Where are the investors of Crystal Residency?
How come tne investors of Crystal Residency are not bothered? I invested in this property over 1 year ago thru Junaid Real Estate. This was the biggest mistake of my life. I have paid over 30% and have not yet seen the contract. Both Palm Real Estate and Junaid Real Estate are big time liars. I called Palm's office and they said parking level has been completed, Junaid RE went further and said 10 floor has been completed, when I confronted them with photos they said it was a typo and floor 1 has been completed. They will not stop lying. The reality as seen from the pictures I posted earlier proves that the construction has not progressed beyond a few pillar sutbs on the ground. To add to my disgust they tell me that there will be a penalty if I do not pay my Jan 09 installment. This after I have neither seen the contract or read the penalty clause. Any advice on how to deal with these crooks?
I have also paid almost the
I have also paid almost the same amount, as for the construction its creeping slow but still in progress. I had been intouch with a guy named 'Sajid' in palm dubai office, regarding the remaining payments I would wait till I see some work done.
dont pay them
tell them ARRA has asked not to pay till escrow and fax them the same keep this reciept with you for future refrence and this will help in delay for about 2 months .later we shuld b knowing the truth after sometime.if they still manage to do some work means they will continue .if they too stop their work means they have sqandered our previously paid money
In response to Sawajeed - I
In response to Sawajeed - I am also an investor in Crystal Residency through Palm Real Estates (and new on this site) - I have had my contract about a year and Palm R Estates have always been helpful - I contacted Sajid Iqbal at their Dubai office in November and he confirmed that "the foundation had been laid, which was the hardest part, and that from now on, it should take 3 weeks per floor" - Their website for construction progress:-
http://www.palmfreehold.com/Constrution_CR.aspx
I personally would not have paid 30% without a contract in my possession and maybe you should start making some loud noise on this issue. I personally prefer to remain positive and not think depressing thoughts like fraud, lies etc.. It might take longer to get there because of the current global financial situation but we will get there !
To Sawajeed - I have
To Sawajeed - I have contacted Palm Estates in Dubai who have confirmed project going well, that escrow account in process of being opened and that they do not expect financial fallout on the construction as the project is sold out.. I hope this reassures you but I still suggest you demand your contract from your particular agent.
Crystal Residency Project
Adeel....I purchased the apartment in Dec 2007 through Palm real estate and particularly through Mr. Sajid. He has been extremely helpful throughout and has always replied to my concerns. I have physically visited the construction site thrice since signing the contract in Feb 2008. The piling work started in April 08 and on my last visit 3 weeks ago, the shuttering for ground floor roof was underway. My rough guess is that there is already a 3-4 months delay and it may exceed, particularly if the investors stop paying all together. We most certainly should pursue crystal residency to arrange for escrow ASAP. We should also demand rescheduling of payments since there is delay in handover. What really worries me is the future of EC. The project is out in the desert with nothing in close vicinity. Providing electricity and water for nearly bankrupt government of Ajman seems an impossible task. No buyers in the market is also worrying since that will affect the resale price which, for the time being, has slipped below 385 DHS per sq ft. Also who's going to reside in 100 towers under construction when there is so much outflow of affluent and professional people from Dubai, let alone Ajman? Well, I don't think anyone has a magic stick to answer to all of these queries but as for Mr. Sawajeed, he should demand his contract and as for rescheduling payment terms.
Reschedule Payment
Well I am an investor in crystal residency also. I got the contract when I bought the property, but i seriously think that we should demand for resheduling payments. The progress is very slow. I really regret not buying in GCD. The instalment size is small and now they have also rescheduled the payment plan.
I think I am gonna talk to them to reschedule payments.
Meeting with Sajjid - Crystal Residency
I met Sajjid yesterday to inquire about my contract. He surprised me by saying that the payment plan that was initally given to me by them thru Junaid Real Estate was incorrect. He says the actual payment plan is 40% for first year and 20% for the next three years. However the original plan was 15% downpayment then 12%, 23%, 25%, 25% respectively for four years. Incidently this is also what is listed on their website even today. http://www.crystal-residency.com/prices.html
The sqft rate is different but the plan is the same as originally offered to me. Now according to Sajjid I have 138K outstanding which needs to be paid before receiving the contract, it's also interesting that my plan starts 3 months before the actual purchase! My real outstanding as per the original plan is only for Jan 09. But Palm is not interested in looking at this.
Sajjid has offered me a compromise, that I pay three back payments and he will take the balance as advance from Junnaid real estate till I match the plan by further payments. It beats why Junnaid will be stupid enough to pay for me. My fear is Palm will force me for further outstanding payments as soon as I pay them the three payments he is asking as a compromise. Further he wants all the PDC now, when I mentioned of Escrow account, he said that makes no difference as the name will be the same. Perhaps other investors of CR can help me by sharing their payments plans and opinion on PDC. Our lack of unity, even thoughn we have a different set of problems gives them the oppurtunity to divide and rule us by dictating terms.
