I partially agree with MRC........ as MRC said that something is better than nothing, yes I agree but now I don't know why they slowed construction process and reason they are saying is ARRA told them not to collect payments from clients, and not to pay to contractor also before Escrow account, CAN anyone confirm this that is it right ? As far as my information none of the developers around M-R Tower are doing any construction these days. AJMANFLAT you are right all developers took more than what they invested and invested those funds to other properties to make profits, but I found really strange when I visited R holding THE MASTER DEVELOPER and came to know that M-R tower plot is paid in full.... well like this I found really less possibility of getting our invested amounts back, my lawyer said even courts will give verdict in favour of M-R tower if this is the case.... well it looks all my money is going to be forfieted if I not pay...
Ajman Flat, you are very active member here and I always like to read your comments and expertise on the issues, but as far as Esskay issue is concernced, you seems not realistic and not giving honest opinion, as I myself is a Civil Engineer and know construction process very well. I don't know the owners of Esskay, but being a investor in their building I want to give my honest comments on your Comments.
1) Esskay is still doing construction and Yesterday I myself saw concrete process going on.
2) The stage where they are now is at least work of 4 to 5 months, as their Piling is ready, Water Tank is ready, Water Proofing is done, Anti Termite process is done, Ground floor is complete & I must say that if you visit their website, you will witness each and every process with dates, May be they are not honest and you are right but what is there on website, all shows that lot of works done up to now.
3) As you mentioned about electricity, I being engineer know more than 500 buildings in Ajman owned by different locals without electricity and these people didn't sold building on freehold by made it for getting rental income, the problem is there and Government is trying to sort it out, when M-R tower or Emirates City is completed that is in 2011, I am positive until then Electric problem will be sorted out.
4) Regarding infrastructure, how can we demand a building developer to commit jobs of Master Developer R Holding, as making roads etc is the job of master developer, so we should not be at all un reasonable in our demands.
5) Regarding Visa, Esskay or any developer cannot guaranty this, and me and you as a invetsor will be very unreasonable if we demand this guaranty from them, as this is the decision of Government only.
AJMAN FLAT.... we all are investors in Emirates city and in other properties in Ajman and property market because of Bad Feeling and Bad Sentiments went down, if we all talk reasonable and talk nicely, may be market again takes pickup and me, you and all other investors will make profits and will come out from our investments. My request to you as a brother investor, please talk positive and criticise where it is required, so we can give importance to our core issues. THANKS
M-R victim, thanks for some positive note asI was reallly disappointment about EC, when nearly everyone seems to be unhappy.Ifyou canplease shed some light on the electricity issues, is the govt. really doing anything about it?, even if they are, do you think still it will be 2011.
Brother Shan Khan, well I also lost too much money in this property game, but I always say I took right decision at that time, my decision was right at that time, its recession who did all this messedup... so I even a big looser of funds, still trying to think positive and want my fellow friends to do the same, as it is markt sentiments who picks up the market. Regarding Electricity, I visited Ajman Municipality during my last trip of Ajman and I actually found no positive answer from any one there. But when I visited Electric department they have no reasons to say that, but they quoted me that the building which are ready in Ajman will get electricity by December 2009. Regarding Emirates Road they say its too early to answer, but this is sure that they have cables network around city already, as behind Emirates City we can see big farms and some shops having electricity from Govt Departments. I think it was demand supply issue and as now the market is down and few developments in city are cancelled already, demand will be less, so supply will be there definitely. I personally don't see a big issue, rest I dont have confirmation. But for sure City which is consisting of 100 towers will not be left without electricity. Keep fingures cross, I demanded developer to keep 15% payment on completion, out of which 5% will be given on handover and rest 10% when I will get electricity and he accepted that. So I am satisfied, you also do the same, lets sort out issues with developer if we really want to see the development happen...rest if we want to argue and fight then forrum is open for all...keep writing, arguing, fighting but remember output of all these will be ZERO.
