GCD2_Ultimate Long Stop date
HI !!
Today I spoke to Customer relations officer of STAR GIGA and he told me that by Nov 2011 if the contruction of GCD 2 is not completed then they will refund the total money paid to developer along with interest . Actually the longstop sate was Nov 2010 which they have extended to Nov 2011 under the FORCE MAJURE clause.They also told me that completion date will not be postponed beyond Nov 2011.
I don't know whether to believe them or no .???Request for your feedback.
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Long stop date
I was told the same back in December 2009. When looking at all ETA Star/Star Giga projects in Ajman and Dubai, which are all on hold, it seems hard to believe that they have the funds to pay people back. I'd be glad to get the money back at this point I wouldn't even worry about the interest.
Only time will tell.
handover or refund?
It was good to hear that at least some developer is talking about handover or refund!
Well if ETA really means what it said, either handing over the apartment in Nov 2011 or refunding the money with interest, then nothing like it. I am extremely happy to hear this.
But again hard to believe. If this is their intention then why aren't they communicating it to the unit holders. If given this kind of a promise , I am sure most of the unit holders will be willing to cooperate with the developer in terms of starting the payments again. Why are they refusing to reply to our emails, calls?
It doesn't look realistic that they would complete the units by Nov 2011, as construction has hardly begun for GCD-2.
As Josau said time will only tell.
Good to hear!
Good to hear what Hari said, but then, yes time will tell. Nov. 2011 deadline is quite reachable but only if work begins in right earnest at the earliest.....and no visible signs of that as of now.
GCD
I believe that these are delaying tactics. Possible delay method to stop potential onslaught of legal action.
If it was really the case they would have conveyed it in writing.
Furthermore, why is it that one person manages to contact them while ten others fail to even get the courtesy of an acknowledgement. This does not sound right to me.
When you speak to them you really must obtain a name. So many people have received contradicting information from different customer agents.
Is there anyone out there who has pending legal action against Star Giga /ETA Star. Please share your experience.......... THere must be someone.
GCD
Oh yeah one other thing......... I heard that Lawyers are questioning the validity of "the FORCE MAJURE clause"!!!
im not surprised for me
im not surprised
for me force majure and present economic climate has no corrolation.
force majure is like if development was in haiti, before the earthquate, where delveoper made 30 out of 50 storeys suddenly earthquake and all goes
then developer says sorry cant complete on time force majure got to start again from scratch
not ' sorry i used your money to buy other plots instead of starting construction, and now other banks wont lend me money to do the development work on your project - force majure cuz no banks giving me money' - RIDICICULOUS !
Musafir Moderator
Agree....but.....
I agree all the arguments coming out from Josau. Ossy. Musafir and others........ and I am myself also skeptical about the whole issue. Yes why can't there be more communication of a transparent kind from the developer to ALL the unit holders. If its actually the way they said it is. TO HARI then so be it and its not really a problem for us.......but if its only a delaying and pacifying tactics to thwart legal action then its really unacceptable and in fact. worthy of contempt. Yes I agree with Musafir. this whole argument about force majure is legally unteneble. its being used. or rather misused to suit the convenience of the developer. Nothing external has happened. We have paid the instalments and the developer has not spent the money on building the towers. Its clearly a breach of contract and not in the least FORCE MAJURE.
I too am really curious to learn from somebody who has actually taken legal recourse as to what was his experience. It would be worthwhile for all of us to know!!
GCD
HELLO EVERYBODY
I spoke someone from STAR GIGA last wednesday and i asked when the construction will start again, the person told me we will get the escrow account in matter of few days, i replied why don't you communicate with the investors you'r kept us in darkness and we don't know what your intensions are. but unfortunately he had nothing to say to me exept that there will be a construction soon and the handover date is november 2011 etc. can we believe it or not? lets have a vote of confidence.
best wishes
Hello Everyone
Couple of weeks back,I sent an email to ARRA to check if StarGiga had registered, the reply which I got was they are not yet registered (the submitted papers which were not complete). They need to be registered with ARRA first before thay can setup the escrow account.
Secondly, I would not truct them that they would refund the amount paid if not handed over up to Nov. 2011. Possibly they are looking for more payment, i.e. the amount which needs to be paid at handover as per contract for GDC has now been split in installments which does not seem right. Additionally, I have send them so many emails which they do not reply, seems like they are in a mess and are looking to gain time for an exit strategy with the investors money. (Lets hope I am not right).
AS for me, I have them a written & signed document saying that I will pay as per contract as the outstanding amount due as per my payment schedule is at the time of handover instead of their letter splitting the amount installments.
Lets have a plan in place to protect our investment.