R Holding, problems in Ajman, emirates city FAILURE
Deal all,
im a uk investor having paid over £100,000 for an entire floor in conjunction with 2 other business partners. I have stopped ALL payments from Jan-09 because I realised emirates city/Ajman project is a catastrophic failure. No infrastructure (elec, water, parks, shopping mals etc) the properties are worthless, they will never recover the original price nevermind a healthy profit. Worse still, R Holding, ARRA are untrustworthy. No transparency. Escrow account or not, it is meaningless to carry on paying. It is a blackhole. Do not be frightened brothers, they cannot cancel our flats due to non payments. They have violated T&Cs. If they cancel, who will buy in our position? This whole failed project has been exposed on world wide scale. Millions of dollors stolen by fraudsters and authorities cant do shit. Zero protection for investor. All of my contracts have been handed to my business partner illegally by R Holding. Now due to dispute between us, R Holding will not reissue contracts and send them to UK to save a few extra dhirams.
To those who are still paying, please be careful with these bastards. Soon court cases will launch, without our money these towers wont get completed. If they do, that will add more burden of continued payments (next 3 years of installments) to investors, as no one will rent or buy in sand with generators per flat.
Please share your experiences with the rest of the world on this forum.
Ajman : Emirates City | Humaid City | Marmooka City
update
dear DRAHRHAMID
Please spend few days and read up what we have been saying for the past few months on this forum. We have recognized that ajman developers with no exceptions are committing fruad, on one way or another. The government of Ajman is providing them with cover up. It is clear at this point with first and second ARRA deadlines being worthless and meaningless.
The only thing we dont know at this point is the honosty of the court and judiciary system in Ajman. I am crossing my fingers that it is honost and not into the cover up game under the overall vision of building Ajman. We will get to know the answer for this question in few months as more cases get ruling in Ajman. We know cases are getting filed, we dont know the results of the rulings yet.
The fruad committed in Ajman have taken the following forms:
1- Property sold based on VISA, infrastructure, lakes, high end living promises, that none of it will materialize. So in reality, the flat should be sold at 30% of what it was sold to us at in 2008. Since all the promises will not make it. They knew this going in, this is not due to financial crisis. They knew going in that there is no electricity, no parks, no malls, no lakes, no support from the federal level.
2- Developers are collecting money and not building.
3- Developers are collecting money while they are not authorized by any formal entity neither have any building experience.
4- Developers are collecting money while do not have liscenses to build
5- The reservation forms and the contracts from ajman developers violate all laws, these contracts are not written to equate the buyer and seller. They are written to force buyers into matters against his overall benefit, such as for example pay no matter what regardless of what happens to constructions. Bottom line, the reservation forms and contracts would be illegal under any legal system around the world.
plz call 0092300 8219727 for
plz call 0092300 8219727 for selling ajman propery that has not started construction.
Dear Krishna, Who is this
Dear Krishna,
Who is this guy? And why would he purchase and enter the shit in Ajman?
who am I? I am UK investor,
who am I? I am UK investor, invested in Ajman when the emirates city was launched. They advertised visa, malls, parks etc with the flats and the flat value (original and projected) was attached to these facilities. None of these facilities have developed, it is just sand and 10% towers. Majority is sand. Why did I invest? I did not have the ability to look into the future and see the fraude which was about to unfold in 2-3 years time. If you knew this was all a big disaster from start then you my friend are sure god gifted. We need more people like you to advise us on what the future holds for us.
Ajman and R.Holding
hi Drahrhamid, I understand that your partners have deceived you, I am sure that there could be a way to get your share of the floori if you talk to Rholdingand showthem the evidence. IF yougo to see the wholeof Dubai was a desert, things have slowed down a lot but I have a feeling that everything will be allright . Now the apts will be delivered in 2 years time, then probably electricty sewage etc will start to take place. So instead of 2 years it will take 4 years for malls, parks etc tocomeup.What is your opinion?
(No subject)
lets see what happens... we need justice, court action
Dear DRlavender, There seems
Dear DRlavender,
There seems to be a misunderstanding. I was not referring to you rather to the number Krishna has mentioned. I was asking who the owner of this number is. Sorry for the confusion.
Regards
Ramender
Dear Ramender,
I called this number 0092300 8219727 which is provided by Krishna this person does not know anythbing about EC I wounder what Krishna is trying to achive?.
Dear Krishna, Please
Dear Krishna,
Please comment. Whose number it is? And how this guy can help?
Regards,
Be positive !
DRlavendar, investing in ajman isn't as bad as you think. i am a uk investor and have been living in dubai for almost a year, i can see the ways they (emiratis) deal with the things are different to us, they're still on the learning curve (a deep learning curve!), they actually dont know what to do but they cant hold the investors monies for long. i totally agree that all the investors should stop paying monies to the developers until the picture is clear and the contract should be revised and rescheduled in line with the constructions stages. whatsoever I'm confident that it will be backed on the right track after the end of the financial crisis.