You could have better to work with cinema or drama making business rather than civil engineer, I think you are not seen other part of UAE, pl visit Abudhabi where they are doing freehold developments within one year there are many buildings come up paralley there are working for substation, cooling water system, potable, drinking water line and power transmission lines. The real fact that they want to complete the project whereas Emirates R holding and Sweethomes wants our money to invest in various their own project development. Yes I agree we have positive not upto all the extent until they say you are FOOL to invest over to AJMAN.
Anyway, already we have been buried half another half will not take more time so we need to wake up before they bury you fully, as you said your developer agreed 10% hold for electricity what is the use with the 10%, they are happy that you are paid 90%.
i have spoken to my developer regarding low construction progress and after listening their argument and looking the property market in many places in the world generally,i found it is justified,and about installment payment,they told me not to pay more than what i was supposed to pay before the hand over which comes up about 45%of the total amount,and it is common sense,and the construction it is in its 5th slap/level out of 25 level.i personally believe any project that has started construction will finish its course sooner or later,thus patience is required,we risked our money on that dessert where we had no insurance nor guarantee that everything will be as we planned,there is a chance to be optimistic about EC projects as now some towers have already started and some are halveway through and there is brisk of light and hope
Investors and buyers should respect the terms and conditions of the contracts or reservation forms signed. In the end, everyone knows right from wrong, hence should do it. Developers should allow cancellation as per the terms and conditions of the contract and not hold investors money. As soon as one case is won in the court against developers, developers will run for a hide! Therefore, developers should engage in discussion with the investors to reach an acceptable solution for all parties. Investors and developers are not communicating and I blame it on developers who are shutting their doors. It is in the best interest of developers to open their doors and start dialogue with investors. I am certain reasonable people will always find a way out of this.
yes
yes MRC, this something was supposed to be there last December. He is sitting there making interest on your money.
So if you have given him 500AED/sqft, now its 550.
good luck to all of us with these sharks
Land is Paid in Full
I partially agree with MRC........ as MRC said that something is better than nothing, yes I agree but now I don't know why they slowed construction process and reason they are saying is ARRA told them not to collect payments from clients, and not to pay to contractor also before Escrow account, CAN anyone confirm this that is it right ? As far as my information none of the developers around M-R Tower are doing any construction these days. AJMANFLAT you are right all developers took more than what they invested and invested those funds to other properties to make profits, but I found really strange when I visited R holding THE MASTER DEVELOPER and came to know that M-R tower plot is paid in full.... well like this I found really less possibility of getting our invested amounts back, my lawyer said even courts will give verdict in favour of M-R tower if this is the case.... well it looks all my money is going to be forfieted if I not pay...
ajman real estate fraud
classic example
Esskay is Working.....We should be honest & not only Critcise...
Ajman Flat, you are very active member here and I always like to read your comments and expertise on the issues, but as far as Esskay issue is concernced, you seems not realistic and not giving honest opinion, as I myself is a Civil Engineer and know construction process very well. I don't know the owners of Esskay, but being a investor in their building I want to give my honest comments on your Comments.
1) Esskay is still doing construction and Yesterday I myself saw concrete process going on.
2) The stage where they are now is at least work of 4 to 5 months, as their Piling is ready, Water Tank is ready, Water Proofing is done, Anti Termite process is done, Ground floor is complete & I must say that if you visit their website, you will witness each and every process with dates, May be they are not honest and you are right but what is there on website, all shows that lot of works done up to now.
3) As you mentioned about electricity, I being engineer know more than 500 buildings in Ajman owned by different locals without electricity and these people didn't sold building on freehold by made it for getting rental income, the problem is there and Government is trying to sort it out, when M-R tower or Emirates City is completed that is in 2011, I am positive until then Electric problem will be sorted out.
4) Regarding infrastructure, how can we demand a building developer to commit jobs of Master Developer R Holding, as making roads etc is the job of master developer, so we should not be at all un reasonable in our demands.
5) Regarding Visa, Esskay or any developer cannot guaranty this, and me and you as a invetsor will be very unreasonable if we demand this guaranty from them, as this is the decision of Government only.
