Emirates City Forum

ARRA director said it clearly that payments are to be :
1- to escrow account monitored by ARRA.
2- payments shall be linked to construction progress

you have to ensure that these two are true in your case before you proceed paying.

I would not pay a penny to anyone, until the dust settles in Ajman and you know for a fact what is goning to happen. You have to be satisfied with construction progress before you pay. Them sending you few words saying "Construction for this particular tower BO2 is going on", this is ok for a 2nd grader, but for a mature man like you, there has to be some measurable information. are they progressing per project plan? are they going to deliver on time? etc.

you have to hold this type of discussion with them, actually, they are inclined to just tell you pay without talking to you. you have now to control the situation, dont rush into paying. They seem to listen better when they are chasing your payment. Make them work for it.
No more Mr. naive investor.

The implementation of the recent ESCROW account requires construction linked payment, which would safeguard your money. However, if you refer to the 4 year payment schedule / scheme, only approx. 50% of the total amount is to be paid untill completion. Hence the Ajman developers have provided a good protection to all the investors, as the investor will have paid only 50% amount, prior to receiving his apartment. It is this inherent safeguard to the investors that has had made Emirate city development today. Accordingly adjust your 50% payment plan to the revised completion date.

Our family has invested in two properties that were to be developed in Ajman. Aryenes is the promoter and BILT are the contractors/Owners of the project. We have already paid 23% of the payments and the promoter is demanding the next payment though the construction has not yet started. We were told that our initial payment is in an escrow account and we understand that the new Ajman - ARRA regulations require payment schedule to match the construction phases. We are in a situation where we would loose the initial payment if we refuse to pay and could loose more if we pay and the property never comes up. If any other investor has a similar situation please let me know so that we can join together and force the promoter to refund our money. We tried accessing the website for Aryenes and they seemed to have blocked this, for obvious reasons. Can we have some legal advise on our situation.

Thanks.

Ronald

Ronald,

If you are talking about Aryene Properties LLC Indian owned company I have booked throught them one apartment in Sapphire lake view B13 they were the marking agent for this project since Aryene was RERA approved agent I booked in Feb 2008 my expirence with them is bad they do not reply to my e-mail nor they are doing anything since B13 fail to register with ARRA you have to be carefull with this developer they have office in Bank street in Dubai if you are talking about the same developer