City tower - Ajman Developer "Ajman Real Estate invst Est

[Riz110]

I have booked a one bed in this development , At launch payment plan was good , its a good location right in the heart of Ajman just half a kilometer from the corniche also the developer is good as its semi govt .... they were offering residence visas with low fees as this is one of my primary reason of purchase.

I recently heard that the federal ministry has issued a new decree saying that , Residence visa is offered to only a minimum investment of AED1 million " i am sure that applies to Ajman and it means i cannot get a residence visa !

My question to all is does that make me and other investors eligible for refund of 100% of all the monies ... Please advice your thoughts .

Thank you

 

[financier888]

I have booked a one bed in this development , At launch payment plan was good , its a good location right in the heart of Ajman just half a kilometer from the corniche also the developer is good as its semi govt .... they were offering residence visas with low fees as this is one of my primary reason of purchase.

I recently heard that the federal ministry has issued a new decree saying that , Residence visa is offered to only a minimum investment of AED1 million " i am sure that applies to Ajman and it means i cannot get a residence visa !

My question to all is does that make me and other investors eligible for refund of 100% of all the monies ... Please advice your thoughts .

Thank you

you would NOT be entitled to 100% refund becuase they changed the visa policy - UNLESS you contract states that the developer 'gauranteed' you a visa as part of the terms and conditions of your purchase. (Which is doubtful because this is at the discretion of the govt and is out of the hands of the developer.)

Your other option would be to incorporate at a cost of approx AED 30,000 - and get an investors visa...

 

[Riz110]

you would NOT be entitled to 100% refund becuase they changed the visa policy - UNLESS you contract states that the developer 'gauranteed' you a visa as part of the terms and conditions of your purchase. (Which is doubtful because this is at the discretion of the govt and is out of the hands of the developer.)

Your other option would be to incorporate at a cost of approx AED 30,000 - and get an investors visa...

Thnx for your reply financier really appreciate it this is what says in the contract
""1) The purchaser shall have the right to acquire permanent residence visa for him and his dependants, and the Second party shall pay to the seller visa fees of Dhs. (1500) for each family member to be paid once each three years.
2) The purchaser and members of his family shall comply with all conditions of UAE Ministry of Interior, as well as the Department of Naturalization Residency and the First party shall not be responsible in case their application residence visa is rejected by the said authoritires.
3) The residence visa shall expire in case the property or unit is sold .

 

[memo123]

Read the land sale agreement between the ajman government and the developer , Mine states very clearly in the papers that the government of ajman is giving residency visa to any buyer in the project in marmooka city .

 

[Riz110]

Read the land sale agreement between the ajman government and the developer , Mine states very clearly in the papers that the government of ajman is giving residency visa to any buyer in the project in marmooka city .

where can i get a copy as in my case the govt is the developer !! ? there is nothin on the website , and the sales negs refuses to give a copy.

 

[Heavenscent]

I have booked a one bed in this development , At launch payment plan was good , its a good location right in the heart of Ajman just half a kilometer from the corniche also the developer is good as its semi govt .... they were offering residence visas with low fees as this is one of my primary reason of purchase.

I recently heard that the federal ministry has issued a new decree saying that , Residence visa is offered to only a minimum investment of AED1 million " i am sure that applies to Ajman and it means i cannot get a residence visa !

My question to all is does that make me and other investors eligible for refund of 100% of all the monies ... Please advice your thoughts .

Thank you

The REIE who are the Master Developer for Government Office, had a supplement in the NY Times in the summer of 2008.. on page 5 of this supplement they have a complete page advertising the City Towers and it says very clearly "Visa on Possesssion". In the other cities I would presume all (still sand plots as of now) - the REIE also gave this pledge to the master developers who sold it on to the sub developers who in turn sold their illusions to the end user with this pledge. So basically we have been sold something under false pretences - because the visa was the reason most people bought in this desert. If you have the REIE as your direct seller - you are in a strong position - try to gather other investors from your project and collectivly consult a lawyer - if you pm me I can send you the supplement and also advise on lawyers... I have seen 7 and only feel comfortable with 2. Our city Marmooka is on the hit list to cancel... it wouldnt be the first time the Ajman Govt has cancelled a project - they did it within 2 weeks last summer with PKN Princess resort - you can google it. Someone lost a lot of money and I am sure it wasnt the Ajman Govt. they are crooks.

 

[Riz110]

The REIE who are the Master Developer for Government Office, had a supplement in the NY Times in the summer of 2008.. on page 5 of this supplement they have a complete page advertising the City Towers and it says very clearly "Visa on Possesssion". In the other cities I would presume all (still sand plots as of now) - the REIE also gave this pledge to the master developers who sold it on to the sub developers who in turn sold their illusions to the end user with this pledge. So basically we have been sold something under false pretences - because the visa was the reason most people bought in this desert. If you have the REIE as your direct seller - you are in a strong position - try to gather other investors from your project and collectivly consult a lawyer - if you pm me I can send you the supplement and also advise on lawyers... I have seen 7 and only feel comfortable with 2. Our city Marmooka is on the hit list to cancel... it wouldnt be the first time the Ajman Govt has cancelled a project - they did it within 2 weeks last summer with PKN Princess resort - you can google it. Someone lost a lot of money and I am sure it wasnt the Ajman Govt. they are crooks.

Thanks for your reply heavensent , i am trying to gather up more investors here but so far there is no response. This project wont get cancelled as its not on emirates road, its inside old Ajman but on a fairly good location. I go to the site frequent and i have witnessed construction is in progress. My main reason is VISA , i bought it cause of VISA and if no VISA i think i am and others who are in the same scenario should get all their money back + 10% interest. As so far i have been paying towards my appartment.

I went past emirates road last week , The only sign of construction is on Emirates road but even that doesnt look like any where near completion, Al you can see is appx 5 towers in the beganing and thats it.. Marmooka city and others like Humaid etc cannot be built , all you see is sign boards on baron land and nothin else. I think every one who invested should group toghether and ask for refund and compensation.