Attention Queue point buyers-let's join hands together

[shakeel50]

I bought 1 BR unit in Queue point, a project by Mazaya in Dubai land through secondary market. At the time of buying in Jul-08, the handover date was fixed in Dec-09. Lately, I came to know that the project R055 approval is obtained in May-2009, and upon enquiry it further revealed that atleast till June-10, the proejct R055 won't be ready.

I obtained mortgage from Tamweel to finance this unit with a deposit of 60k. In case project is delayed by one year, there will be an extra hit of AED 43,200.

I invite the buyers with the similar kind of interest in the same project particularly R055 to joint hands to take our case to the developer, concerned RERA authorities and bankers.

Come let's join our hands together to fight for the cause of justice!

my email id [email protected]

 

[beers32]

unfortunately most projects which were bought off plan in dubai and due for completion in 2008 or 2009 wont get completed till 2013or later , or built at all it all depends on the banks lending again , all projects in dubai sports city are the same rera appears not to want to know ,saying must go through courts which in dubai can be costly with very little hope of funds been returned.
in order for the supply and demand to regulate itself , they are going to only release a number of units each year to stabilise the market its the situation all off plan buyers are in now.
its a complete mess but not much anyone can do hopefully your developer has a past history of completed projects otherwise not much hope of seeing property built or for that matter of obtaining funds unless you paid in to escrow account and funds are now in an individual acount for your unit .

 

[blackberry2k]

I bought 1 BR unit in Queue point, a project by Mazaya in Dubai land through secondary market. At the time of buying in Jul-08, the handover date was fixed in Dec-09. Lately, I came to know that the project R055 approval is obtained in May-2009, and upon enquiry it further revealed that atleast till June-10, the proejct R055 won't be ready.

I obtained mortgage from Tamweel to finance this unit with a deposit of 60k. In case project is delayed by one year, there will be an extra hit of AED 43,200.

I invite the buyers with the similar kind of interest in the same project particularly R055 to joint hands to take our case to the developer, concerned RERA authorities and bankers.

Come let's join our hands together to fight for the cause of justice!

my email id [email protected]

where did u get this information from that we have to pay 43k extra. there is nothing as such in the contract nor did we get any such notice from tamweel.

 

[Laura Stryker]

Call for Queue Point Buyers,

I have just visited the property and apparently although my unit will be completed by 31 December 2010 it will be without any of the planned infrastrucure. Nor will the necessary utilities be available at this time and Al Mazaya intends to make an extension of the force majeur clause. This is an obvious breach of contract. Are any of you in the same situation ? And have any of you gone to court on the extension of the completed date due to force majeur ? Let's unite on this issue.

 

[zedch]

Looks like some units in Queue Point will be cancelled.

 

[QPointLoss]

We should meet up

Hi All,... I think we should all meetup... same problem with my unit r98.

Tamweel says, Mazaya has posted letters to all flat owners. They say just walk out of office and forget about 8% downpayment. We are not forcing you, as market is in bad condition, the future of project seems to be going nowhere, no money for infrastructure at all.

I understand its loss for everyone, Mazaya,Tamweel and the Owner. But a builder is supposed to build, bank to finance and common man to pay back the installment for 15yrs with interest. Its Mazaya's and Tamweel's problem why should a middle class man suffer?

It seems every flat owner has to signoff the downpayment he/she made 5%,8% or 10%.

It would be great if Queue Point members meet up and discuss this together with RERA at least we could get some money of deposit or assurance that project will be completed, lets say 2013. Some positive answer.

 

[zedch]

You mean they want to keep the downpayment ??
Did you meet someone from Tamweel?
Are you sure about this?

What i know is that Tamweel is contacting people to discuss some options including cancellation,there will be some conditions but we are not supposed to loose money.Or maybe just a little.

 

[Danish105]

I called Mazaya...they are saying that no bopdy can canel the property agreement with them. So its an option for us either to exit or stay. Besides this Tamweel is not having any right to cancel the agreement. Its an option which they are giving. However they might change the Buildings.

 

[Danish105]

I send an email to Mazaya today. They replied that as per the PSA handover will be made by Q4 2010. Lets see what happens!!

 

[zedch]

They will never make it. But as you said let's wait and see

 

[Danish105]

what reply did u gave 2 Tamweel, pls give me ur contact number.

