Investor's power
with due respect to all members, i would like to draw your attention on some real hard facts
1. these are real difficult days where investors dont have trust on any developers, developers are also trying to squeeze as much money as possible from investors before doing anything, no guarantee available for infrastructure, even if some towers are build, what will be benefit of their resident if they are scatted here and there, without any mall, without any power, without severage? no guarantee about completion dates, even if we deposit money in escrow, how will we get it back if there is still delays? they will ask us again to go to court and you know how much expenses for going to court.
2. now let me ask you a question, just suppose if we are united and refuse to pay any money to them ( give them ultimatem jointly signed by us ) that if they dont give any discount and construction base payment plan we refuse to pay anything to them..
what do you think , what can they do? what options they have?
A. they can put penalty on us and in long term they will go to cancel our apartment for that they have to go to court and give high fees to court, right? ( as its difficult for us to cancel the apartment similarly its difficult for them too )
B. what else they can do? do they have any other fresh investor ready who can buy the apartments?? NO QUESTION ARISES !! believe me no body will come forward to give them even 1 aed because they have lost their reputation and trust allready.
C. in this situation , Ajman government will also take us seriously because Emirates City is the only project which can be made and in future they can think to make some other projects too, if this project is closed down, what they will do? they can not make any other project, they can not find any new investor.
this is just a point to think about , i am not saying to do it imm. but just think about it, if we are unite and give them our conditions for next payment, they will certainly hear us.. this is my idea..
pl. advice
thanks
well said newera
EXACTLY!!
I want to tell everyone the samething.
I agree with u and I am not going to pay anything.
lets all unite and not pay anything further .this way we can secure our money and property.
they also need us
as we need developers help to get our apartment on time (even may be after delay ) same position is on their end, they also need our money, we have paid around 40-50% allready but if they try to ditch us or penalise us, from where they can get new investors? i strongly feel if we bargain with them , may be they wont give much discount ( still we can get some intrest on our previous payments ) they have to be agree on construction link payments not as per their one sided contract and authorities like ARRA will also support if they see that no body is paying and their prjects will be spoiled they will also come ahead, we are not asking anything unreasonable whole uae can understand that we paid, there is no defualt from us now why not we ask for construction linked payment, infrastrcuture guarantee and most of all some discount on account of intrest on our previous payment which is unutilised allready and with them since last several years without any progress.
we are not assesing our own power we must understand that deverlopers, even ajman government can not get new investors they need us badly..thats why they are showing their efforts like ARRA etc.
if we jointly ask them to change contract and if no body decide to pay before that they MUST do it..
this is only my personal opinion but its logical..
Put money in my pocket and I will keep it
The famous English saying that " You put money in my pocket and I will keep it". If all of us unfairly keep on paying money to the developers, as if our apartments are getting ready constructed with lakes, flowers, swimming pool , jacuzzi, mall etc. And if we unreastically expect this sacrifice which are doing by saving our money for the instalments; and by scolding our children not to spend the little money on school stationary and pencils; for we are investing in Emirates City. The ground reality of construction does not convince the investors to continue giving money to the developers. Now since ESCROW account is being implemented lets join forward with construction linked payment. No more catchy advertisements and glossy print papers showing beautiful houses can work in EC anymore. Lets join together and talk to the respective developers.
No
I am not going to pay anymore money to the Liars and i dont want my money back and i dont want to have any flat in the desert. Believe me our money will be like fire in their stomachs because its our hard earnings and they have cheated us because they are swindlers. they just promised and made fancy advertisements for something which is not realistic and their is no law to stop them.
They needs us too
All developers needs our money to live, we have to but them under pressure always to get fair deal. I believe that EC needs 4 to 6 years to be ready, even when it's complete I think it well be in very bad finishing & materials.
WE ONLY TALK...NO ONE TAKES ACTION
Hello Nader,
Maybe you can afford to stop all the payments and also ready to lose everything that you have paid to them so far but not all of us can do that. I have already paid 90,000 AED so far to them and cannot afford to walk away from that as it will affect my life and my family's life.
The money invested was from my savings and i am not some investor who can afford to bear some lose, i am sure there are many of them here like me whose intention was to invest their hard earned money in this project and make some profit out of it but unfortunately this recession has affected us all.
My other point is what the hell are the EC Investors who either live in Dubai,Sharjah or Ajman doing...I live in London so cannot travel there but if this project was in UK then i would had formed a group of Investors and stormed the office of Eta or Star Giga and asked for explanation.
We are all since the past 6 months ONLY talking and saying lets do this and lets do that but has ANYONE actually done anything about it.
I fail to believe that there is no one out there in UAE who doesnt have contacts in Media and we can uncover them to the World, Imagine this news of Scam and the injustice they are doing to all of us gets published in the National newspaper of Channels like BBC,CNN or some other channels.
This will create pressure on the image of the Ajman Govt and they will be forced to take some drastic action against these fraudsters.
I am not against paying them as i am optimistic that one day the EC will be built and we will get our flats BUT we cannot be paying them more money UNTIL the construction is done according to the Payment. Etastar is a genuine company and someone who lives there should be talking to the bosses rather than Shakil and other employees.
I dont know if you will agree with me but unfortunately sitting in UK, thats the best i can do and request Investors living in UAE to form a group soon and take some action,the International Investors should sign an petition and someone should take them either to ARRA or Etastar.
Kind Regards,
Prashant Kapoor
Tel: 0044-7834350470
what can we do?
hi,two days ago i recieved email from sweethomes,they asked me send them my payment(i have not payed from new year),beacuse they opened escrew account,till now i payed 50%,but construction work is about 10%(5 floors from 25 floors).they put penalty around 10000
dirham,so what can i do,they can take this penalty from my money, what can i do ,after some months they sell my appartment.
what can i do?
no sorry i dont want anybody
no sorry i dont want anybody to represent me. everyone represent himself
Investor Power
Newera,
I fully support your views and ready to back you in any action on the subject.
Regards
do not panic please
I also think adding fuel to fire of highlighting negativy causes more problems
it frightens new investorrs (which causes problems to even good developers in ajman)
it also gives panic to exisiting investors who get more worried and want to sell at loss.
this becomes domino effect, causing more and more panic
and eventually collapse and everyone looses.
what we need now, is 3 things
1 some redress /bailout for those who lost with collapsed developers (this maybe limited, as investors took risk, and depends how wide problem).
2 - greater accountability and rigid enforcemebt to ensure investors are protected (ajman govt trying to do this with arra and escrow accounts)
3- help strengthn ajman image to booster marketability and help all in long term. posigtive image of ajman, means more apartments sell, means value of ajman grows, means value of investors grow, means developers get all their money (and linked with escrow) will get work completed faster.
do you have double identity?
hmmi just observed that whatever you said here , same thing word by word said by MUSAFIR in response to igor's posting cnn news...
how it is possible are you posting by two diffrent names? what is benefit?
which one?
Gold crest dreams one or Musafir,which one should we believe?
Whats your aim of having both?
Newera is right
We have to support Newera strongly & Newera should try to unite members in front of developers.We have only one weapone & its our payments.We should use it the best uniformly.
Who will unite all the investors to act the same?
thanks
thanks a lot i will be glad to provide any services to members of this forum as my friends. unfortunately i am living in Singapore and currently i am posted at south america which is really far from UAE. but we do have several active members in u.a.e. like ZP , Dwarish and several others whome we can trust and give our representation power to them and they can tell developers clearly that if they want us they have to be reasonable if they dont want us, just go to hell, we dont care.
thank you
Thank you too & you are completly right .Our friends Dwarish & Imre & zp296 must act more active.
Waiting for these dear friends offers.