AJMAN FLAT.... we all are investors in Emirates city and in other properties in Ajman and property market because of Bad Feeling and Bad Sentiments went down, if we all talk reasonable and talk nicely, may be market again takes pickup and me, you and all other investors will make profits and will come out from our investments. My request to you as a brother investor, please talk positive and criticise where it is required, so we can give importance to our core issues. THANKS
Emirates city
M-R victim, thanks for some positive note asI was reallly disappointment about EC, when nearly everyone seems to be unhappy.Ifyou canplease shed some light on the electricity issues, is the govt. really doing anything about it?, even if they are, do you think still it will be 2011.
Electricity
Brother Shan Khan, well I also lost too much money in this property game, but I always say I took right decision at that time, my decision was right at that time, its recession who did all this messedup... so I even a big looser of funds, still trying to think positive and want my fellow friends to do the same, as it is markt sentiments who picks up the market. Regarding Electricity, I visited Ajman Municipality during my last trip of Ajman and I actually found no positive answer from any one there. But when I visited Electric department they have no reasons to say that, but they quoted me that the building which are ready in Ajman will get electricity by December 2009. Regarding Emirates Road they say its too early to answer, but this is sure that they have cables network around city already, as behind Emirates City we can see big farms and some shops having electricity from Govt Departments. I think it was demand supply issue and as now the market is down and few developments in city are cancelled already, demand will be less, so supply will be there definitely. I personally don't see a big issue, rest I dont have confirmation. But for sure City which is consisting of 100 towers will not be left without electricity. Keep fingures cross, I demanded developer to keep 15% payment on completion, out of which 5% will be given on handover and rest 10% when I will get electricity and he accepted that. So I am satisfied, you also do the same, lets sort out issues with developer if we really want to see the development happen...rest if we want to argue and fight then forrum is open for all...keep writing, arguing, fighting but remember output of all these will be ZERO.
Enough is enough - Positive attitude reached to maximum extent
You could have better to work with cinema or drama making business rather than civil engineer, I think you are not seen other part of UAE, pl visit Abudhabi where they are doing freehold developments within one year there are many buildings come up paralley there are working for substation, cooling water system, potable, drinking water line and power transmission lines. The real fact that they want to complete the project whereas Emirates R holding and Sweethomes wants our money to invest in various their own project development. Yes I agree we have positive not upto all the extent until they say you are FOOL to invest over to AJMAN.
Anyway, already we have been buried half another half will not take more time so we need to wake up before they bury you fully, as you said your developer agreed 10% hold for electricity what is the use with the 10%, they are happy that you are paid 90%.
Regards
UMAPATHY
uma
patience is needed
i have spoken to my developer regarding low construction progress and after listening their argument and looking the property market in many places in the world generally,i found it is justified,and about installment payment,they told me not to pay more than what i was supposed to pay before the hand over which comes up about 45%of the total amount,and it is common sense,and the construction it is in its 5th slap/level out of 25 level.i personally believe any project that has started construction will finish its course sooner or later,thus patience is required,we risked our money on that dessert where we had no insurance nor guarantee that everything will be as we planned,there is a chance to be optimistic about EC projects as now some towers have already started and some are halveway through and there is brisk of light and hope
question to m hassan
m hassan,
How you know that ALFurgan twin towers it's construction now in it's 5th slab?!
Developers shut the doors
Investors and buyers should respect the terms and conditions of the contracts or reservation forms signed. In the end, everyone knows right from wrong, hence should do it. Developers should allow cancellation as per the terms and conditions of the contract and not hold investors money. As soon as one case is won in the court against developers, developers will run for a hide! Therefore, developers should engage in discussion with the investors to reach an acceptable solution for all parties. Investors and developers are not communicating and I blame it on developers who are shutting their doors. It is in the best interest of developers to open their doors and start dialogue with investors. I am certain reasonable people will always find a way out of this.
I totally agree with you
I totally agree with you ajmanflat. It is about time all the developers come clean and put us in clear picture regarding all the issues.
Lee
MR Tower
It would be nice for all the flat purchasers of MR Tower to introduce to each other and make a team to get our common goal met.
Progress of Work
I visited MR Tower site last week. Progress of work is not bad. Structure has reached up to 10th floor.