In the year 2006/2007, I invested in a development known as Olympic Park 4 of GGICO in Dubai Sport City, UAE which was supposed to be completed and handed over by June 2009 as per the Sales and Purchase agreement.

However, the Developer, GGICO, has defaulted on the contract, by failing to Complete and handover by June 2009. And 3 years on, the handover of this development remains outstanding.

Further, I have not received any request for an extension of the contract, or an offer of an alternative unit or compensation of any manner from the developer.

Despite numerous contacts, made through email and letters, to the Board of Directors, they have not taken an interest which is reflected by them not even replying back. This absence of communication and lack of interest is very frustrating and disappointing.

The developer is taking a stance since the property is over 40% to 50% complete; there is RERA rule that allows the Developer to complete. However, this rule cannot be applied indefinitely or without any timescale, which this Developer appears to be doing. Therefore, action needs to be taken against Developers, such as these, whom are holding investor to ransom under this clause.

Furthermore, these types of incidents are portraying a different type of impact about Dubai and its Real Estate Developers.

I would like to RERA to intervene and resolve this matter in a just manner, and as a Client whom has invested in a GGICO project, I demand the following:

At this point in time GGICO are in breach of contract for not delivering as per the Completion Date.

-GGICO hasn't really made any progress in the last 2 or 3 years, and so they should no longer have the liberty to cause further delays whatsoever and withhold the monies of their Clients under this Land Department Clause or so called ‘Force Majeure’.

- This non-completion and an ongoing delay have meant a much later than anticipated completion date for the project. Having analysed the current market conditions the reflection, it is not even possible to sell this development for half as much of the cost price.

- Had the property been Completed and delivered on time, it would have also provided me with an opportunity and option of:

Selling of the apartment at least at a break even, if not higher; since the market conditions were much better 16-18 months ago

The possibility of renting it out – again the rental market was higher and better

 - The surrounding area i.e. in Dubai Sports City area is currently lacking amenities and facilities; it is not developed to the same level as had been promised.

As a result, I demand my original money back from GGICO and now with compensation for causing the above for which they have responsibility and liability towards their Clients.

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