Elite Sports Residence 5

[angel91]

I spoke to Triplanet and they advised that No bank is offering finance on the Elite projects. I think this is a worry ?????
How resalable will it be in the future if people cannot get finance ?

Why is this a worry? Not every developer has finance. This is not because the developer is unreliable or not approved - as they have to be approved and show proof of land ownership to RERA, but in fact due to their beliefs. In the case of Triplanet (as with many muslim developers) they have strong religious beliefs and do not want the client to incur any interest or additional costs that are implemented by banks.
Before purchasing you should check if finance will be available - and always do your own due diligence - regardless of what your agent tells you.

 

[Dubai Justice]

Elite Investors, the developer has NO right to ask any further amount unless construction reaches same level of payments already made AND the remaining payments are linked to construction progress APPROVED BY RERA! Since this condition is not met you can just ignore their phone call or emails and refer them to RERA!

PLEASE SEE ATTACHED LETTER FROM RERA confirming the above. I received this from RERA contact.

BE careful, some investors have received information from escrow account BADR ISLAMI (MASHREQ) that there are no funds in the escrow account related to numerous Elite units. Each one of us must check directly with bank the status of his funds.

Escrow account contact person is Mr. Ahmed Murad Khan, senior officer customer trust management, tel 04-2077305, mobile 050 7514200, email ahmedmk AT badralislami DOT com.

But be patient because even bank person seems friend of Triplanet so he will verbally tell you Triplanet is very rich and money is safe, but when you actually insist to have statement for your units he will take weeks unless you threaten action and make pressure on him and finally tell you that there is no money in escrow as far as your units are concerned.

GOOD LUCK!!!!!