we finally got the result we were fighting for and the oversight on these developers is happening. thank you so much for sticking with me while we pushed for the refunds we deserve. i am still keeping a close eye on how this is implemented but for now we should …
July 21, 2012
Final supporters
We are all investors in Dubai Property Market.
Many of us wanted a holiday home in Dubai for our families and before that, we
were part of the successful Tourism Industry that frequents Dubai every year.
Some of us were planning to make Dubai our new home. We are not gamblers or
speculators that invested beyond our means.
Our money was supposed to be protected by the escrow accounts. It is now 2012
with no end in sight...
The Developers have defaulted on mass scale since according to our contracts
our projects were supposed to be completed between 2008 and 2010. Until today
we have not received any request for an extension of our contracts and no
explanation about why the projects have been stalled. Many of us were asked for
more money and some of us were told that the construction was in progress when
it was not. Many projects have stalled for years, but those Developers are
still allowed to hold our money until "the market improves".
Despite numerous contacts with RERA our rights have not been upheld.
Furthermore, RERA is delaying the cancellation of non-vital projects. We feel
that this inaction has an additional negative impact on the Dubai economy and
more precisely on its real estate market.
It is our belief that if RERA applied the law equally to Developers and
Investors, we would be allowed to choose to receive refund of our money as per
our contracts and could then reinvest the money in viable projects. If the
Developers have misused the money they should be penalised according to the
law.
We, the undersigned hope for the best future of Dubai. As Investors in Dubai we ask:
1. The Government to stop the Developers demands for additional payments beyond
those already contracted;
2. To provide every Investor with escrow/trust fund/invested money information
in every project in Dubai so Investors can make informed decisions about their
future involvement in the projects;
3. Create new escrow accounts for new payments,
4. Require the Developers to use the money already invested into the projects
to complete them;
5.Mediate disputes between investors and Developers and come up with practical
solutions -don't send everybody to courts.
6. Enforce the law equally to Developers and to Investors. Be real Regulatory
Agency. Do not let us down. We build buildings, not the Developers.
Updates
Reached 250 supporters
June 4, 2012
Reached 100 supporters
May 2, 2012
32 Comments
I bought an apt in Rufi Twin Towers in Dubai Sports City. I paid 95% of the cost. Till now constructions are not resumed yet. I could not have my money though I raised a case in Dubai Courts and won the case. But I did not get anything neither my apt nor my money!!!!
We are stuck with the same problem. Our project global green view 2 was revived by empire Arabia who lied to us and dragged on time only to serve us a letter to pay outstanding owed or risk default. They are bullying us and it's impossible to fight with them in their own playground when we live in Canada. Both they and the former developers defrauded us ,misrepresented and breached everything. RERA and DLD never replied back and their numbers are blocked. This the entire situation and city is corrupted where they give the developers more rights then investors. We don't know what to do next as court fees cost a lot and no lawyers are willing to do contingency basis or pro bono. Anyone else have units stuck in global green view 2 and 3 as well?
We are on the same boat. Our project was revived by a new developer but they dragged on time and lied to us and is trying to force default on us. We tried emailing and calling DLD and RERA but always unreachable. Seems like there is a lot of corruption and the government seems to favor the developers and not the investors.
I also invested in a retirement apartment and have paid 80% of this project. Al attar the company we invested in do not reply or answer any mail. The project has now been with rera on the liquidated list but still nothing We are just hard working ordinary people that liked Dubai and wanted a holiday apartment and to retire to it all our savings have been taken by Al Attar.
Invested in Dheeraj East Coast developers dubai in their Corporate bay jn business bay jn 2007 Feb. 6 units of 1000 sqft each. DEC advised making building residential. This is violation of contract.
Jouri5
Dear Claire, I have the same problem with Jouri 5. I wanted to ask you with whom you are in contact. With Al Masah? It would be interesting to know what they suggest to you and compare with the offers they gave me.
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we finally got the result we were fighting for and the oversight on these developers is happening. thank you so much for sticking with me while we pushed for the refunds we deserve. i am still keeping a close eye on how this is implemented but for now we should …
July 21, 2012
Final supporters
We are all investors in Dubai Property Market.
