Unity
United investors get their money back..Three cheers for TLG.
Palm Spring buyers net 100% refund from Damac.
Investors in Dubai’s stalled Palm Springs project have reached a deal with developer Damac for a full, upfront refund on payments made for their uncompleted properties.
Buyers on the Palm Jebel Ali project, who have waited eight years for construction to begin, were previously offered a 70 percent refund of their deposits, or 25 percent immediately followed by a further 25 percent annually for the next three years
Of the 48 investors involved, 21 have received payment, and a further 27 are expected to receive their cheques in the next two weeks.
“We received cheques for almost half of the investors. The cheques for the other half are in the process of being arranged,” said Fareya Azfar, partner and head of arbitration at The Legal Group (TLG), who advised the investors.
Full Story at;
http://www.arabianbusiness.com/palm-spring-buyers-net-100-refund-from-da...
Unity
I strongly suggest formation of groups against individual developers. Once we have at least 20 and
more, we approach the Tlg. Seems like the only law firm in Uae actively involved in helping hopeless
investors.
Emirates City Fraud
I agree...
unity is strength
lets unite together for REFUND.
unity
Join the group on facebook 'save emirates city'. this may be the first step towards unity. no matter which project we invested, we should all raise our protest from one platform. MAY ALLAH GIVE US SUCCESS (AAMEEN).
Damac is solvent, Emirates City developers may not be
Damac is a solvent property developer. It has cash in the pot. Legal action should only be contemplated by a buyer if the party being pursued, that is the developer that the buyer signed the SPA with, has money in the pot. Damac has money to refund. However, in the case of Emirates City, most would agree that most private developers in Emirates City are probably technically insolvent, that is, they have no cash in the pot. So even if the court rules in buyers favor, where is the money coming from to refund your investment...not the court, not the government, but the party being pursued being the developer...but no money in the pot to refund. Legal action against developer is expensive in UAE. Plan on spending at least AED 100,000 just to get the case to a court. So do the math. Would you spend AED 100,000 plus plus when there is no money in the pot at the other end of the rainbow. It makes no sense spending good money when there is nothing there to go after. In the case of Emaar or Damac it makes sense, but not Emirates City developers. Ask the question: Which Emirates City private developers are solvent, that is, have cash to refund?
@ leo: its better you stop
@ leo: its better you stop discouraging the investors, let them do what they like! you better mind your own business!! right ??
2 plus 2
Just take Chapal for example; as a master developer of emirates lake towers and flora villas, you
know how much money they have collected? I am not a fortune teller but I know that they all are
sitting on a pile of our money and will try any trick in their book not to return it to us unless if there
is a court order.....
leo is liar
in one of the post the has written he never invested in any property he is here to confuse investors.
How much cost benefit does collective action offer?
How much cost benefit does collective action offer?
Collective efforts by investors provide enormous cost benefit. First, as far as legal and expert fees are concerned, they can share the expense. Second, any costs incurred in gathering due diligence necessary to litigate a case can be also split across the board. Even bigger cost benefit could be achieved if, because of their collective force, investors work out a settlement with the developer without going to court.