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Residence Visa cancellation
Wed, 11/19/2008 - 12:11 — mmk31
They played it in the right way. when they want to sell and market their projects, they mentioned in the contarcts that they are going to offer a residence visa. After they sold off their projects, they cancelled what it is called a residence visa. Now we the investors are stuck in the middle.
Everyone of us know that we are in a recession and companies are laying off employees. So dear investors, what are you going to do if unfortunately you were terminated from your careers and you still hold a property in ajman.
The answer is that you can not continue the payments and you are forced to sell off your flats at any price possible if you find a buyer. The misery will happen if u dont find any buyer, in that case you will loose everything.
Copyright © 2007-2008 Emirates Virtual Community
Ajman : Emirates City | Humaid City | Marmooka City
RAK : Marjan Island
Ajman : Emirates City | Humaid City | Marmooka City
RAK : Marjan Island
Hello, I don't live in UAE,
Hello,
I don't live in UAE, and I purchased a flat in Rose Tower (D3). In the contract, it is mentioned that I will be eligible for a residence visa, once the construction will be done.
Now, may I ask from where you got the informaiton that this facility was cancelled?
Thanks.
Gone
Sir this is no more valid. you are in usa. you have to accept everything
misleading conduct
They sold the properties off the plan, and stated in the CONTRACT, that the developer would sponsor residence visa for property owner and immediate family, on handover of the property. Now the developer is saying they are unable to sponsor for visa as the government visa approval authorities will not provide visa.
Many projects in Ajman and Dubai are still being marketed with residence visa. This is both misleading and deceptive conduct.
New buyers beware.
For this who bought, thinking a residence visa will be forthcoming, very bad news. You will not find a buyer now. All the buyers are running away with this change in visa rules and general recession taking hold. You are stuck with a property you cannot sell, cannot live in.
agree
I perfectly agree with u leo. This is definitely a crime. but no one can open his mouth. No buyers at all even at the original price. this is called a misery. i think in the next 6 months all investors will have a clear cut view about the miserable status we are stuck in
purchase contract could be voidable
Perhaps the purchase contract is voidable. the contract states a residence visa issued on handover of the property. Now this is NOT the case.
That is, a default may have occurred by the selling party. In which case, the purchaser should be able to stop payments and get their originall money back from the seller, that is the master developer, being the Government of Ajman.
The best way of doing something is to get a group of buyers together...say 10 buyers. We then do the following:
1. Petition the Government of Ajman and speak to all the big local newsapapers about this injustice.
2. if no result, take a group action in the Ajman courts and we go to the international press, and tell the story for all to see.
This will make them think again as it will turn off the tap for overseas buyer investment in their developments in Ajman. They have to realise they have misrepresented themselves. Their reputation will be badly affected. They have taken $, put it in their bank, and then turned around and said thanks, see u later. What they do not realise is that they have created an army of unhappy buyers, who will spread the word about their games.
I agree
I agree
we should make a group against this shitty law
Residence visa cancellation
We do not get visa and there is no electricity, no sewerage line as well these arabs are Corrupt on top of that there is no goverment department to help investors
only one hope
i think if we speak loudly, we put pressure on them by 1. going to court against builders, 2. posting their shameless acts at various groups related to properties, 3. send messages to international press and show RHOLDING and other builders clearly that if they keep playing on our money without any developement we will bring their true faces to whole world , then only they can think something to save their prestige and do something, otherwise, we have nothing in hand.
"Developers claim Ajman visa on hold" - Newspaper Article
Developers claim Ajman visa on hold
(Tuesday, December 16, 2008)
The Ajman Government is stepping up measures to closely regulate the real estate buyers' profile in the emirate by temporarily stopping issuance of residence visas, developers told Emirates Business.
"We do understand the government is not issuing residence visas. However, there is no official statement from the Ajman government," said Khurram Wahid, Director of Chapal World.
Indiana Real Estate, the real estate agent for developer Modern Life Properties, confirmed that the Ajman government has temporarily stopped issuance of residence visas.
"As far as we are aware this is only a temporary move and the government will commence the issuance of the visas by the first quarter of 2009," said Rajesh Krishna, Managing Director for Indiana Real Estate.
Osama Kalyar, Chief Operating Officer of Gold Crest Properties said: "This is a federal issue and I am sure the government will look to issue residence visas by early next year. The government is currently looking to align the visas that have been already issued and as well monitor the issuance of new visas in the coming years.
"Many units have been resold to somebody, however the visas have not been transferred. Hence the government is looking to align the whole process."
However, Wahid believes stopping issuance of residence visas to buyers in Ajman would dampen investors' interest in the long term.
"Ajman was the only emirate guaranteeing visas for realty buyers after Dubai stopped issuing visas for its property buyers. If that clause is removed it will remove the trust from the market," he added.
In August, Emirates Business reported master developers in Dubai had removed the clause that guarantees a residence visa for property buyers from contracts they enter into with sub-developers. Ajman was the only emirate that was guaranteeing residence visa.
This newspaper reported earlier that Ajman was planning to establish a real estate regulatory body, which will be similar to Dubai's Real Estate Regulatory Authority, in the first quarter of 2009.
In June this year, the Ajman Government issued Emiri Decree No7 and No8 to regulate the emirate's land and properties sector. The government will, however, enforce the escrow account law by first quarter of next year with the new agency ensuring implementation of the law.
source: http://www.business24-7.ae/articles/2008/12/pages/12162008_c4ac2e7e16ac4...