Many of us wanted a holiday home in Dubai for our families and before that, we
were part of the successful Tourism Industry that frequents Dubai every year.
Some of us were planning to make Dubai our new home. We are not gamblers or
speculators that invested beyond our means.
Our money was supposed to be protected by the escrow accounts. It is now 2012
with no end in sight...
The Developers have defaulted on mass scale since according to our contracts
our projects were supposed to be completed between 2008 and 2010. Until today
we have not received any request for an extension of our contracts and no
explanation about why the projects have been stalled. Many of us were asked for
more money and some of us were told that the construction was in progress when
it was not. Many projects have stalled for years, but those Developers are
still allowed to hold our money until "the market improves".
Despite numerous contacts with RERA our rights have not been upheld.
Furthermore, RERA is delaying the cancellation of non-vital projects. We feel
that this inaction has an additional negative impact on the Dubai economy and
more precisely on its real estate market.
It is our belief that if RERA applied the law equally to Developers and
Investors, we would be allowed to choose to receive refund of our money as per
our contracts and could then reinvest the money in viable projects. If the
Developers have misused the money they should be penalised according to the
law.
We, the undersigned hope for the best future of Dubai. As Investors in Dubai we ask:
1. The Government to stop the Developers demands for additional payments beyond
those already contracted;
2. To provide every Investor with escrow/trust fund/invested money information
in every project in Dubai so Investors can make informed decisions about their
future involvement in the projects;
3. Create new escrow accounts for new payments,
4. Require the Developers to use the money already invested into the projects
to complete them;
5.Mediate disputes between investors and Developers and come up with practical
solutions -don't send everybody to courts.
6. Enforce the law equally to Developers and to Investors. Be real Regulatory
Agency. Do not let us down. We build buildings, not the Developers.
Updates
Reached 250 supporters
June 4, 2012
Reached 100 supporters
May 2, 2012
32 Comments
Dear Sheikh Mohammed I am writing to you because you are known as a good man and good Muslim. I have lost all my money because I truly believed in Dubai and also wanted to make money. Now I am Tax Driver in Moscow. I have lost 10 mln USD. I invested in ACI, define properties, shon properties.
I bought an apt in Rufi Twin Towers in Dubai Sports City. I paid 95% of the cost. Till now constructions are not resumed yet. I could not have my money though I raised a case in Dubai Courts and won the case. But I did not get anything neither my apt nor my money!!!!
We are stuck with the same problem. Our project global green view 2 was revived by empire Arabia who lied to us and dragged on time only to serve us a letter to pay outstanding owed or risk default. They are bullying us and it's impossible to fight with them in their own playground when we live in Canada. Both they and the former developers defrauded us ,misrepresented and breached everything. RERA and DLD never replied back and their numbers are blocked. This the entire situation and city is corrupted where they give the developers more rights then investors. We don't know what to do next as court fees cost a lot and no lawyers are willing to do contingency basis or pro bono. Anyone else have units stuck in global green view 2 and 3 as well?
We are on the same boat. Our project was revived by a new developer but they dragged on time and lied to us and is trying to force default on us. We tried emailing and calling DLD and RERA but always unreachable. Seems like there is a lot of corruption and the government seems to favor the developers and not the investors.
I also invested in a retirement apartment and have paid 80% of this project. Al attar the company we invested in do not reply or answer any mail. The project has now been with rera on the liquidated list but still nothing We are just hard working ordinary people that liked Dubai and wanted a holiday apartment and to retire to it all our savings have been taken by Al Attar.
Invested in Dheeraj East Coast developers dubai in their Corporate bay jn business bay jn 2007 Feb. 6 units of 1000 sqft each. DEC advised making building residential. This is violation of contract.
Jouri5
Dear Claire, I have the same problem with Jouri 5. I wanted to ask you with whom you are in contact. With Al Masah? It would be interesting to know what they suggest to you and compare with the offers they gave me.
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Dear Sheikh Mohammed I am writing to you because you are known as a good man and good Muslim. I have lost all my money because I truly believed in Dubai and also wanted to make money. Now I am Tax Driver in Moscow. I have lost 10 mln USD. I invested in ACI, define properties, shon properties.