Emirates City Forum

are you in uae? if not must ask some other investors who are in uae to visit their office and check the facts. it looks serius that they are not answering your phone website gone and now their contractors are talking like this

The number I call lakeview on is 04 3978987 . I made contact on 25th jan . Offices seemed fully operational. My colleague visited office last Wednesday in Bur Dubai.

They are now allowing a freeze on payments for projects that are delayed. If they were just a money grabbing company they would not do this.

The benefit of this credit crunch is that the price of commodities has fallen. This means the price of steel and cement are down. It may also mean that contractor costs are lower!

It would therefore not make sense for a developer to try to pull out of a tower it is building when there should be a profit there for them to make!

i was shocked to see what u have written as i am a investor in lake view 3 i am bit happy to know that they started the work i was their last wednesday and i spoke to Mr.Sohail and Mr. Ali. They explained me the work is going on and it will in full swing in february i went to the site and seen work which was steady.I asked them about the website and they explained to me that there is a Techinal problem with the web host company and not only lake view is not affected but their are other company also effected who was getting services from this service provider because the web domain control has been HACKED, they told as they are fixing the problem with the web service provider company they showed me the documents regarding the problem which they are facing at the same time they assured me that they will transfer their web data on to a new web site which PROBABLY WWW.THELAKEVIEWUAE.COM . Let us see.....

Sohail and Ali cleared me every aspecets and assured me towards my safe investment after waitting for him in their office for 2 hours why????????? as they were few clients already waitting for them.

i was sending them email which were never replied that is why i visited them in panic.

I am bit relaxed for my investment and hope best for my investments which is my hard earned .

i have a friend of mine in Lake View 2 as he has not paid since 5 months please suggest??????????.

for all of us who have invested in lake view projects the contact no are as follows 009714 3978987 ( tel) 009714 3978979 (fax) email id for Lake view is lakeviewuae@yahoo.com ( this is temporary) as Mr.Ali informed me.

please keep me posted.

They are doing fine. but the only problem is that we want to have a SAY in their business, meaning we want to be their shareholders. Lets have 30 investors come together to join forces and visit their office for more power play.

Thats how they do business in the UAE. However, things are changing. In fact its good it happened now and not later.

Things are improving and will soon prove its worth.

We are all part of this learning process. Meaning, we put down our money thinking it will accumulate 100% in one year. In turn developers also marketed their products without much research and feasibility studies. We are all paying a high price for these unethical business process. Today, I am happy all of these are turning around and that developers are moving quick to action in order for their survival and us as investors we are much more careful in choosing who we deal with.

Good for all of us.

Let's admit things are improving far better than we thought it would. If you visit Emirates city almost 70% of projects have started movements into construction! We see much more activity now than in the past. They know what this means for all of us!!! Let's smile since our investment will eventually pay off not now, but in few years!

I put my money on Dubai Land - If this project goes through than Emirates city and other projects near EC will benefit drastically!! and EC will surely be the winner!

NEWERA - I agree the money we put down has some what gone to somewhere else, but not to worry. They got some cash to build their projects regardless. As much we are financially in tough position, flexibility and waiving will provide help to all of us and more are yet to come in place to assist developers and end-user.

Needless to say, I am highly positive of Ajman's growth and optimistic of EC's future.

this is a good idea to make complaints about those builders who are involved in sucpicious activities and are not serius about fullfilling their promises.
legal action will involve lots of money but writing to authorities and making police complaints will take some time but no risk involved, atleast if we can not get it, we wont loose much.. only some efforts..

this is time to check on specially those builders, who have not started any activities till now because if they have not started anything, then its easy to guess what is in their mind...
several builders are gone with investor's money i.e. dynesty zarooni, al barkah ( crimson tower , emirates city ) so its time to wake up
our struggle is very long, we have to keep our investment safe as well as for a good return we should make sure that other infrastrcutures are also available there like power, water etc.
its a long way but we have to do it

thanks

I was reading this forum with an investor having problems with Al Andaleeb builders Ajman.
Choclate Towers.This investor has contacted ARRA. (Ajman Real-Estate Regulatory Agency) and has provided the details as:

Contact ARRA asap. Contact is Latifa Al Nuaimi 06 7444 144. For those of you that are not in the country her email address is latifa.n@arra.ae. You need to tell ARRA about your situation and what you require. It is important that you ask all the questions you need to ask and to confirm all that is listed above.

I spoke to ARRA they told me very specifically not to make any payments to any developers directly and that I have to get their escrow account no and then pay . I have requested Lake View Real Estate to send me their ESCROW account number information. Does anyone know anything about ESCROW account for this builder.

Almost all developers in Ajman doesnt have Escrow account yet!

Escrow account is very rare and will take time.

As said dont conclude on complex matters like that.

I am confident of the market. Thanks

Do Lake View Real Estate has ESCROW Account?

Please Advise !!!

Thanks in Advance.....

On Last Thursday, I received a letter from Lake View R.E. requesting me to pay the due outstanding for last few months.

Shall I continue the payment? I already paid 40%.

Please Advice...........

Regards,
FMS

:) what do you mean escrow account please? thanks a lot.

Escrow account is not control by developer but by the BANK under supervision of ARRA. Hence this will ensure that only if developer have made specified progress he will be having access to part (not even whole) of this funds otherwise your funds will not be release to developer what so ever and will be kept with the bank. In case there is no progress or unexceptable progress by developer deem by ARRA, investor can get back their funds which are hold in escrow accounts by ARRA. THIS IS MY UNDERSTANDING OF ESCROW ACCOUNTS.