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Payments
Guys
I for one confess to have not missed a payment so far. I only have one payment left to make and thats it. For what its worth.
I dont blame those who have stopped paying but, for me that will be a contributary factor to this projects overall problems. Maybe the developers have received enough money to complete the project, maybe not. I have no idea.
Emirates City just grew too big and the project was more than they could handle.
When I bought into it in 2006 it was just 8 towers @ Paradise lakes. Not sure I would have been so keen if I knew what they really bad planned and how big the project would become. It probably would have scared me off. The post by Imre really shook me. I can live with the situation as long as they complete it.
I just try and stay positive and hope there are others like me who continue to pay.
Im not even going to mention the Residence Visa.
Heard from an Emirates Pilot in London in July that the Ruler of Ajman had secured funding from Saudi Arabia to assist finance the completion of Ajman projects and the Emirates infrastructure.
He has a considerable property portfolio so seemed to know what he was talking about. Hope hes right.
Rog
Ajman : Emirates City | Humaid City | Marmooka City
Payments
Rog,
I admire your courage for making all the payments. May be that was enough to pay for someone's salary.
Sometimes we have to hope for the best (and be prepared for the worst).
Hoping against hope.
Regards
bit too cynical im sure it
bit too cynical im sure it would be more then a single persons salary, perhaps unless the single person is the CEO, who may wel be obtaining majority from dividends then salary, but thats a moot point.
Payments
I doubt that many customers have stopped payment since that could invite legal action and/or forfeiture of payments already made. However, we do need to find out from our respective builders or marketing agents why construction has halted on most towers, for unlike the Dubai and Abu Dhabi models, Ajman projects are not dependent on bank mortgages but instead on monthly investor payments. They owe an explanation to us because of the huge sums we have been ponying up every month, in spite of the missed deadlines, the loss of residence-visa rights and the precarious global economic situation.
Time to change our attitude
I for one have started payments fearing my investment will b completely lost and also because as escrow is in place i beleive we will b wrong and wouldn't be able to take any legal action if we are not legally safe.
And I also beleive most of us are making payments.so the developers are just giving escuse of no payments to us.The problem is somewhere else and we need to find that out by maintaining pressure on developers.
Even if developers are telling delay in payments we should b asking why they r asking us to pay and if so they should b constructing or else don't take payments from us also.
we need to start payments now in escrow only as we have to b legally safe to take any sort of action or else they r going to blame us.
I beleve the markets r slowly changing and they will not find it difficult to get other scape goats and sell our units to them as we had defaulted.
So now we need to pay and pressurise them.
well done!
Well done guys for making all payments, do let us know when the towers complete, better still, let us know when they give you keys and provide you electricity, water, malls to go with the flats. You must realise that a candle will not power the lifts, or fuel your cooker. As news broke about fraudsters, entire city fraud comited by sheikhs etc... people lost confidence as investment was not safe. Those that invested and paid everything for lakeview - ask them how they feel right now. Ultimately, Ajman does not have capital to build infratsructure thats the simple truth, since the state has no resources. Investors funds are not enough to provide this. They are all collecting payments fast to do a runner. I am just waiting for the day when R-Holding anounces they regret launching the project and in light of global turn down - "we are sorry"... and no mention about "refunds".
Some of you are living on cloud 9 (no offence). We need new written gurantees about everything and evidence. Simple.
If you stopped payments, legally you are protected. READ the contracts, the entire sale was based on residency visa, infrastructre etc. If these things are now non-existent then clearly its a violation by the developers. 2) They can only delay project by 1 year, so in terms of Lavendar tower, next year, R Holding will have happily violated this term as well. 3) They cant cancel or take us to court for non payment. The reverse might be true.
( YOUR POST HAS BEEN EDITED - PLEASE DO NOT GIVE STATISTICS WITHOUT EVIDENCE TO BACK THEM UP) Musafir
This all correct but .....
I do agree with all of you, but again we are playing within ourselves and not with unity, if some one bought Lilies or Lavender at below AED 300/- and some one has paid may be AED 500/- for same property.
Some one who are paying and feeling ouch, and some one not paying and fear to loss all paid amount...
Why we can't be unit for the same goal, our unity only solution to pay or not, once we unit then only we will know how much money being paid by us to the developer every month.
