Compensation needed from KM Properties for Tamani Arts Offices

[Mohammed Jindran]

Compensation needed from KM Properties for Tamani Arts Offices
Preview
Hi,

I am one of the buyers of Tamani Arts Offices in Business Bay, Dubai when they launched the property in CityScape 2017.

I purchased the property with an area of 684 sq ft @ AED 1800 per sq ft from KM Properties which was the selling price at that time.

After that we all know what happened during the Financial Crisis of 2008, and ultimately KM was not able to complete the construction and it was taken over by the Developer Properties who informed me that KM Properties had given wrongly committed 684 sq ft as per the SPA they signed with me and if I wanted to have the property completed I should agree to accept only 309 sq ft as my unit allocation. As I had already paid 80% of the total payment payment to KM Properties I was left with no choice but to agree to what I was offered, and that is what I own now with the unit already handed over to me this year.

Now, I have been given to understand that the original investors of Tamani have made a compensation claim for refund of the money originally charged by KM Properties because the ultimate property size is far less than what we paid for.

If any such investors are aware of those proceedings kindly email me at [email protected] as I wish to know what is going to happen to the money I paid to KM Properties.

Any feedback will be appreciated.

Thanks,
M.Jindran

 

[realdeals]

It will be interesting to see how this pans out as the new regs were introduced specifically for these scenarios.

 

[diyhelp]

I thought the whole idea of the new system was to ensure that all development customer funds were kept separate for issues such as this. This ensures that there is sufficient funds to reimburse "wronged" customers.

 

[realdeals]

This is exactly why the system was introduced. I have heard of investors getting their money back so I don't think you will have too much difficulty once you set the ball rolling.

 

[S Gupta]

What is the procedure to get your money back? We signed up in 2007 and have not yet received the Tamani Arts unit although we have paid full amount.

 

[S Gupta]

Compensation needed from KM Properties for Tamani Arts Offices
Preview
Hi,

I am one of the buyers of Tamani Arts Offices in Business Bay, Dubai when they launched the property in CityScape 2017.

I purchased the property with an area of 684 sq ft @ AED 1800 per sq ft from KM Properties which was the selling price at that time.

After that we all know what happened during the Financial Crisis of 2008, and ultimately KM was not able to complete the construction and it was taken over by the Developer Properties who informed me that KM Properties had given wrongly committed 684 sq ft as per the SPA they signed with me and if I wanted to have the property completed I should agree to accept only 309 sq ft as my unit allocation. As I had already paid 80% of the total payment payment to KM Properties I was left with no choice but to agree to what I was offered, and that is what I own now with the unit already handed over to me this year.

Now, I have been given to understand that the original investors of Tamani have made a compensation claim for refund of the money originally charged by KM Properties because the ultimate property size is far less than what we paid for.

If any such investors are aware of those proceedings kindly email me at [email protected] as I wish to know what is going to happen to the money I paid to KM Properties.

Any feedback will be appreciated.

Thanks,
M.Jindran

 

[S Gupta]

Can we have a phone call to discuss and share thoughts collectively, we are in a similar situation.

 

[Hass Hojjati]

Hi All Tamani Art Offices investors,

My name is Hass, can please any body help me and let me know what is the new news regarding getting back the money invested in this project? because I have bought 3 offices from 2007 and despite the new developer mailed me new contact I have not sign it.
my email: (moderated)

Thanks

 

[FEOUZIA]

Hi All Tamani Art Offices investors,

My name is Hass, can please any body help me and let me know what is the new news regarding getting back the money invested in this project? because I have bought 3 offices from 2007 and despite the new developer mailed me new contact I have not sign it.
my email: (moderated)

Thanks

Hi Hass,
We are 3 investors in Tamani Art Offices. We appointed a lawyer and filled cases in the court. We won the cases. In case you need assistance of our lawyer, I can give you his name and his contact.
Feouzia.

 

[FEOUZIA]

Can we have a phone call to discuss and share thoughts collectively, we are in a similar situation.

Hi Gupta,
We are 3 investors in Tamani Art Offices. We appointed a lawyer and filled cases in the court. We won the cases. In case you need assistance of our lawyer, I can give you his name and his contact.
Feouzia.

 

[realdeals]

I wonder if you would mind detailing the legal procedure to pursue your claim for compensation as others may be in a similar situation in the future. I was under the impression that the Dubai authorities had made it easier to claim compensation and forced developers to put investors funds to one side in an escrow account - is this the case?

 

[Hass Hojjati]

Hi Hass,
We are 3 investors in Tamani Art Offices. We appointed a lawyer and filled cases in the court. We won the cases. In case you need assistance of our lawyer, I can give you his name and his contact.
Feouzia.

Hi Feouzia,

I really appreciated your respond, please if you mind send me an email directly with the information you have related to the case you field in Dubai Court, my email is : [email protected]
I am defiantly sure your information would be very helpful for me.

With warm regards

Hass