RERA Help us

Ilian Kamenoff
Ilian Kamenoff 10 Comments
562 SignaturesGoal: 250

We are the 2005/07 Investors of Dubai Sports City. 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. We were promised stadia and infrastructure. 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 ofour contracts and noexplanation about why the projects have been stalled. Many of us were askedformore money and some of us were told thatthe construction was in progresswhen 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 withRERA our rights have not been upheld. Furthermore RERA is delaying the cancellation ofnon-vital projects. We feel thatthis inaction has an additional negative impact on theDubai economy and more precisely on itsreal estate market. It is our belief thatif RERA applied the law equally to Developers and Investors, we would be allowed to choose to receive refund of our money as per our contractsandcouldthen reinvest the moneyin 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 Developersdemands for additional payments beyond those already contracted; 2. To provide every Investor with escrow/trust fund/invested money information in every project in DSC so Investors can make informed decisions, 3. Create new escrow accounts for new payments, 4. Require the Developers to use themoney already invested into the projects tocomplete them; 5.Mediate disputes between investors and Developers and come up with practical solutions -don't send everybody to courts.

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