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Uae regulators warn against property swaps
Real estate regulatory agencies in the UAE have advised property investors to be cautious of initiatives and schemes offering swapping of properties between Dubai-Ajman and the US.
"Any marketing campaign involving Dubai real estate requires the prior approval of the Real Estate Regulatory Agency, as stipulated by Law No16. We have not received any request for such approvals from firms offering to exchange properties in Dubai for properties in the US," Marwan bin Ghalita, CEO, Rera, told Emirates Business through e-mail.
US-based investment company Robert Douglas (RD) Holdings had recently advertised in a local newspaper offering swap or exchange of Dubai-Ajman properties that are ready with "completed freehold" properties in the United States.
Ghalita warned investors who become involved in such property exchange schemes to do so at their own risk. "None of the ordinary safeguards are applicable [in such deals], or recourse to the protection offered by the law, by Rera or by the Land Department," he added.
Ajman Real Estate Regulatory Agency (Arra) Director-General, Omar Al Barguthi, said: "We advise investors to be extremely cautious about such 'exchange offers'. As a regulator, our top priorities are the interests of the UAE, helping to maintain the country's on-going economic growth and the protection of investors' interests."
Al Barguthi said companies offering "exchange options" have never approached the agency for prior approval.
Ajman : Emirates City | Humaid City | Marmooka City
no adverts
our rules are clear, we do not allow adverts, and those rules have been in places for over a year. THIS IS A FORUM FOR INVESTORS TO COME AND DISCUSS, NOT A FREE FORUM FOR SALES AGENTS TO FLOOD THIS FORUM WITH THEIR MARKETING ADDS !)
any such reported ads (whether direct or indirect through posing as investors) will be deleted, and such persons risk loosing their messaging privaledges on this forum.
i am wondering if any of them are registered with ARRA, or RERA if not we may need to report there email addresses to ARRA/RERA for agents marketing sales without ARRA registration where they can be tracked down by the authorities through their internet server providers and telephone lines and prosecuted!, not only for their dishonest conduct here, but their illegal activies (if acting as agents and sales, for al masah and others without proper registration with ARRA /RERA to do such marketing campaigns !!) !!!
would be interesting if they will be singing praises of their various developments they promote in prison !.
Musafir Moderator
why
advertise here why don't contact curtomers directly and why nothing in local paper from RH about any thing like delay infa elec ,,,,,,,,,,,,,,,,,,,ect????????????????? just using this furom
Advertising?
We are not advertising..
All the investors are waiting for solutions from the Government, and when we get something in writing from ARRA as a solution, you consider it advertising?!?!
We have posted documents from ARRA Allowing and Certifying that we can do Replacements, and there are certain rules to that.
We have posted it since the artice above says beware of swapping UNLESS authorized by the Regulators (Government).
We ARE authorized by the Regulator, and this is the solution provided. What was posted was only the proof of that on ARRA Letter Head.
Did you see us post a contact number and person? did we say anything at all to market ourselves?! like other people and companies were doing?
We could have posted them as soon as we got them (you can check the dates f the letters) but, We just thought that these documents which may be of interest since this forum is abut OUR City, and the topic is "Regulatrs warn Against Property swaps" unless authorized in writing from the Regulatory body.
sadly you appear to believe
sadly you appear to believe your own rhetoric
your mere presence alluring to swapping is an advertisement itself.
whilst i appreciate you have not lambasted with the same degree of elusiveness as other advertisers, you are subtlly advertising nevertheless.
such inadvertedness more profoundly expressed by multitude of posts on different pages you sought to convey, rather then restricted to one sole page.
consequently all those pages have been deleted.
i will for the time allow this page, as issues of discussion had been raised.
but be in no doubt your mere presence here, is marketing for charles and r holdings.
and i note your disapearance for considerable time, only reappearing to make this advertisement.
when there were ample unanswered questions posed to you over a year ago, which await your response, relating to construction progress, completion compliance, instalments construction based payment plans.
all such questions are awaited for your response, which those who have purchased from you, and even those who may consider taking up your offer ofr swapping as opposed to others, quite rightly would like to know in detail ( and not cut and pastes of articles and your documentation !)
Musafir Moderator
Dear Moderator
Dear Moderator,
The Multiple pages "Flooding" which you had refered to are a result of posting the Images (Scanned Documents) from ARRA, and as they are in Arabic, and each one has a legal translation in English.
We had posted them all into the "Emirates City" Gallery, and after each post, it appeared on the main page of the forum individually.
Flooding and Advertising is not our aim, as we were not able to post multiple documents at once.
We have disappeared from this Forum, since it was all negative, and people requested us to leave.
Our re-appearance is specific to this subject of "Swapping" which was warned against in the Public media, and all documents and comments posted were related to this issue specifically. We didnt provide contact numbers, name of projects, images, or the process and examples of swapping.
We ONLY provided the documents from ARRA, which we believe are crutial to this specific topic.
We have been really working closely with the Government, and are seriously looking for the benefit of building our Emirate, and our city.