 

[zedch]

I am still waiting for them to call and fix an appointement.What I understood is that they will consider folders case per case
I' ts taking long time due to a huge number of people to call.
My email is [email protected]

 

[Siham]

Let's join hands!!!

Mazaya sent me a letter, they asked me to contact tamweel as they are in the process of reviewing the project and this might have an impact on my finance with Tamweel, I called tamweel this morning, they asked me to forget about 12% I paid to Mazaya and they will cancel everything!!!!
they ask you to forget about such amount, it's like if they don't know how many years you have to work just to collect that much money!!

Anyone has got the same request?? if so kindly contact me, we have to do somehting about it, let us sit and discuss it may be we can find a way

 

[Danish105]

they r giving it as an option....you can also refuse them and can continue with the project.

 

[zedch]

Siham is right.A friend of mine have been contacted.The option is "you can cancel and loose your deposit" The problem is Tamweel and not Mazaya.

 

[zedch]

Siham is right.A friend of mine has been contacted.The option is "you can cancel and loose your deposit" The problem is Tamweel and not Mazaya.Tamween is trying to move out from Qpoint and Mazaya in bad position because they are not able to finish on time.

 

[sk123]

Hello All,

I was also approached by Tamweel in connection with my Queue Point apartment. I have made only 5% down payment and they have given me the exit option, but in may case they are asking me to pay up another 5% which is in addition to the 5% I paid. This is something I am going to refuse. However after considering the market conditions and given the fact that the infrastructure would not be ready for a long time, there won't be any resale value. You would be lucky to get 60% of the original value. It would be wise to back out if you have paid 10% or less as the same property may be available at the time of possession for 60-70% of the original value.

Anyway these are my views and I welcome comments/views from others as to what decision they are taking and the logic behind the same.

Best regards,

SK

 

[tipu]

QueuePoint Tamweel

Hello All,

I was also approached by Tamweel in connection with my Queue Point apartment. I have made only 5% down payment and they have given me the exit option, but in may case they are asking me to pay up another 5% which is in addition to the 5% I paid. This is something I am going to refuse. However after considering the market conditions and given the fact that the infrastructure would not be ready for a long time, there won't be any resale value. You would be lucky to get 60% of the original value. It would be wise to back out if you have paid 10% or less as the same property may be available at the time of possession for 60-70% of the original value.

Anyway these are my views and I welcome comments/views from others as to what decision they are taking and the logic behind the same.

Best regards,

SK

SK123 is right..I was approached by Tamweel regarding this. I did an analysis and realised that today if i take the tamweel option to exit, at least i know what my losses are today. If i continue with the project i am not sure what is my loss in the future. Additionally i did try to negotiate with tamweel regarding the extra payment (in my case it was 45K AED+..the amount differs depending on how much you had done as as downpayment). But they dont provide any scope for negotiation. So i have agreed to pay the extra amount and get out of the deal. I understand that the option to exit is not for all the queuepoint flat owners. The tamweel guy was saying that people are requesting to include their names in the list to exit and are willing to pay for the same, but they are doing it selectively. It pinches a lot to give hard earned money and get nothing in return. But atleast i would be debt free and not carry a burden for the future......penalty to pay for taking a wrong decision of buying with mazaya. We dont even know whats the legal route to fight out with either Tamweel or Mazaya and not sure if we will end up paying more in the legal fees if we battle them. My two cents on the issue...

 

[zedch]

Why not concider the option that Mazaya will not finish the project by the end of 2010,then according to the contract they will have to give back the money.
After all the project will never end by then.

 

[rone1999]

Dear all,

I visited Tamweel today.........Tamweel is not pushing anyone to cancel the contract. But they are sharing with u the reality that the completion of the project will be delayed beyond expectation and even Tamweel is not too comfortable with the whole scenario in general. If anyone wants to exit from the Project, it is optional but without any refund of down payment. Now my personal opinion is it is all about yourself to decide. Let us say after 2 years the project got completed and the value comes down by 40%..........??? what do we do, so whether you want to loose 5 to 15% down payment ......or wait for the good or bad future ?? it depends on us only. One thing we must remember is that whatever is the reality, there will be heavy interest the investor to pay to tameweel for the delay happened from mazaya at the time of handing over as well. Also if the investors fails to make payment at the time of delivery, tamweel can always take legal action against the Investor as well.