ajman swap by developers

[fizoh]

Hi all,
i bought a property in burj ul ain (in eye of ajman) from gfs developers, and to my understanding the project has been cancelled, but the developers are offering me an alternetive apartment in emirates city, namely MR Tower which they claim is under construction,and was asked to sign a no objection form,which i did.now they want me to sign an agreement and continue payments based on construction progress which i refused to sign. can anyone pls advise me on what best to do that will atleast lead me to a hope of getting my money back? am really not confident about the future of my investment and at the same time concern about the money i already paid.
any valuable advise will be highly appreciated.
Thanx

 

[Friend728]

I am sorry for the investment you made. But remember one thing if you have lost your arm do you want to invest more and lose more. If your developer can not give money back how can you trust them. After 1 year you might be at the same point but you will have invested more. DONT INVEST MORE. Thats just my opinion.
FRIEND 728

Hi all,
i bought a property in burj ul ain (in eye of ajman) from gfs developers, and to my understanding the project has been cancelled, but the developers are offering me an alternetive apartment in emirates city, namely MR Tower which they claim is under construction,and was asked to sign a no objection form,which i did.now they want me to sign an agreement and continue payments based on construction progress which i refused to sign. can anyone pls advise me on what best to do that will atleast lead me to a hope of getting my money back? am really not confident about the future of my investment and at the same time concern about the money i already paid.
any valuable advise will be highly appreciated.
Thanx

 

[rumbaba]

I do not know what signing a no objection form means legally.

However, it is common practice to make payments linked to construction and I think that this is what the regulators request.

To make sure your money is safe make sure the payments are being made to an escrow account where the money is held by the bank and onl released when construction work is continuing.

 

[Abusara]

I had the same offer from the real estate broker who sold me the unit, but offered me an inflated priced unit in Dubai Marina.
It's a trick to suck the remaining of our money.

The question is; did any one file a lawsuit in Ajman court against any developer ? Any results?

 

[callan1967]

the laws need to change

Hi,
I went around some lawyers and they only were interested in taking money upfront and wouldnt give any guarantees. I eventually gave a company 30,000 and they are just looking for more money, they have done nothing. I was handed a copy of the Nation paper from last week and there is a new decree in Dubai but even if it was enforced in Ajman, it still doesnt suit investors like us. I am seriously considering a proposal i got from a company in marmooka city who have started site mobilisation. They have an escrow account and have offered me a construction based payment plan. Has anyone done any swaps yet and could they advise me what they thoguht about it. Even if i do the swap i am going to sue the previous developer when the laws change in favour of investors, when ever that might be

 

[Abusara]

ARRA advice...again !!

I was asking ARRA today about the developer, they advised me again to go to Ajman court and register my case there.

The new piece of info was that i don't have to pay the 4% or any fees, as the court has blocked the developer account, because many investors have signed there name in the case.

They said there are 2 options, if the verdict came to investors favor; the court will use the few millions left in the account to return the money to the investors.
If the verdict was for the developer, the account will be unblocked so the money can be used to START THE PROJECT!!!!

It's a maze...

 

[rumbaba]

Hi,
I went around some lawyers and they only were interested in taking money upfront and wouldnt give any guarantees. I eventually gave a company 30,000 and they are just looking for more money, they have done nothing. I was handed a copy of the Nation paper from last week and there is a new decree in Dubai but even if it was enforced in Ajman, it still doesnt suit investors like us. I am seriously considering a proposal i got from a company in marmooka city who have started site mobilisation. They have an escrow account and have offered me a construction based payment plan. Has anyone done any swaps yet and could they advise me what they thoguht about it. Even if i do the swap i am going to sue the previous developer when the laws change in favour of investors, when ever that might be

Is marmooka city still going ahead?

 

[fizoh]

Hi all,
i bought a property in burj ul ain (in eye of ajman) from gfs developers, and to my understanding the project has been cancelled, but the developers are offering me an alternetive apartment in emirates city, namely MR Tower which they claim is under construction,and was asked to sign a no objection form,which i did.now they want me to sign an agreement and continue payments based on construction progress which i refused to sign. can anyone pls advise me on what best to do that will atleast lead me to a hope of getting my money back? am really not confident about the future of my investment and at the same time concern about the money i already paid.
any valuable advise will be highly appreciated.
Thanx

Thanx to you all.
They have presented to me their esscrow account + arra registration, and the payment is based on construction progress. And am paying AED 421,950 for the 1 bedroom apartment. what do u think?

 

[callan1967]

Do they have land paid and an escrow account

Hi Sir,
Does the company you are with have an escrow account and their land paid up as i am finding out that this is where a lot of developers fell down. Some are trying to build and still make land payments. I would say a construction based payment is good as you will only pay as work proceeds but they must have an escrow account or ARRA will tell you not to pay. Im seriously considering swapping to a company in Marmooka city, they have an escrow account, the land is paid and they are registered with ARRA.
Has anyone done a swap yet to any company yet as it may be the easiest way other than taking costly legal cases to secure our money already invested

Hi all,
i bought a property in burj ul ain (in eye of ajman) from gfs developers, and to my understanding the project has been cancelled, but the developers are offering me an alternetive apartment in emirates city, namely MR Tower which they claim is under construction,and was asked to sign a no objection form,which i did.now they want me to sign an agreement and continue payments based on construction progress which i refused to sign. can anyone pls advise me on what best to do that will atleast lead me to a hope of getting my money back? am really not confident about the future of my investment and at the same time concern about the money i already paid.
any valuable advise will be highly appreciated.
Thanx

 

[fizoh]

Hi callan 1967,
Am not sure if the land was paid for,but they have escrow account and are registered with arra. And the consruction is going on at fourth floor.what do u think?

