Emirates City Forum

If you want to know how much discount you deserve, go find ready property in Ajman. You will find the price AED 180 to 210 per s.f. . I am talking about ready, safe, available property. Ready, no wait, no warry, no doubt. Now, we paid over 400 AED per s.f. in our properties which have no signe of existance, and only God know if we get them or not and most of us who already paid 30% or more have actually paid the total price of a ready property. Therefore, no payment untill we receive our properties and prices adjusted by a committee to decide the fair price.

hi,every one.i also pay after handover,but with new payment plan.

By putting pressure on developers we can achieve what we want. Remeber you need to make some noise in order to be heard. Fair rescheuling of payment and discount reflecting current market rate.

i dont think we can argue we should get discount to a level of market prices for completed projects today.

we chose to purchase the apartments when we made reservations at the stated price. we took risk that market might go down, but chose to invest, hoping prices will go up and we make profit.

whilst presently market is down, hopefully one day it will go up again and we make profit (although it maybe longer then we hoped).

however as far as compensation is concerned for delay. i think think the level should be based upon us getting compensation for each month delay, at rate of rent we had lost.

eg if completed was due in contract at end of dec 2011.

but actual completion did not take place until dec 2012.

and a similar apartment in ajman was rented from jan-dec 2012 for eg 50,000 AED,

then we should get discount of money we owe developer or compensation for 50,000 AED.

BUT FOR the developers failure to fulfill their contractual obligation to complete construction on time, we would not have lost out on such 40,000 rent, which we could have generated if we rented apartment out from 1 jan 2012-dec 2012, when we were contractually assured by the developer completation would be made by.

then we should get compensation based on market rent for similar properties

Musafir Moderator

The future price increase forcast of ajman real estat market is very uncertain. I di not see the prices going up unless there is a policy change for residence visa, for which rulers of ajman do not have any influnce. If you look at the current investors, you will observe quite a good percentage who had invested to get the residence visa, specially those from Pakistan, Iran, India, etc...

It seems to be decision now by the investors, to continue payment which is required for the devlopment/cipletion of the project (even at higher risk, if not completed after getting payment by the developers) or to stop payment and try to get the refund.
If majority of the investors decide not to pay which seems to be the case, th chances to complete the construction, infracture and handover might never happen (without investors payment).

May be Musafir Moderator can help and put in a new poll calling on investors opinion if they are going to pay or stop payment.

The cheater developers are instead threatening of fines or confiscating all the money already paid. The entire emirates city project could be saved by good developers coming forward and compensating the investors with discounts for their delay. But unfortunately the developers have learnt in their lives that success comes through only cheating innocent investors by colluding with people in power, and it is this good cheating experiance they know and have learnt from their fathers in their native original countries and passed on through generations. They have no background in management. Their foundation pillar is cheating. Few investors can present the developers help books that show success stories, about people who made big in their business by the virtue of honesty, trust and good work.

I do agree with you Amr.s, the developers in ajman definately need to reduce the Price at which the apartments were booked at the peak time as they failed to deliver /hanover during the peak days.

But does this really help the investors?. The investors will only gain confidence when they see things moving on the ground and the development of infrastructure / residence visa for freehold.

Reduction in the price might not help much except for those investors who have paid over 50-60% might not need to pay any more but the developer must have funds or some sort of funding mechanism for construction.