Emirates City Forum

Developers and master developers in Ajman failing to meet the May 1 deadline
on registration will not be able to sell their properties "off plan", and
will be considered to be in violation of the Ruler's Decree, a senior
government official said.

"Anybody failing to register with us before May 1 will be considered to be
operating in Ajman in violation of the Emiri decree and will face penalties
from a minimum Dh100,000 onwards. There will also be a criminal part to it
such as selling a 'fictitious project'," Ajman Real Estate Regulatory Agency
(Arra) Director-General Omar Al Barguthi told Emirates Business.

He urged developers and master developers to come forward to complete the
preliminary registration even if they did not have the full documents in
place.

"We will complete their registration even after the deadline, but we will
not be considering any application thereafter."

Besides this Arra has initiated effective steps to stop misrepresentation of
facts or giving false information through advertisements.

"We have already penalised a few developers for giving false information in
advertisements," Al Barguthi said after this newspaper pointed out that
companies were still promising a residential visa on purchase of a property
in the emirate. "Anyone who wants to publish advertisements will now have to
get an approval number from us, which has to be published in all their ad
campaigns," he added.

Al Barguthi reiterated that investors must make their payment only to the
escrow accounts, which has now become mandatory for all developers. Ajman
Bank is offering the escrow bank facility in the emirate.

Hi Guys,

I would like to add my voice to you, I bought 1 bedroom apartment in LVT5 , i already paid 40%, and i am struggeling with this company, trying to call them, visiting them and emailing them, all the same result as it is mentioned from the other users.

I am planing to go to ARRA by next week and try to find the best way to protect myself from any fraud from this company. I think we all have to do the same since we are all feeling neglected and feeling we are loosing our money.

Any other suggest you gave give???

Lets all stay connected with each other in order to find a solution for our problems

Nabil

We already have a group for investors in towers with Lake View Real Estate. If you are not on the list already then please PM me and I will ask the group coordinator to add you on.

Hi,
i have the same case already pay lots of mony to LVT5 but still dont knw weather they will build the tower or not. plz add me also in the group so we can talk with them with more force.

Regards
Tanz.

PLEASE THOSE WHO LIVE IN uae UPDATE US IF YOU CAN ?

We have to expose them than only something will happend....

we have to keep the pressure..

regardin the Escrow account it has been along time that they are promissing on it but still nothing happened.I dont think they can register with ARRA.I hope we can get back the money that we all paid up to now some how before they all vanish.

ali, dont worry, fidel, krishna will get you your money back by talking to their buddies the developers.

Can anybody confirm if LV is registered already ??

Even if thay are, any idea how long it will take.....

Lake View Real Estate did not register by May 1, 2009 deadline, so what are we going to do next? Lot of people on this forum just talk about being helpless and powerless which is so frustrating to read, many talk about going to media and courts , but nothing gets done unless we do some collective action. Anyways we have lost so much amount so can we start a fund which some one in Dubai can manage and all of us contribute to this fund and pay lawyer for taking Lake View Real Estate to court before they disappear completely with our money or let us meet in Ajman on a particular week this year and all the investors go to ARRA all at once to get media attention. This is just a suggestion and would welcome forum member suggestions and comments.

Mr. Heshmi/Enzo,

Do you know anyone who has sued any builder in Ajman or in a process of going to the court. What could be an approximate lawyer amount ..any idea. I am ready to share the lawyer costs provided we have at least 10 to 20 investors from LVRE who can join us. I would request all the members to act now before it is too late. What I recommend is that anyone in Dubai who has invested with LVRE to start a kind of trust account in Dubai and whosoever contributes to this account get his case in a common mass litigation suit against LVRE. I am in Toronto Canada and anyone who is from Canada can let me know if they wish to be a part of starting this legal process. A request to all members from all countries to think about this and give your suggestions and ideas. I am ready to contribute as well as help in any co ordination including visiting ARRA Ajman.

This is the e-mail reply from a lawyer from Dubai

Thank you for your inquiry. The legal procedure would be as follows:

If the developer cancels the project, or does not start the project within reasonable time, then the buyer can ask for refund of the entire amount. In order to give you clear legal advice we need to look into the documents.

On receiving your documents we will study them. We will then issue a legal notice to the developer demanding full refund. If he is ready for settlement we will negotiate & mediate, and settle the matter out of court amicably.

If he is not ready for settlement then a case will be filed in the court.

