complaint doesn't mean anything and I'm easily ignored. Let's not all write on a blog and complain and feel sorry for ourselves, everyone should do what they can so at least we've tried. We may actually make a difference and get some answers and/or some money. Everyone please!
Just take a look at the attachment in the post for Ajman Boulevard. You will find how honest ARRA is and in whose interest does it make the decisions. I assume ARRA is making decision in the favour of the developers like AA property wihtout even consulting the investors (Customers who have signed the agreement).
Now with the new law, you can not even ask for cancellation which also needs ARRA's permission which you might never get as they have no plans to delvery as per the contract and to refund your money.
All the invested is F**k*d off....
Gents,
I think we should contact ARRA, its worthwhile sending an email and checking the response. Or we should negotiate a property swap in Dubai in Shami Sports Tower. I heard Mr. Shami is a very reasonable and sensible person and we should directly contact him. The loosers in Brouks are uneducated bastards who luckily got job! they have no sense of business and no interest so instead of wasting our time we should directly contact Mr. Shami. Can anyone get his contact? i will check with my contact in Gold Crest.
We would like to offer all investors who have booked their apartments in Ajman to swap their properties for the ready projects we are offering in Jumeirah Village.
We can offer you the swaps at the same rates that you bought in Ajman along with favorable payment plans so you can pay for your apartment in installments and earn rental income at the same time.
Limited apartments available so contact us today on 055-5099157 or 04-4475430 or email us on uk@binayah.com
Emirates City
I do agree with you with emirates city might never be built alt-least in near future but differ on losing about investots hard earned life savings.
The deveopers should deliver as promised / committed in the booking form/SPA/Contract. If the deveopers fail to deliver, they should return the investors money as well as pay the penalty as per contract. I do understand that the rulers of Ajman are involved in this but there should be respect in terms of international business noms whereby you deliver what you had promised or return what you got paid.
What about towers like
What about towers like paradise lake and others who are heading to 23rd, 24th, and 25th floor and construction is ongoing?
Agree
I agree with you from a practical point of view for the following reasons:
First: the price fall doesn't make it sensable to continue paying installments for something that is not worth a fraction of what is required to pay for.
Second: most developers have not even started construction and aren't able to do so.
Third: the very few developers who are continuing are doing so very slowly and need decades to finish construction.
Finally: and most importantly, Emirates City lost the possibility to be a city. There is no sign of infrastructure or services and there is no hope for such needs to be provided. There is no demand for such a city any more, and even if finalized, it will not be inhibited anyway.
Therefore and practically speaking, there will be NO emirates city.
Abdul Rahman will not reply
Abdul Rahman will not reply to any of my emails,when I called his mobile he made excuse after excuse and then closed his phone,Shami Towers in Ajman will not get built I am totally convinced Emirates city is finished.
what is arra going to do
what is arra going to do with projects & developers which are not register yet? what will happen to such projects & investors payments?do we loose our money or the government suport us?
Partly agree
I feel the situation depends upon which tower you have invested in. Different towers have shown different progress and atleast some of the towers will get eventually finished and delivered. The situation looks bad for the towers which have not shown any significant development till now and are yet not registered with ARRA. I hope RHolding and ARRA do take some bold steps in this regard.
I don`t think any of the
I don`t think any of the Towers will get finished and all our monies lost.Ajman don`t want to no,you can get a Lawyer and fight your case but its to no avail.I have paid AED 211,000 and have come to the conclusion that its gone.
check for a replacement solution
I assume your tower might be one with the problems that I indicated - little progress & no registration with ARRA. Have you checked the possibility of a replacement solution with RHolding. RHolding incidentally is launching a new website but you can contact their office to try and move into a more secure development. Property investment now has to be looked upon as a long term plan. Maybe it is too soon to give up on your 211K. Emirates City has its share of problems but where in the world there are no financial problems at this point of time. Rest is upto you.
No my tower is registered
No my tower is registered with ARRA and got Escrow account,like all the rest.I am a regular visitor to Ajman and can see no progress,its like a ghost town,its finished before it got started,they are all crooks.I hope I`m wrong!
All towers are not yet registered
All towers are not yet registered. The ones which are registered seem to be one step better. However, much depends upon how much construction has already been done on your tower. There are 4 towers in row C which have completed their super structure but even they are not sure of the time it would take for RHolding to provide infrastructure.
There is no infrastructure
There is no infrastructure in Emirates city,no water mains,no electrical connection,no drainage.All the developers are just crooks,do not pay anymore money to them unless you want to lose more money.I will never buy off plan again.
