Developer demanding £££££££s

[laguna33p]

Instead of demanding more cash - they could have opened dialogue first. They're are a couple of solutions available to them but the key here is trust - can we trust them with our money????

The future payments we make, need to be linked to the construction. Thats the only way I will be happy with sending them more of my money.

I've paid 85% !!! And the rest is due after completion. I'm not sending them a single penny until the building's finished.

 

[Stephendxb]

The solution

I read this forum thread with extreme interest, although I don't have any properties with them.

I admire the company for opening dialogue. However I would think the only way forward would be to hold a general meeting and invite all affected investors.

At this stage the company can be completely transparent and show the costings required to move the project forward. Even if it means completing one building at a time. Options should be clearly presented.

The investors would have to be open minded at the talks, and then make a collective response.

I wish the developer luck in obtaining the required finance. With the Amlak, Tamweel, and bank merger eminent perhaps a revised financing option will become available. Even if it is, I am sure it would be several months down the road, so a short to long term solution is still needed.

 

[georgihh]

I read this forum thread with extreme interest, although I don't have any properties with them.

I admire the company for opening dialogue. However I would think the only way forward would be to hold a general meeting and invite all affected investors.

At this stage the company can be completely transparent and show the costings required to move the project forward. Even if it means completing one building at a time. Options should be clearly presented.

The investors would have to be open minded at the talks, and then make a collective response.

I wish the developer luck in obtaining the required finance. With the Amlak, Tamweel, and bank merger eminent perhaps a revised financing option will become available. Even if it is, I am sure it would be several months down the road, so a short to long term solution is still needed.

The story is very confusing.

1. They received the land 2 years later – Why they keep on collecting the investors money during the months instead of alarming the situation and inform the investors
2. If they get a loan from the bank the loan is not for free and this will make the project more expensive.
3. Why they talk general but not with figures as the contractor price 2 years ago and now – the difference is less than 20% for your information
4. Where the money they have collected from the investors – are they gone or generate interest to recover the price increases

As a summary they can build for the original price but they don’t want to

 

[propertyconsultant]

it is not an easy step for the investor to put in more money. I can feel the resentment in paying more. Minc could have done a better job in communicating with their investors so they dont feel left out with no option but to may more...it is not an easy thing. At the same time, i think Minc developer has done what they should (to the best i know) is asking the investors to help so they can deliver the project. A better communication style would have been welcomed by everyone but that's just not the way most of the businesses in Dubai are concerned about. Customer service is generally poor...But i must admit that i praise that they came forward about the issue rather than covering the dirt with more dirt...

I have dealt with them in the past and i always believed that they are good developer and hope they will stay in the market....A better financial planning wouldc ertainly be welcomed from their part.

I would say that we need to keep an open mind, be part of the reevaluation happening at the moment and correction in dubai market....stay positive, it is in our best interest.

be well, propertyconsultant

 

[therealdubai]

I agree that no more payments must be done, and I agree that CRM departments are just for spreading smiles and gentle words but without effective role in this situation.

 

[therealdubai]

Did anyone heard the news about new regulations concerning not-started-yet projects???

 

[therealdubai]

Did anyone heard the news about new regulations concerning not-started-yet projects???

 

[manchester123]

Hi again!!! I have asked around alot of people in the industry and they all told me Minc is actually a good developer. They just got themselves stuck in this situation due to the many reasons stated before

Offcourse their way of approaching to solve the problem is wrong and they know it as well but they are trying everything cause they know since Tamweel pulled the plug, the closest time for them to get any kind of funding could be a year or more which will evidently stall the project. As they have the contractor already on site, they are trying everything.

I spoke to them again and they told me they know there is no way the investors will agree to what they are requesting but they are trying everything. As for the money on the other project well they cannot us any more from any other project cause each project has it's own Escrow Account and own expenses. This includes Prodigy 2 to 7 and others

Minc is NOT going to run away but they are in a tough situation. They want to try everything and that includes asking for a higher price. Offcourse this is wrong 100% but if the increase can be justified in any other way in the long term, maybe that can work!

I am in Prodigy 5 and I am directly affected by Prodigy 1. Do you know why? Cause Minc signed ONE CONTRACT with a contractor to build all 7 Prodigy Buildings. So they are all linked

I am against any increase unless it works in my favor in the future. I don't know how but they must come up with something. A way that if we pay extra, then we get that money back one way or another in the future

I dunno.... I might be messing up in what I am saying but I am thinking rather than cursing the developer cause for once this developer is being brave enough to open all doors and channels.

Other developers remain silent, they tell you everything is fine... and then.... Bammmm... they escape, disappear or declare bankruptcy!

I've been told that MiNC have not signed any contractors yet?????

 

[propertyconsultant]

Minc property - contractor

I guess i have appointed contractor...someone in the forum has mentioned that the same contractor is building all the prodigy...alternatively you can call them and ask for a proof.

propertyconsultant
dubaipropertycrisis dot blogspot dot com

 

[georgihh]

What have happened to you guys are you going to sink more money in Dubai?

 

[laguna33p]

Absolutely not....not a single penny over to Minc and I have not yet come across any investor who has agreed to their demands.

 

[arthuranderson421]

Has anyone thought of making an offical complaint as a group? or seeking legal advice.

We cant let our money tied up for such a long time or till eternity as has been quoted.

I think they are better of cancelling the contract and giving all the money back.

 

[georgihh]

Has anyone thought of making an offical complaint as a group? or seeking legal advice.

We cant let our money tied up for such a long time or till eternity as has been quoted.

I think they are better of cancelling the contract and giving all the money back.

The constriction prices are reduced to the levels of 2006.
Your developer has no more excuse
What they say?

 

[arthuranderson421]

They said that it will start within 6 to 8 months and will be ready by 2011.

But i dont have much faith in them as this is going on for a while now.

 

[georgihh]

They said that it will start within 6 to 8 months and will be ready by 2011.

But i dont have much faith in them as this is going on for a while now.

Looks like they are not willing to proceed or trying to make a lot of money out of the job .They started playing games and they will always do until completion.
Ask for your money as they are in breach of the contract or demand interest with immediate effect

 

[arthuranderson421]

And i have done both. They keep saying they dont have money in the escrow account. i.e there is not enough surplus cash to make the payments.

Again which i dont believe.

And RERA won't do anything anyway.

I am kind of stuck. Unless there is more of us go together and put pressure on RERA.

 

[arthuranderson421]

Anything latest on this?

 

[faisal99]

dear tariq
there a law firm Al bahar & advocates
thy wont charge u anything in advance for financial dispute settlemnet
contact Siddiqui 050-5071820
, best to luck

 

[Collin]

Another Minc problem

Not getting a single penny from me, they must have other funds from which they will have to construct. I'm only prepared to accept this or a full refund + compensation.

Dear group,

I am having trouble with Minc with a similar problem on their project Marina Suites.
Can you update me on what the outcome of your situation or is it still going on.

Kind regards

Collin

 

[Collin]

Dear group,

I have purchased an apartment through Minc at their development Marina Suites.
There are similsr problems arising to what you have had....Can someone please contact me to update on your situation as this might help our group make the right decision.

Kind regards

Collin Rudkin