Navigation
Translation
a way
I see all buyers confused what they do , trust to developers anymore even after default or no , pay or no , what will happen and etc
if someone think stop working on complete properties was because of financial crisis he/she hardly mistake coz we all know this stop started few months before current story about world , so i think we have only one way :
--->Dont pay for first step
and ask developers two ways :
1-return our money because of their default
2-discount total price up to 30% (we all know prices went down and anyone dony buy it even in half price)
we should share our pain with them too , why we be under sun fire and they under shadow
If we all dont pay them they will drop down and they'll listen to things we want
if you pay i sure you'll hurt more and more
Ajman : Emirates City | Humaid City | Marmooka City
right
this what i am trying to tell investors from 6 months back. if we all stop payment, they will be slaves to us and if we continue to pay, we will be slaves to them. let's make them slaves and stop payments.
The developers will never be your slave
I believe the apartments in EC are sold out and most people have paid more than 40% of the price of the apartments. That means the developers are in profit. If there is a mass default at this stage the developers can easily walk away.
what!!!
no man u are mistaken, i have paid only 15% and it is in your dreams that the developers will escape just like you think. You are not in the Jungle land. there are 900 towerssold off plan in ajman which means tens of thousands of investors and definetly they will ask about their money otherwise there is no meaning to law and courts and at that time its better to live in the zoo.
I'm Right
I'm referring to EC when I'm talking about how much people have paid.
If a buyer defaults or wants to cancel the developer keeps 30% to 50% of the apartment cost. Hence no money back.
If a developer defaults they will declare bankruptcy, again no money back for the buyer. The contracts and regulations are hedged in developers favour. If getting full refunds were so easy you'd hear about it on this forum.
We have contracts
If you have signed a contract then you are legally bound it's terms and conditions. the contract which always favours the side that draws up the contract has got a section in it which is your rights. Please read it before comenting on this forum because it causes panic. In my contract the only point that is in my favour is that the developer delays and completes after dec 2012. Only then I can get a full refund with 8% interest. That will be the day.
I offered two options , or
I offered two options , or return money or discount on total price
and i think if we be with together we can do it surely and they cant hold our money or dont liston to us
also b3war i talked about projects they defaulted first contract and they need our sign yet
also reality-man i know you want continue but what you think do you think when you go to developer office and ask
about why few years delay what they told me , they liston to you but never they dont tell you project will be complete before
2years because talk with them! and also what guarantee even they handover your unit after their 2years .
only and only way is put them under press and i think it can be done with no payment more
Options
I don't like the delay, but developers think it is ok to do business this this way. Dubai Sports City is in the same/ worse situation. New regulations and construction progress payments are the way forward.
I bought Fortune Residency and I have paid 60% so far. My contract states that non payment penalty is a loss of 40% apartment cost. Late payment is 2% for every 30 days. My point that I made in earlier posting is the developer won't lose if I stop payment due to construction delay.
There won't be any discounts either. If the developer had sudden unexpected costs and demanded 10% more would you pay? No - you would hold up your contract and say the price is fixed. Likewise you can't expect the developer to take less money than agreed, even if their construction costs are 20% lower.
We are all bound by our contracts. My contract allows the developer a 2 year delay with only 8% interest payments. The word "REFUND" does not appear in my contract.
has any one dealt with
has any one dealt with ehtram uddin sheikh from karachi? He had my money for 6 months and when i asked for reciept of the payment he said that he did pay the developer but the cheque bounced and after using my money for 6 months then he returnred me after many followups. I see EC completed not b4 2014 that too if arra strongly monitors .
Pasargad is right
I think Pasargad is write.Anyway we , investers must do some things,& the only thing we have control on , is paying.We dont even know if we have to continue our installments or not at the time being(because no developer has opened escrow account yet).I had said before, the only solution is paying for a lawyer there in UAE and doing some legal activities for terminating the contracts & thereafter getting our moneys back or making the investers to change the payment plans in favore of investers & giving some discounts to us.So Pasargad is completley right.
Hasan
You may agree with Pasargad but this does not make your ideas right. There will never be any refunds from developers in EC. How many times does the term "refund" appear in your contract?
Forget contract
Forget contract
contract is dead , developer did default, changed day after day, so it's illegal now
i'm talking about press on developers , if you want liston to developers then you'll be hurt more , i promis you
it's time we control developers not them
they need money , it's what we must give them , very simple rule
i dont talking about only refund as many buyers want stay yet like as you
i'm talking about options that can be useful for you and for who want exit
if you want go your way you can but dont assure you'll get your unit even after 2 years
GCBV,GCD
WE ARE IN PROCESS of filing a suit against the developers , other freinds who are intersted to join us in this NOBEL CAUSE must join.
my email address is cnf-cnf@hotmail.com
WHAT OUR POINT IS THAT IF THE DEVELOPER HAS NOT START WORK , THAN THE INVESTOR IS NOT DEFAULTED BUT ITS THE DEVELOPER WHO IS AT DEFAULT, THEREFORE IF THE INVESTOR WANTS TO WITHDRAW HIS MONEY HE SHOULD BE AT THE LIBERTY TO DO SO?
AS LAW STILL PEVAILS IN U.A.E
regards.
right way pasargad and faisacnf
we need to giv them a jolt to wake them then may b we will get our apts in 3yrs or our money.why shuld we leave our hard earned money