EC
EC without infrastructure is even not suitable for camels, so I totally agree with Mark, do not pay then even a single cent untill they give the investors international guarantees of their committment as per contract or 100% refund of the investors money. ( I would prefer to get my money back from the crooks of ajman)
Well said Khano.The crooks
Well said Khano.The crooks should just return our money and let us move on.This project is doomed.We have all lost.
Mark, Any ideas on how we
Mark,
Any ideas on how we can retrieve our monies. Our contracts have a clause that stipulates something to the effect that "cancelled contracts will require us to pay a penalty to Brouks". This implies we can cancel our contracts, however Brouks are saying they need permission from the Ajman authority for this. I am confused and tired with their excuses.
Thanks Khalil
Khalil,what about if this
Khalil,what about if this project does n`t get built(like i think it won`t),no work for more than 18 months.Brouks are just crooks and must return our money.We must get together and fight them.
Shami Twin Towers
I went to their office last week and all they were proposing was a property swap with either Lillies Tower or something in Greens/JLT. I will never buy off plan again! These projects are another unsure investment AND they're asking AED850-900/sqft! Pure robbery! We want our money back, they can keep the 10% penalty. We've invested AED375k for 2 units in Shami and it is truly shameful. I filed our case with ARRA back in July but all they can do is request that Broukes meet with us to discuss settlement. They have no teeth to force them to pay. Broukes does not need any permission from ARRA to return our monies. They told me they have no money in the escrow account so they cannot pay and they have nothing but excuses about how much they spent on the project themselves. The one agent from Broukes that has already been mentioned here, in a heated discussion, told my husband he can sell the steel to get our money. My husband remarked then that they don't plan on building if that is the case! This agent then hung the phone up as they were having a heated discussion. They have a project being built now in Sports City and I feel that once that project is finished, then they'll skip town for good. We are doing what we can now before this happens as we will not sit by idley to let these crooks get away!
Shami Twin Towers
I went to their office last week and all they were proposing was a property swap with either Lillies Tower or something in Greens/JLT. I will never buy off plan again! These projects are another unsure investment AND they're asking AED850-900/sqft! Pure robbery! We want our money back, they can keep the 10% penalty. We've invested AED375k for 2 units in Shami and it is truly shameful. I filed our case with ARRA back in July but all they can do is request that Broukes meet with us to discuss settlement. They have no teeth to force them to pay. Broukes does not need any permission from ARRA to return our monies. They told me they have no money in the escrow account so they cannot pay and they have nothing but excuses about how much they spent on the project themselves. The one agent from Broukes that has already been mentioned here, in a heated discussion, told my husband he can sell the steel to get our money. My husband remarked then that they don't plan on building if that is the case! This agent then hung the phone up as they were having a heated discussion. They have a project being built now in Sports City and I feel that once that project is finished, then they'll skip town for good. We are doing what we can now before this happens as we will not sit by idley to let these crooks get away!
Shami Twin Towers
We all need to do our part and file a case with ARRA to put pressure on these guys to come to the table to discuss settlement and explain what happened to our money in the escrow. Just one buyer filing a complaint doesn't mean anything and I'm easily ignored. Let's not all write on a blog and complain and feel sorry for ourselves, everyone should do what they can so at least we've tried. We may actually make a difference and get some answers and/or some money. Everyone please!
ARRA
Just take a look at the attachment in the post for Ajman Boulevard. You will find how honest ARRA is and in whose interest does it make the decisions. I assume ARRA is making decision in the favour of the developers like AA property wihtout even consulting the investors (Customers who have signed the agreement).
Now with the new law, you can not even ask for cancellation which also needs ARRA's permission which you might never get as they have no plans to delvery as per the contract and to refund your money.
All the invested is F**k*d off....
Contact ARRA
Gents,
I think we should contact ARRA, its worthwhile sending an email and checking the response. Or we should negotiate a property swap in Dubai in Shami Sports Tower. I heard Mr. Shami is a very reasonable and sensible person and we should directly contact him. The loosers in Brouks are uneducated bastards who luckily got job! they have no sense of business and no interest so instead of wasting our time we should directly contact Mr. Shami. Can anyone get his contact? i will check with my contact in Gold Crest.
Regards
If you contact Mr Shami tell
If you contact Mr Shami tell him to return all our money the thieving bas***d,he will rot in Hell.
Swap your properties for ready projects in Jumeirah Village
Hi,
We would like to offer all investors who have booked their apartments in Ajman to swap their properties for the ready projects we are offering in Jumeirah Village.
We can offer you the swaps at the same rates that you bought in Ajman along with favorable payment plans so you can pay for your apartment in installments and earn rental income at the same time.
Limited apartments available so contact us today on 055-5099157 or 04-4475430 or email us on uk@binayah.com
Regards,
Binayah Real Estate