Sign Petition

RERA Help us

475 Signatures Goal: 5,000

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.

Links


  • manjit singh
    manjit singh United Kingdom, Bradford
    May 13, 2015
    May 13, 2015
    i have visited rufi offices last year and was told the project had been taken over but obviously nothing doing ,now when i called them they say it is with rera for cancellation
    anybody have any further news?
  • Mike
    Mike Canada
    May 12, 2015
    May 12, 2015
    We too have 2 projects in limbo and want a settlement but ours is revived.
  • Ashfaq Ahmed Sheikh
    May 07, 2015
    May 07, 2015
    i completely agree with you, my investment is in Marina.
  • maham
    maham United Arab Emirates, Dubai
    May 03, 2015
    May 03, 2015
    Although the project is stalled since 2010 but till to date RERA is unable to take decision to revive or cancel the project and since long period of time they have msg on their website " under cancelation decision " and check after 60 days . We don't know when these 60 days will be completed at the time of its launching in 2007 there were no escrow accounts and most of the developers oblige builders were taking the booking amount and first few installments from the investors and were buying new lands for their future projects and rufi did the same although rufi is failed on completion of twin towers project but he still allowed to carry on the construction work on some other projects in dubai sports city if rufi is not able to complete twin towers how is he allowed to carry on on other projects? RERA should spare some time from their very busy schedule to look into these stalled projects and bring back the invertors trust and this is very important to encourage more foreign investors to come to dubai further more if all effecties of the stalled projects write directly to HRH sheikh Mohammed bin Rashid to look into the matter and do some favorable action in the trust of the invertors as well as developers
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436

Signatures

  • 2 months ago
    manjit singh
    2 months ago
  • 2 months ago
    Mike
    2 months ago
  • 2 months ago
    Ashfaq Ahmed Sheikh
    2 months ago
  • 2 months ago
    maham
    2 months ago
  • 3 months ago
    John. Robertson
    3 months ago
  • 5 months ago
    Hamid Amir
    5 months ago
  • 5 months ago
    ike makansi
    5 months ago
  • 5 months ago
    Jesse Kanga
    5 months ago
  • 8 months ago
    Getacheu Sikore Gebries
    8 months ago
  • 9 months ago
    Claire Jones
    9 months ago
  • 11 months ago
    Malak Bakhtiari
    11 months ago
  • 11 months ago
    Farhad Gholami
    11 months ago
  • 1 year ago
    Nuzhat Khan
    1 year ago
  • 1 year ago
    Afzal
    1 year ago
  • 1 year ago
    Hannah Karanja Bahrain
    1 year ago
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