Lake View Towers
Dear all,
I recently paid a visit to LVTR offices. Like most people I was a bit confused, do I listen to ARRA and not make my next payment and risk the pently. Or continue as normal.?. ARRA is a pretty new office, and are trying to make there mark on the property market in Ajman. Which can only be a good thing for us investors. What ARRA have done is a harsh way of getting all developers to get in line with their(ARRA) rules quickly. Therefore all developers must register with ARRA and then start their application for an Escrow account. Until the developers regsiter with ARRA all construction must stop, or the developer faces fines of upto 500,00dhs per day. So ARRA are deadly serious about the part they are playing in the Ajman property market. LVTR have applied to regsiter with ARRA, the paperwork and proceedure will take about 10-15days. Once regsitered I believe construction will restart again as long as LVTR are seen to be moving forward with an Escrow Account. I was told that my next cheque (FEB) won't be cashed until LVTR are regsitered with ARRA. I wonder if they are going to suspend paymenst until Escrow account is set up??? Now what was said to me and what will actually happen is another matter altogether. I didn't ask for this months cheque to be put on hold, their account manager just told me this as i asked about ARRA and their powers as the real estate regulatory body in Ajman.
Now if Ajman's ARRA follows Dubai's real estate regulartory body RERA, I guess the next step would be, not accepting anymore payments from investors who have paid over 30% untill construction actually starts. Speaking of construction starts, Towers 1,2 and 3 have begun, however now they are all on hold due to ARRA insisting that all construction in Ajman stops until developers regsiter with them. Towers 4+5 well I couldn't get a date for construction. But was told they would be completed and handed over on time.
LVTRE
I have noticed lately that as soon as someone shows their concern about any developer a group of people jump in and start accusing them as being negative. Everyone is entitled to express their views . Is it occured to them that those people might be in financial problem and out of frustation they are posting these comments. As for lake view towers 4 &5 ,the investors are right to worry since we have paid more than 40%(some may be more than that) and there is no sign of construction. Today I called Latifa (ARERA) to follow my complain and she has told me that ARERA has already sent an official letter to LVTRE .The letter says to stop taking any payments from investors until they complete registration process which includes opening escrow account for every tower separately.
Lake View Towers
Guys,
Keep up the good work. It looks like ARRA is willing to monitor all funds going to our developers. This is a good sign to restore confidence between investors and developers. We wanna make sure also that even after the escrow account is opened, that a real construction progress occurs in the field. Hope that if we can get a written delivery dates from ARRA office about Lake view towers project. And very important, our payment must be linked to construction progress...for example upon completion of 1st floor, we pay 4% up until 25th floor which make 100%. This willl be fair for all, investors will regain confidence and never hesitate to make their payments and second developer will have no execuse since all our money will go to ecrow account. This is the best and most safe and fair solution for both investors and developer. Guys, please lets keep up the good work and any suggestion or comments that help us are welcome......
Not right at all
Paying based on construction is not enough. Who will guarantee that there will be infrastructure like water and electricity when the building is finished. They can play the game again, convince you that they are doing construction and when the building is ready they will simply come to you and say, Sorry but the electricity is out of our control. You have to wait for them to create some solution.
All in all ARRA task is to motivate investor to invest in ajman, but investors are now more aware about the situation and they will not be deceived another time.
Let them provide water and electricity and after that we think if we want to pay again.