With the current scenario, where developers are leaving, and lots of scamming efforts for swapping, and people not feeling secure for payment of installments due, we are providing alternatives in ARRA Registered Projects which hold escrow accounts. We have launched and started 2 fresh new buildings just for the purpose of solving peoples issues, because of the high demand we have.
We are replacing Plots as well; where developers from differnt cities are shifting to The Emirates City, under ARRA's Approval and supervision.
We are also currently in coordination with ARRA looking into taking over and completing towers in The Emirates City, for the projects where the developers are no longer available and have sold units to investors.
No body undestands the amount of issues that we are working on for the benefit of the Emirate as a whole, but the process is slow.
Overall, we are an existing company wholly owned by R Holding, and we represent its Realestate Division. we are trying to move things forward regardless of all this negativety, and we are dong it LEGALLY, so the City will be built. Whereas nothing will happen when the people are just sitting idle waiting for solutions, and passing judgement when the soluton is provided by the Government!
We have no problem with you deleting the ARRA Documents from the forum, and shall not post them again, unless we are asked to.
We can provide all the legal documents in relation to the above mentioned, (the deleted ones) once we are requested to.
As the Moderator which decides what information is to be provided to the members, dont you think they have the right to know this info?
We understand that you are removing adverts from brokers, and other unrelated parties, but in our case, we are the Master Developer of the Emirates City, and we are comunicating Proof of Legal documents from the Authorities that benefit the investors.
Thank you
you have made reference to
you have made reference to such documentation, if anyone is interested in the same, they can send a private message to you requesting the same and you can email the documents or refer them (in such private message communication) to your website if any, to which they can access such documents.
i note you still have failed to answer the number of questions posed in relation to construction progress, completions, construct based payment plans, as well as what steps you are taking to ensure sub developers compliance with the above. These issues are of tremendous concern to members of this forum, whose hard earned money is financing your employment, company and master company. Such concerns of investors are of greater concern to investors on this forum, then recieving a repeat of your information of your OFFICIAL recognition and authorisation for swappings with ARRA (which is repeat of your intial posts dated back to the ealier parts of last year).
Musafir Moderator
Quoted by Charlestates: "We
Quoted by Charlestates: "We have launched and started 2 fresh new buildings just for the purpose of solving peoples issues, because of the high demand we have."
You are having a laugh arent you!????!!! launch 2 more buildings???????? as if we dont have enough oversupply problem in Dubai and Ajman!!!!
Please give us details of these two projects you are about to launch because of the high demand!!
They forget the prime duties
The above statement from Charlestate looks very open in term " Till the date they never care their own clients since 2006" but they want to solve the problem of others.
Can Charlsestste give the first hand information about their own projects in the Emirates city, like why construction is just held up or not casted any slab since last sept. 2009 for D01 & D02.
Why no work on the basic infrastructure ( They coated that still they are master developer which mostly every one has forget) and the area allocated for electrical substation / District cooling plant etc. not yet levelled.
Charls Estate be responsible and reply we are not interested how you can making numbers of you client from any other projects or grabbing new client, but please do not forget your clients they already trusted you"
Swap-True or False
Can somebody tell if swapping is loss or gain for the investor. If somebody bought an apartment for price of Dh500 per sq feet in Al Humaid city. Now the swapping company like R holding is offering in Emirates city, a similar apartment but with same rate.
So even if they take out 25% as adjustment of the previous payment made by the investor, they are sellling their new unit at price of Dhs 375 per sq feet, which is much higher than the current market rate. In that case why investor has to go for swap.
He can buy new one at price of Dh350 or so and still keep his claim for the original amount paid.
Even Al masah is offering swap properties at much higher price than the current market rate. Similar property without swap is 30% cheaper. So who is the gainer??
If somebody has found genuine swap, please let me know.
I just returned from Dubai.
I just returned from Dubai. Swapping is bogus. If you really want a flat in Ajman, just consider, what you have paid so far as a loss, and buy a ready apartment for 250 per sqf. I saw many ready flats for sale with an asking price of 250 p/sqf in Gulf News. Of course: I don't know what these buildings look like and where in Ajman they are. Horizon Tower, which has good amenities seems to go for around 250 p/sqf.
Check out this link: http://www.propertiesajman.com/?purpose=sale&act=list_web&m=search&resal...
Laeeque Ahmad is fraudster
Laeeque Ahmad is fraudster and he is famous for selling at asking price, if not for all the other scams. Maybe next do some research on people before you deal with them. Thank god for forums and blogs. Here are some of his information.
Remax Active Realty Inc., Brokerage. Independently owned and operated.
200 Matheson Blvd. West Suite 202, Mississauga, ON L5R 3L7
Cell: 416-457-8664
Office: 905-290-6777, Toronto: 416-292-6777
Direct Fax: 905-824-6115, Off. Fax: 905-290-6799
Email: info@laeeque.com, laeeque@hotmail.com
Website: www.laeeque.com