Without our unity forget about the good results, some one who are paying R Holding staff enjoying it.
Developers have an escuse and we shouldn't allow that
But first we should b legally safe.so as ARRA suggested we must pay in escrow alone.The developers have the escuse that they were forced by ARRA not to construct until escrow and papers are in place.
The developers have an escuse and we shouldn't be taking chance after paying almost 50%.
I am not telling to pay more if you have already payed 50%and the building is no where also don't pay if there is no escrow.
But where escrow is in place work out with your respective developers and res chedule your payments.Don't b your own enemy as no one will b able to help you if you don't pay in escrow.
In my contract there is no clause like the developer is accountable if there is delay due to infrastructure.Individual developer is only responsible for their building.
Infrastructure has to come from master developer.what I am suggesting is contnue payments in escrow upto 60-65% and remaining only after handover .this way we will not lose our money also our buildings will b ready and then we can presurrise master devloper for infrastructure by withholding the balance amount.
One thing is sure once tehre are more than 30 buildings the government has to do something for water ,electricity etc.
So Pray that things will b OK but we need to amicably sort it with our respective developers.Dont b enemy of your own property.
as ussual dwarish you come
as ussual dwarish you come with the common sense, and i agree with you wholeheartedly.
as for zp296
i think arra and escrow is step in right direction.
and i agree we should do more then just sit back and be content with what has been done so far to give some protection and confidence to investors.
i think would be useful to take views from everyone what next we should push arra to do, to give greater protection to investors
i will add post to forum head to invite views
Developers still not register with ARRA
Hi,
What about those developer still not registered with ARRA In my case I have been asked from my developer to stop payment until they register with ARRA that was last year no sign of my developer registering with ARRA where as ARRA is saying come and collect a letter to go to court with our support I do not live in UAE we all know that going to court is too expensive I am sure there will be lots of investors in my situation ARRA should come up with solution for investors without ascrow developer for me things are not in black and white I am surprise that some investors have started paying even if it is ascrow one should have proper agreement and construction linked payment plan before start paying
Paradise Lake Investors / Hand Over Cheque
Dear All,
I wonder if your Handover Cheque is dated December 30, 2009???? Guys that is only 2months from now.. Has anyone been to Sweet Homes Office and tried changing the date??? Knowing SH people, they will for surely try to encash anything in their hands!!!!Soooo difficult to deal with these people,,, Greed is their game!!!!!
There will be no Handover clearly at this time...
For those who do not have Post Dated Cheques, you are very lucky, in a way....
Sweet Homes are cooperating
Dear Aloe Vera
I visited SH office last month and they were very cooperative. They did not have a problem in postpoing my handover check and have provided me with a reschedule of payment form. I think they are trying their best to cooperate with investors but at the same time assuring a proper cash flow to continue the development.
I highly suggest that you pay them a visit or send them an email (they always respond) with your request. I still think they need to speed up their construction, but at the same time I urge investors to be more understanding and continue with payments.
We are all in the same boat and we need to work together to get out of this ordeal. Once our apprtments are ready it will be very easy to sell it. Believe me there are a lot of buyers out there, but only interested in ready appartments.
An optimistic opinion from an optimistic investor......
sweet homes are cooperating
I AGREE WITH YOU TOTALLY.
Yes, there are a lot of
Yes, there are a lot of buyer out there now but only looking for ready or nearly ready apartments.
I have rescheduled my payment plan with Sweet Homes, the big handover payment is delayed until handover of course. However, they have yet to tell me when this is because they are waiting for developer (RHolding) to tell them.
Paul
They may be responding to
They may be responding to email. But the problem is that th construction slowed in July/Aug and after 31st of august there is no progress to speak of with Sweet Homes.
lNVESTOR OF LAKE VIEW
CAN YOU HELP US , WE ARE WROUGLY INVESTED INVESTORS IN LAKE VIEW ,PLEASE GUIDE US HOW TO GET MONEY BACK OR HOW TO APPROCH ARBITARATION TO COURT FOR THE SAME
EXPLANATION
Can you guys explain how you reschedule the payments, there is not a general rule, it seems that sweet homes do it in case to case basis, which I dont really find it fare since all investors have been affected in the same way, everybody have to continue pay its normal rents since we have not receive the apartments, plus paying an amount higher that it was previosly agreed before hand over.