The Spider Webs of Dubai Realestate market-Has anybody mananged to get their money back?

Wed, 07/14/2010 - 06:46 — jj

Dear all,

As th story goes....I am an investor who is tied-up in the spider webs of Dubai Realestate market. I bought an of plan apartment in Jumeira Village from Syndicate Realestate, through an agency called Luxury City, a project called Magnolia. Company Director (Kamil Khan)

My apartment was supposed to be handed over in Oct. 2009....but...guess what...The basement is not even finished yet!!!.....The building is a Its a small G+4 building.

The Developer, SyndicateCorp, and the Luxury city (the agent who sold me the apartment in 2007) never provide me any promising updates. The developer is refusing to return my money or give me another ready flat or any alternative option. In my contract it clearly states that I can provide a notice to my developer incase of a contract breach, passing the due date in this case, and that the developer will be obliged to refund the money within 90 days.

Guess what...The developer refuses to arrange for a refund and asked me to go through the Dubai court system. I am afraid to do that as I am not sure about the fine prints of the contract....Dubai Court fees are 30K +...

Has anybody managed to get their money back in a similar situation through Dubai Court?

I also have the full list of the people who purchased in my project ...Not sure how that might come handy!! :sick:

Cheers
JJ

Delay in handing over

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1655 reads

Sun, 08/22/2010 - 22:44 — jj

Got your money back? RERA/Court

I noticed many people read my post. I just want to know one thing. Has anyone submitted a case to RERA or Court and got any positive results? Or got anywhere with a genuin lawyer(someone who doesnt just want to take your money).

Please share your expereince.
Regards,
JJ

Wed, 07/06/2011 - 23:05 — ghiath

Did anyone get his money

Did anyone get his money back? Magnolia project? please help

Mon, 08/23/2010 - 18:18 — abdool

Refund

As far as I know I have not heard anybody receiced any refund back from any developers.They are all cheaters and liars.

Tue, 08/24/2010 - 00:08 — jj

Refund

cannot do anything about this. So frusterating...
I agree. We met the developer today he gave us nothing but the same old fouls promises.
I went to RERA. They gave us a broacher on Law - 9 Article 11 Section C/D. It clearly states that the Seller can cancel the contract if they havent completed more than 60% of the building and that the seller reserves that right to keep 25%. I am more than happy with that...but they refused to do that also..
In my contract it clearly states that I can cancel the contract and obtain my money back if the due date is breached. And I still cannot do anything about this. So frustrating...
... :jawdrop:

Thu, 08/26/2010 - 13:14 — mprez

refund ??

getting refunds can get so frustrating and its very unlikely in this recession period that any developer would consider something like that

i would suggest to consider an alternative which i am also being benefitted from..

the real estate recovery scheme gives investors to opt for a completed project where they will also be promised a credit note for the loss they have incurred of the case suggests so.

I am currently dealing with a person called Ian who is the business development director and who heard my whole fiasco. My case is soon to approve and ill finally get out of these off plan projects which will take forever to complete.

+971 4 439 4300
http://www.smithandken.com/dubai-real-estate-recovery-scheme

Thu, 08/26/2010 - 23:31 — jj

RERA/Court/Dubai Arbitration Center or any recovery schme

Hey..thanks for that..I have heard of those recovery schemes. Did anyone try them?

Did anyone even manage to get their money back! Through RERA/Court/Dubai Arbitration Center or any recovery schme?

Please let me know. Also please provide me with any laywer that you went through. I am fed up with my Developer (SynidcateCorp). I am going to take a group action. I am working with 12 investors on this. But not sure where to start... Court/RERA/DIAC or look at those recovery scheume...

This is like a full time job...
JJ

Mon, 08/30/2010 - 18:11 — jj

Project Removed from RERA website????

My project is now not apearing on the RERA Website.!!!.. I am a little worreid now..Why would this happen?
Check it out:
http://www.rpdubai.com/rpdubai/home/projects.do?lang=0
Regards.
JJ

Fri, 09/10/2010 - 13:48 — jj

Project Back on RERA website

I went to see RERA last week. They put the project back on their website!! They said it was a technical error... what a bummer... I was hoping that they would cancel the project. They told me, so far, RERA have not cancelled a single project!! (Which I find very hard to belive) ...

ANyhow, a freind of mine in the same project went through the Dubai arbitration center and he will get to know soon if he can get his money back. I hope he does as he has invested in the same project with the same SPA....Appearently we can either go to court or arrbitration center as per a clause in the SPA...

Wed, 10/27/2010 - 18:03 — Binayah Real Estate

Swap your properties for ready projects in Jumeirah Village

Hi,

We would like to offer all customers who have booked their apartments in Ajman to swap their properties for the ready projects we are offering in Jumeirah Village.

We can offer all swap customers the same rates as Ajman along with a favorable payment plan so you can pay your installments from the rental yields you get from these apartments.

Limited apartments available so contact us today on 055-5099157 or 04-4475430 or email us on uk@binayah.com

Regards,

Binayah Real Estate

Wed, 10/27/2010 - 18:25 — Dman

Confronted Lawfirm

Has anyone spoke to a lawfirm?

I called a couple of firms and heard that some people have recovered there monies through the courts. I have an appointment with a lawyer to show him my contract on Sunday.

Sun, 11/28/2010 - 11:47 — jj

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