Emirates City Forum

why you call someone who worry about his money a fool!
his talks is exteremely right
and i agree we should make a group against developers
they do everything they want
if they have problem we have more problem because they have big money they sold all
towers before creating and we have small money , if you works for them it's ok
but we all worry about our investment , developers make fail their agreement very easy even without
note to agree us
so what , we sit here listen to each other and don do anything , be patient for what
just one thing i think they should do :

They should ask buyers if they agree new agreement ok continue
but if a buyer doesnt agree with new plan , they should return his money

it is not comlicate rule , that's an easy rule do in every safe part of the world where they have rules

A meeting is planned before the week end people who would like to join us
mail me
REALLY_TRUE at HOT MAIL dot com

We ( Investor) & Developer must respect the contract in 100% cases only developers are in fault and now they can't act irresponsible, We as investor completed our payment terms as per the contract sign, but developer failed completly and not due to to other reasons but even contruction not yet completed some cases 0-5%, 0r maximum 40%.

So as investor we should build the solid group and stricktly sticked on the original contract where handover date and payments terms all are clearly written.

If something to do to be done by developers and not by investors.

hi,

we have received the new payment plan also. What everyone will do? From old payment plan normally on 1 st April supposed to pay the instalment , on new plan we have to pay on July and no need for April. ...We want first, today to get their signature for the new payment plan what they sent to us.(without signature) ..... Are going to sign the new plan?

we really hope the project to be finished ..not to be a dream.

I know if they are in right
they defaulted every terms of contract strongly so they should give us two options
-want stay
-or dont ant stay

if you want stay ok continue if you dont ant stay they return money 100%

because they failed not us!

Hello Guys,
I think we all have been sailing in the same ship and looks like this ship is going to sink soon...
I have been completely i shock like you all after getting the new playment plan and especially after knowing that the project is been delayed by 2 years...I was hoping to move into my new flat by mid next year and had already made my plans accordingly and i now have no clus as what to do now.
I have emailed Shakil from Giga real estate on several occasions and also called him many times until i send him an nasty email demanding our money back or face legal action against them and got this quite abrupt and rude email....Please read the email i received from them

Dear Sir,

Thanks for your mail and noted its contents.

Please find below our answers for most of your queries.

The contract entered between us, is for the purpose of developing and handing over your unit. We have already completed land purchase and have progressed substantially on the design development related works and have also commenced the construction and we are already on the Ground floor. In order to progress further it is important for us to have your cooperation and continued support on the payments.

The only exit option available is termination of the contract and if the contract is terminated 30% of the sale value of your unit will be forfeited as per clause no 9.8 and 15.3 of sale agreement.

It states “In the event of cancellation/termination of this Agreement by request of the Buyer or by default by the Buyer of any clause in this Agreement, all payments previously made by the Buyer, subject to a maximum 30% of the Sale Price will be absolutely forfeited by the Seller” and,

“The Seller and the Buyer agree that the forfeited 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 as provided for in this clause 15.3 and 9.8, fair and equitable, is not harsh or unconscionable and does not constitute a penalty. The Seller also reserves a right to recover costs and losses, if any, that the Seller may suffer in the process of termination of this Agreement in accordance with clauses 9.8, 15.2 and resale of the Unit”.

Hence, this is not an advisable option at all.

The delay are natural part of such kind of mega projects, due to its complexity and dependency on various factors, including governmental regulations, which are beyond our control, therefore to say that the project has been delayed for any exact reason would be misleading. However wish to emphasize one of the main reason is the delay in providing utilities and developing infrastructure in the Emirates City region, and hence, we thought it to be feasible to slow down the construction and match it with the expected availability of the utilities. It may appear as though we are making an excuse in the shadow of utilities but logically a completed unit with the absence of infrastructure facilities does not suffix for the possession as per the sale and purchase agreement.

In order to match the availability of the utilities, we have delayed the construction process which is a requirement to protect many finishing item like Doors, Tiles, etc. If there is no power to run the Air conditioners, it could cause damage to all the items fixed such as Doors, Tiles.

We acknowledge that additional resources to strengthen the contracts team and to initiate the process.

Please also refer to clause 17.1 with reference to clause 1.1 for – “Event of Force Majeure”

Trust the above clarifies your position in this regard.

Please do not hesitate to contact us for any more queries.

Regards,

Customer Support Team

Star Giga Establishment Limited

is there any way to get a -30% refund on the project after the new laws

http://www.skyscrapercity.com/showthread.php?t=160908&page=35

Refer the above link, Investor group is going to meet ETA on 30 May for delay of ETA property in JLT, Dubai.

Why related investor of GDC1 - GDC4, join then to creat pressure on ETA, Here they are saying that due to lake of infrastructure they are forced to delay the project, but in Dubai they also delayed their project by 2 Years.

They are just finding the excuses, right time to join with the other group and register your complain too.

Hi All,

I am also willing to get involved with this situation.....Unfortunately I am int he UK so can really do the meetings but willing to assist and help where ever I can......
Sha

ETA seems to be a good company but we need facts and I would like to request folks to please speak directly or call ETA up if you cannot go

if each one of will call or go to their office that in itself will build up the pressure

Please write letters to them so that you have something in writing

Hi,

I have been reading all the comments with interest.

I have got an offer to buy one apartment in goldcrest 2 ,

So after going through your comments, I have dropped the idea,

Any suggestions please.

Regards,

I know ETA star is trying to sale thier shopping places ,offices and everything they have in dubai and it makes doubt maybe they will disappear with our money

Dear Investor,

in a joint effort to contact ETA STAR to protect our interests and rights, we have made this form which all of you who are interested please fill out.

We mainly try to reach people who have invested in Emirates City, GOLD CREST DREAM and do not agree to the delay and loss in rental money connected with the delay, etc. ... all ETA STAR customers are welcome to join Smiling

We already collected user data from other forums and are in the process to combining investors interests across forums.

PLEASE FILL OUT THIS FORM:

http://spreadsheets.google.com/viewform?formkey=dG5XdWpieGtDTXowT21DVWVU.....

Please be assured that your data will be kept confidential and NOT PUBLISHED to others. After filling out the form, you will see a summary of all data submitted so far.

Please fill out the form ASAP - we plan to meet ETA star soon.
Best regards.

What is the latest status,appreciate your help as I do not live in UAE. What is the status of the status of the GDC investors forum.

I spoke with them today. THey said that the escrow account will be set up this week. Whether this is true or not remains to be seen........

I would not pay them any more even if they come up with escrow account. Escrow account does not guarantee that you will get th handover of the apartment as per contract or your money will be refunded to you. In case of escrow account, the amount will be with Ajman Government (Bank) instead of the developer but no guarantee that you will be refunded or get the apartment.

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

make money with those who are already suffering? thats what these swap properties doing loads of american accent sales girls calling me these days offering properties in dubai, 100 times more expensive then the real value and then they say we can negotiate with the developer and get you the discount for the amount you have paid in your apartment. so you are gone from either side, get ready to pay bulky installments as the property you swap is ready to move in, and in Dubai and may be available because even in Dubai properties are struggling to make any markets.

if these real estates are so good that they are feeling the pain of the poor investors? y dont they offer something in Ajman same category but an already completed apartment with the market value less the money we have paid. can they? but dont try to fool us again and again thanks :)