 

[callan1967]

How long have they been at the fourth floor

Hi Friend,
I recently went out to a site in Emirates city and spoke to the guy at the gate. I asked him some questions about the construction and he said that he overheard the bosses complaining that people dont want to pay and no work had been done in about 7 or 8 months.
Some companies seem to have done things correct in Emirates city and their towers seem to be almost built from outside. The companies who are struggling on the early floors may well struggle into the future. I asked a Company in marmooka city why they hadnt started yet and they explained they had ony had proper hand over of their plot at the end of September last year. They also explained that companies Emirates city who are only starting had no real reason for the delays and having listened to them, that is why i went out there my self and it was interesting to speak to the security man.
Thread carefullly my friend. When i get more information on this company i will let you know the details

 

[fizoh]

Thanx callan 1967,
They inveited me to dubai and agree to pay for my ticket and accomodation, i will be coming in the next two days,pls mail me your phone number for further discussion if you dont mind.

 

[callan1967]

what size is the apartment

Hi,
What size is the apartment they are offering you so i
can know how much per sqft you are paying. Also how
long is your payment plan for

Thanx to you all.
They have presented to me their esscrow account + arra registration, and the payment is based on construction progress. And am paying AED 421,950 for the 1 bedroom apartment. what do u think?

 

[callan1967]

number provided

Hi,
My number is 0444 3794. Read thngs carefully as i was offered a contrat in Dubai
where i had to agree that if the develpoer wanted to change the terms of the contract would have to pay him future payments in cash. Im actually very close to an agreemnt with a company in Marmooka city and its a cheaper option than swapping to Dubai.
Chat soon

Thanx callan 1967,
They inveited me to dubai and agree to pay for my ticket and accomodation, i will be coming in the next two days,pls mail me your phone number for further discussion if you dont mind.

 

[fizoh]

Hi,
What size is the apartment they are offering you so i
can know how much per sqft you are paying. Also how
long is your payment plan for

THE SIZE IS 867.07 SQ.FT. EMIRATES CITY.
THE PAYMENT PLAN IS APPROX 2 YRS. IS LIKE THEY TOO DONT HAVE A SPECIFIC COMPLETION DATE BUT ARE CLAIMING 2011/2012.WILL PAY 6500 AED AT THE END OF EACH FLOOR.
Best regards

 

[alukok]

hopefully some one out there can help. I have paid more than AED138000 to a company called GR8 for a onebedroom in Lake signature. I paid AED 520/sq foot - AED445000 full price. That project has now been canned. They want to swap me a one bedroom in MR Tower and are offering at AED512/sq foot. The websites i visited seem to suggest for the apartment offerd it should be AED475.

They are claiming construction is at 4th floor but from reading these forums it seems it has taken them 2 years to get there. Is construction now at full flow. will they stop again when they run out of money. how safe / protected are we if we swap by law.

 

[callan1967]

Hi Fizoh,
i have met that company i was telling you about and they are giving me a better offer than the company you are talking about. They also gave me a completion date. If the company you are considering moving to cannot give you a completion date, how serious are they about what they are doing. I will speak to you when you come over to Dubai.

 

[JSP]

Real swap opportunity for cancelled projects

Greetings,

I myself invested in several units in Marmooka City back in 2008, but later on the developer turned out to be bluffing and the company CEO is now in jail. Perhaps most of you have heard about Al Barakah and its notorious CEO Imran Khan...

The project is now cancelled and the developed was declared insolvent early last year. There were even court rulings issued ordering Al Barakah to pay investors' money back, but so far I haven't met anyone who was able recover their money or get any real property in exchange.

Luckily a few months back I came across one very influential person, who managed to swap my useless Marmooka apartments with real units in Emirates City. The new project is about 50 % complete, with expected delivery in mid 2012. But the most important point is that all the money that I'd paid towards Al Marmooka units had been deducted from the price of the new units in full. In addition the price which I paid for them is lower than the current market price too. So I am sure it's a great chance for those who've been struggling to recover their investments from corrupt developers. Before I actually agreed to this swap deal, I did my homework and checked the developer, the project site and etc. So I know that the project is registered with ARRA, has all relevant permissions from the local authorities, Escrow Account etc. I am making the installments on a four-year payment plan, so hopefully I'll still be paying for the flats for a further two years after actually I move in less than two years' time.

Anyone who is seriously interested in this offer can contact me direct on +971506972090 . I'll be more than happy to help anyone as I know perfectly well through what sort of a legal and financial conundrum we all have go to claim our hardly earned money back.

Best of Luck

 

[botchwemah]

Looking to swap my Orbit tower apartment

I have tried calling your number several times and Have left a message. I have just returned from Dubai, I went to see ARRA, they ask me to go to the courts in Ajman, which I did but was told I have to translate the contract from english to arabic, i did not have time to do so and came back to the UK. Is there anyone out there who can put me in touch with a reputable company so that I can do a genuine swap as well. My number is 020 8992 4652

Many thank

 

[JSP]

RE: Unit swap in Ajman

I have tried calling your number several times and Have left a message. I have just returned from Dubai, I went to see ARRA, they ask me to go to the courts in Ajman, which I did but was told I have to translate the contract from english to arabic, i did not have time to do so and came back to the UK. Is there anyone out there who can put me in touch with a reputable company so that I can do a genuine swap as well. My number is 020 8992 4652

Many thank

Hello Botchwemah,
Sorry, but I didn't really get whom you were trying to call, me or somebody else. If you tried to reach me, then please drop a line to the following email address: ("/bns7787 @gmail com/")
Reading your post, I'm sure there is a much easier way to get your unit/s swapped in a development that is more than half finished. Expected completion is mid 2012. I think can help you out with this. So do get in touch with me
cheers