I just received the attached mail from Bonyad. Seems like ever since they started work theyve started contacting their clients to appraise them on status.
Yep - I received the same by courier 3 days ago. Says their completion date is 2011 July and all is well. No mention of any Escrow Account or any legalities.
Correspondence below also received from Bonyad this week in respect of Escrow account etc.....
" Dear Valued Clients
We sincerely hope that this communication finds you in good spirits. We are writing to you to apprise you of the events and the situation with regard to your investment in Crystal Residency, Emirates City Ajman UAE.
You may be well aware that the Government of Ajman has formed and introduced an agency that would regulate the real estate market and oversee all land development works. Ajman Real-estate Regulatory Agency (ARRA) was formed in early 2009 and issued directives for all developers to register themselves with them before commencing or continuing any further development work.
Let us now turn to the achievements and the ground covered to date:
As Developers, we are registered with ARRA, the Registration Number being PR/10-09/NK-171we are among the few developers in Ajman who are registered with ARRA.
The project 'Crystal Residency' has also been registered with ARRA, the Number being PR/10-09/NK-171
A Trust Account/Escrow Account for the project has been opened with Ajman Bank as per the direction of ARRA, the Account Number being 01-1005123-010 Again only a handful of developers in Ajman have an escrow account and we are one of them.
4. Construction work is progressing at full swing at the side. Also the first slab of the project has been complete. (Please see the attached photograph)
5. ARRA approval has been received and all the funds have been placed in the Escrow Account for the project
Please be assured that the entire process as explained above has been carried out in order to ensure that we live up to our responsibility in protecting your investment and manage it until safe delivery of your apartment to you. .
Palm Real Estate LLC continues to enjoy your trust and remains your professional sales and marketing partner. They shall also continue to be our interface and point of contact for all matters. Please feel free to contact them or indeed visit them at your own convenience.
We thank you for the trust deposited in us thus far and look forward to your continued cooperation until the fruition of your project .
Hi SJ, Did you request this
Hi SJ,
Did you request this letter or was it just sent to you?
Did your original contract mention any criteria for compensation in the event of such major delays?
Thanks,
-K-
This wasn't requested by me.
This wasn't requested by me.
My guess is that others may also receive it Mine was dated 30th March .Did anyone else receive the same? Please confirm
I haven't checked the contract yet. But I doubt any sort of compensation mention when I last read it.
crystal residency letter(from bonyad developers)
I received my exact same letter today.
Crystal Residency
Yep - I received the same by courier 3 days ago. Says their completion date is 2011 July and all is well. No mention of any Escrow Account or any legalities.
Correspondence below also
Correspondence below also received from Bonyad this week in respect of Escrow account etc.....
" Dear Valued Clients
We sincerely hope that this communication finds you in good spirits. We are writing to you to apprise you of the events and the situation with regard to your investment in Crystal Residency, Emirates City Ajman UAE.
You may be well aware that the Government of Ajman has formed and introduced an agency that would regulate the real estate market and oversee all land development works. Ajman Real-estate Regulatory Agency (ARRA) was formed in early 2009 and issued directives for all developers to register themselves with them before commencing or continuing any further development work.
Let us now turn to the achievements and the ground covered to date:
As Developers, we are registered with ARRA, the Registration Number being PR/10-09/NK-171we are among the few developers in Ajman who are registered with ARRA.
The project 'Crystal Residency' has also been registered with ARRA, the Number being PR/10-09/NK-171
A Trust Account/Escrow Account for the project has been opened with Ajman Bank as per the direction of ARRA, the Account Number being 01-1005123-010 Again only a handful of developers in Ajman have an escrow account and we are one of them.
4. Construction work is progressing at full swing at the side. Also the first slab of the project has been complete. (Please see the attached photograph)
5. ARRA approval has been received and all the funds have been placed in the Escrow Account for the project
Please be assured that the entire process as explained above has been carried out in order to ensure that we live up to our responsibility in protecting your investment and manage it until safe delivery of your apartment to you. .
Palm Real Estate LLC continues to enjoy your trust and remains your professional sales and marketing partner. They shall also continue to be our interface and point of contact for all matters. Please feel free to contact them or indeed visit them at your own convenience.
We thank you for the trust deposited in us thus far and look forward to your continued cooperation until the fruition of your project .
Yours faithfully,
BONYAD DEVELOPERS LIMITED
TEL: +971-6-7466332
FAX: +971-6-7465900
WEB: www.crystal-residency.com "