now let us wait till 1st may
in my humble opinion, we all should not pay anything to any developer till 1st may, its not a big risk, only risk of li'l amount as penalty of late payment..right? we can afford it.
as per Ajman's new reguation, the developers who are failed to register themselves and finish all formalities about escrow accounts etc. must do it before 1st may.. so let us hope all developers will follow this deadline. the developer who were thinking to walkaway will sure walk away instead of taking all botheration and the developers who are serius about their image and their intentions, they will fullfil the formalities.
so let us keep our finger crossed and wait till 1st may let us hope all developer will follow suite and will open escrow account as per new law.
Amen!
towers without power &water
Dear friends,
I think ARRA or any other authorities who want to make the developers to open Escrow accounts should know that finishing towers by themselves is not enough & cant satisfy the investors.Imagin handing over sky scrapers without water & power & sewage , is only a terrible event.
So ARRA should know that rescheduling our payments & paying the developers according to the structrual progress of each tower is not satisfactory & our payment especially big amount in handing over should be connected to progress of infrastructur of the EC too.
It makes developers to force Rholding to start infrastractural sector .
So we should try to convince ARRA about creating a relation between our payments to escrowaccounts & progress in infrastructur too.especially our dear friends like Imre & Dwarish who have very great efforts & knowledge about EC & updating our information can have some negotiations with ARRA and if necessary we all will help them.
ESCROW account with a link to Utilities provision
I think Hassan's suggestion of linking the two is very important. As much as ARRA insistence on developers opening ESCROW account and that all subsequent payments should be made to it which is tied up with the actual development on the ground, it is equally important that Ajman's Authorities fulfil THEIR obligations to both the developer - to whom they sold the land and gave the permission to start the project- and the investors who bought the units in the understanding that each unit\property must be provided with the necessary public utilities, such as electricity and water. Furthermore, it is ludicrous to expect the developer to start building where there is NO electricity and water for such a long time - from starting the project to finishing it!!!
Hence, ESCROW account must have double purposes to serve: The interests of the developer and the interest of the buyer\investor, which by implication serve the interests of the Ajman's Authorities.
ESCROW account with a link to Utilities provision
I totally agree With Hassan & Shareef's suggestion that this is the best way forward. The only reservation I have is how do we all collectively get ARRA'S COMMITMENT IN THIS MATTER. Any suggestion?
Lee
Electricity is coming at end
Electricity is coming at end of 2013 for sure cause ajman is intending to build a power station
Intention
Intention is not good enough. In fact it's not good at all. Ajman cannot have it's cake and eat it at the same time. Power is vital not only at the end of the project, but at the very beginning of any project. And if they are really serious then they should even borrow money and set up a plant, that if they do not have the money. After all, power plant is self-recovering enterprise. The moment you start to produce electricity, it starts to pay back the invested money. A single bank in Ajman can finance that kind of enterprise, even if it were to be built in phases, where priority is given to new developments, etc., etc. So, I cannot support the notion of "having the intention"to build a power plant.
no body knows
reg. electricity i heard that several big towers are made in Fujairah and still could not handed over to investors because of no electricity, Ajman may face same problem in near future. we should reprenent to ARRA about it that meanwhile building constructions going on they should arrange electricity , water and other infrastructure if they are really investor friendly..otherwise what is benefit for all this exercize?
ARRA will simply tell u that
ARRA will simply tell u that there will be no problems in water and electricity. But I am 200% sure, electricity will not be there untill 2014. Remember that they are taking advantage of time whereas we are the poor people stuck cause our money is in their pockets.
Reality sometimes injures people's feelings, but this is the reality we have to accept it now.
Do you have any suggestion?...
Salaam Rami.....
Do you have any suggestion?...
Link the payment to
Link the payment to infrastructure completion, also paying penality in case they delay the construction