Our Professional Fees shall be as follows:

Legal Advise and Notice issuing - AED.5000/- (shall be paid in advance)

After issuing the notice, if the matter is settled upon mediation, then 10% of total recovered amount shall be paid as our Professional Fees

If the matter is not settled then the following costs shall be incurred:-
i. Our Professional Fees shall be 15% of total amount. 50% of this amount shall be payable in advance at the time of entrusting the power of attorney and the balance 50% shall be payable on the date of the third hearing

ii. Court Fees- AED.30000/- per apartment ( if you have more than one apartment )

iii. Expert Fees- AED.10000/-, Expert Court Fee -AED.1750/ ( also payable on each case separately)

iv. Translation Charges- AED.140/- per page, and PRO and Process Charges AED.5000/-

Before filing the case all these amounts have to be paid and a power of attorney has to be executed by you in the name of our lawyers. If you are executing it from abroad, then it has to be notarised and attested from the UAE Embassy and sent to us.

In the event of you winning the case, the court will ask the opposite party to pay you AED 30,000/- (that you paid as court fee) and also AED 10,000/- (that you paid as expert fees), along with 9% interest on the total claim. This altogether will mean that your actual expense for litigation shall be reduced to 5% of the amount.

If you want to go ahead with us please send us a detailed reply. If you have any queries, please do not hesitate to contact me.

With best regards,

Dear Newera,

I know its too expensive I wish ARRA come up with something for investors!

The site is up again, something funny going on...Just keep watching

This is to let you know that I called ARRA and they said Lake View Real Estate FAILED to submit the necessary papers to get their Escrow account. She said the BEST WAY IS TO GO TO COURT TO GET YOUR MONEY BACK & WE can submit our case to ajman court as a group of investers (together as one case).

ANOTHER THING, WHO KNOWS WHERE IS AMAN KURASHI NOW????????????????

Dear Investors,
It looks like the truth is clear as snow have melt. we investors are victims of all kind of propaganda and lies.
We already lost our moeny with Lake view and now thay want us to pay more money for court this is not fair.
Ajman govrnment should stand still with investors and order Lake view to pay our money back or to immediately start construction. Believe me guys, if they don't do that, people will never ever put one dirham in the whole UAE. I have seen cases in USA where government take actions immediately by protecting the investors from fraud. Lake view is doing absolutely nothing to help investors. They are wasting our time to be depressed and forget slowly our money. Believe me friends no one will put a penny in the coming 100 years if Ajman government won't help.....confidence will be gone with the wind.
Actions to be taken:
1. All investors should write an article and send it to a popular Newspaper in the UAE providing details about the way we are being treated from developers and hopes from ARRA
2. Send a detailed case scenario to CNBC Arabia and CNN and encourage them to cover this new reality about developers. CNN have a Q&A program that can cover our story by starting to send a email
3. wait for developers reaction
We shall assign someone in UAE to pay him cost of putting the article in the newspaper and believe me investors after that the ball will rolls and buils up like a snow ball.......This is just the beginning....you are welcome to share your thoughts... THis is our earned money ....no one deserves it more than our children.....

I have suggested in my previous posts on May 3 that a collective case can be launched against LVRE, Can any of the forum members in Dubai come forward so that we start co-ordinating on getting this process started. First thing is to find a good lawyer and get his fees for filing a case against LVRE, second is we contribute as a group for fees etc. I would request Forum Members from Dubai come forward and take the lead. Average cost as per previous posts is around AED 40,000, so do we have around 50 members each of whom can contribute around 800 AED each to a pool to get this process started. I believe AED 800each is not a big amount if we have 50 members. If the members are O.K. with this then let us start a separate posting on this forum and everyone who is ready to share the legal cost just puts his name there and let us see after a week how many members are ready and then decide who will manage this process. I would welcome suggestions from all members but one request please decide soon within a week or two before LVRE office shuts in Dubai forever.

I don't know what kind of game ARRA is playing because when I called them ,they told me to wait 15 more days .If the registeration will not be complete by that time then ARRA will take them to court. When I asked that 1st May was the deadline ,the lady insisted that we should give them 15 days more. I am very confused at this stage .It seems that ARRA ppl r giving different answers to different people and don't have a clue what they r doing.

As Per My information Arra has to issue al Escrow account letters to developer who ever has submitted the papers and qualify and they are still in process of analizing the papers, therefore they say wait for two weeks, same answer they gave it to me also.

Dear Enzo,
What ARRA siad is not true, since yesteday I called them and they said that they have nothing to do with legal issues and that is why they said we investors should take them to court. Very dissapointed instaead of ARRA supporting the investors, they are walking away from us. Media and court is the only solution