Tameerat AL hambra 1-2
Dear Mr. Abdool
Recent E mail received from Tameerat
First of all, it is very important for you to realize that you are in the safe hands where the developer is not only committed but also fully understand its contractual obligations.
We clarify all your concerns in our previous email leaving no space for you to feel depressed, unhappy or cheated. We mentioned about project escrow account under the supervision of ARRA, a governmental body, which should have definitely strengthened your trust towards investment. Just to remind again, as per escrow term, money deposited in Escrow account can only be used for the construction. We believe this one term is enough for any client to realize that their investment is well protected under the law. Furthermore, it is also obvious that developer knowing that the money which is going under the escrow account cannot be touch yet pushing his clients to clear their dues should only means total loyalty towards his project and his commitment.
We would also like to clarify you that we do not have any financial obligations with any financial institute. In fact, we do not work on any sort of interest at all, therefore, the term bankrupt just don’t fit with our firm. If you would go over our payment plan it was 5 Years interest free.
Tameerat is already under negotiation with the final contractor and soon final contract would be assigned. Once the contract is assigned, we will update our website and will also inform all our clients through official letter.
In the end, we thank you for your cooperation and patience.
Warm Regards,
Sabeehuddin Khan
NO DEVELPOER IN AJMAN IS TRUSTWORTHY
Dear Sabeehuddin Khan,
Just going through the email, it seems like that escrow account is the answer to all the issues which includes, late handover of the project, hudge reduction in current market prices (almost 50% of the original booking price), no guarantee of residence visa for property owner which was/is I suppose mentioned in the contract, last but no the least no clear cut rules which would justify release of funds from escrow account to the builder (It is just the judgement of the respective department) Not tp mention the loop holes in the regulations which the develper can easly take advantage off and the ever changing rules (No one is sure what and when a rule can be changed)
Do you think the investors would be stupid enough to pay the devloper even through the escrow account which does not mean much. I guess the only way the investors would gain confidence is as follows:
1. The Developer to reduce the prices to current market level
2. Bank or any other kind of gurantee to be given to buyer which indicates that in case the handover of the property is not handed over as per contractconditions, the buyer should be refunded 100% of original amount paid else the buyer can claim aganist the guarantee without any conditions.
3. It is the developers responsibility to ensure that all the utilities (includes Electric, Water, infracture) is complete before the handover date mentoned in the contract - Shoud be out of force major clause.
4. The government of Ajman ensures that it has long standing laws which due not frequently change or guarantee that the law at the time of signing the contract will be valid aganist that agreement
In my opinion, non of the investor is safe in developer hands and most of the developers know the tricks and workaround to get out the money from the escrow account, so the buyers investment is NOT safe, no matter even if the payment was routed to the developer through escrow account. I assume no one trusts ajman govt. any more and only solid actions including international guranatees could make the situation improve.
As for me, I am an investor and have invested over AED2M in various ajman projects, I would never pay even a single cent more unless I have some kind of international surety and I guess this is true for most of the buyers/investors.
Have a nice day and take care....