I am not trying to spread negativity on this project. The construction is crawling, but something is happening. My main concern is the manipulation of my payment plan. I feel this is unethical, but also feel cornered without the contract. The payment should reflect realites on the ground, we all should push for this. An accrelated plan they are instisting now will push my payments from 33% to 57% this is not real.
If you are wondering what Junaid Real Estate's response is - "don't worry we will let you know next week". This has been going on since Dec 07.
speak to ARRA
tryingspeaking to ARRA and also keep the web pages of payment plan which is as per your actual payment plan saved.also there is no such rule that u need to make certain payment before getting contract .if u have purchased and payed something u will have the receipt with you show that to ARRA and ask them for justification.
Best of Luck!!!!!!
Salam
ASSALAMO ALAIKOOM,
I AM ALFALENE.
SINCE JAN09 I AM ALSO TALKING TO SAJEED THAT SPEED OF CONSTRUCTION IS VERY SLOW.
AND THIS TOWER IS SOLD LABLE, INVESTERS ARE HAVING PROBLEM OF JOB SECURITY, I REQUEST TO RESCHEDULE THE PAYMENT PLAN. BUT SAJEED NOT ATALL AGREE. I ASK HIM TO LET ME TALK TO OWNER OF THE PROJECT, MAY BE HE UNDERSTAND OUR PROBLEM. BUT NO CONTECT NO OR ADDRESS. CAN ANY ONE TRY TO EXPLAIN OUR SITUATION TO THE OWNER? FOR RESCHEDULE PLAN?
ALFALENE
No Access to developers of Crystal Residency
I agree with Alfalene and would like to caution others who think that Sajjid is a helpful person. I have little respect for someone who will blackmail me by holding back my contract and try to manipulate my payment plan. He has also kept the developers insulated from the investors concerns by not allowing access to them.
Since my last post I have spoken to ARRA, who expressed their willingness to help me. I have also spoken to the owner of the agency Junaid that sold the apartment to me. On his word I have paid my Jan 09 installment and made it very clear that this is my last installment without a contract and escrow account. If this issue is not resolved amicably by Apr, I will approach ARRA.
For the information of others ARRA is located on Al Ethiad Road, in a newly painted villa type builidng - the old immigration building, turn right near Lullu hypermarket and its a little distance after the first signal. As there is no board outside the building as yet, stop and ask someone. ARRA works 8-2, Sun to Thu.
per sq.fit price.
Dear all.
Regarding sale of apartment in below mention site for CRYSTAL RESIDENCY
They mention 450 and 475 per sqfit. but when we are calling to office for sale of our flat
they said no coustomer, that means what?? how they find this figure They are internaly doing buy back and
resale or what?? if so than they dont have intrest to answer our question!
now we should get construction up date every month by individual mail.
as they mention every three week one floor construction. please those who are the investor in this project
should wake up and keep close communication with all other investor dont allow to developer to play with our money.
http://www.crystal-residency.com/prices.html
One Man Show
Palm Real Estate looks like a one man show run by Sajjid with the developers hiding behind him. He is inconsidrate to the investors and is dictating terms. We should perhaps lie low till May an and see how ARRA will structure the escrow accounts and payment plans. Making a joint petition to ARRA then may yeild some results. One thing is sure - the developer will not even let you use his office toilet if the investors do not get together and negotiate jointly.
Escrow for Crystal
8) I with some of my friends dream to move to Crystal Residency one day....sooner or later....
but we all my neighbors should have one stand on ARRA rule of Escrow account as it will force developer to work faster in completing the project. But i am quries about Electricity and Water facility? Will it be arrnaged in due time? I can not live without them.
keep Patience
ASSALAMOA ALAIKOOM
DEAR
YOU ARE WORRIED ABOUT WATER AND ELECTRICITY.
CAN YOU TELL ME DID YOU WISIT ANY TIME TO CRYSTAL RESIDENCY?
IF YOU ARE NEAR PLEASE GO AND HAVE A LOOK ABOUT THE PROGRSS?
ONCE MORE THAN 20 FLOOR COMPLIT WE SHOULD THINK FOR UTILITIES.
NOW TIME TO PUSH THEM TO BUILS AS FAST AS POSSIBLE AND
SECOND THING MAKE NEW PAYMENT PLAN WHICH CAN GIVE US RELEXATION.
PLEASE DO IT ALL TOGETHER.
THANKS AND REGARDS
ALFALENE