Investors against interpretation of law no 13

[dbxdude]

Abu Dhabi also about to introduce property laws - mention made to curbing speculation - makes me wana laugh and puke at the same time - WHAT SPECULATION, U cant give AD property away - so what they mean is keep deposits. The train is leaving the station.....

 

[dbxdude]

If it will reach the point or pay or lose deposits, what most will do?

Walk away, investors i speak to say even if they can pay they wont, why put good money after bad.

However, the situation for people with property from the big 3 in dubai may be better then for most or for AD investors. Rumors that some developers may provide bridge financing are abound - ie bank will lend u 50% and they will lend u30% to get you up to 80. Bottom line the big 3 in dubai cant default on people unless they can default on the majority of people in project by project case since if they have to finnish the projects - there is no benifit to default - since there is no one to sell the defaulted units to.... i wish they would just prospone projects and give credit notes with terms.... makes so much sense....

 

[mohammedno11]

Please Guys,

dont forget to register in our group thrugh the following email:

investorslaw13 @ hotmail . com (remove blanks please)

We will than invite you to the google group !

We have already 122 memebers and all of them own approx. 1 Billion AED in
offplan projects ! We received an email from Gulf News as well.

We are planning to have our first official meeting soon and we are preparing some further action to create public awareness and fight for our rights to get at least 70% of our moneys paid back.

I personally made my last payment in October (approx 4 Mio AED) and in my risk analysis a banked on the new law that I will get at least 70% back.

Now, I will loose everything (8 Mio AED) because even if I continue to pay I will get no finance !

Please guys, lets spread this email adress and join together !

Mohammed

 

[therealdubai]

No speculation? do they really think that all these projects are real demand? how come that a project like Furjan with 4000 units can be sold to 'end users' in a very short time. Now they all against speculator.

 

[therealdubai]

For everyone having a notice, a claim, a concern, or a evidence about manipulation or breach of the escrow account pls notify me by PM.
Thanks

 

[TommyC]

I start to definately feel that 70% (at least) should be returned for projects which haven't broken ground or plots haven't even been handed over!

 

[TommyC]

Walk away, investors i speak to say even if they can pay they wont, why put good money after bad.

However, the situation for people with property from the big 3 in dubai may be better then for most or for AD investors. Rumors that some developers may provide bridge financing are abound - ie bank will lend u 50% and they will lend u30% to get you up to 80. Bottom line the big 3 in dubai cant default on people unless they can default on the majority of people in project by project case since if they have to finnish the projects - there is no benifit to default - since there is no one to sell the defaulted units to.... i wish they would just prospone projects and give credit notes with terms.... makes so much sense....

Absolutely, and why does private companies recieve this extra protection by the law? They were here speculating even more so, they should share the loss...simply as that. 70% back on everything that's not started construction and most definately on everything that haven't had their plots handed over. Just like the law says (to my understanding); it's illegal to sell before you've taken possession of the land.

 

[therealdubai]

All analysits are predicting a sharp fall of the real estate sector and they are asking us to pay? This will be insanity. The best solution is that they pause for a certain time till they see how things will move on. What if we pay and the developers went bankrupt.

 

[TommyC]

All analysits are predicting a sharp fall of the real estate sector and they are asking us to pay? This will be insanity. The best solution is that they pause for a certain time till they see how things will move on. What if we pay and the developers went bankrupt.

That's my exact opinion as well, hold everything for now, no cancellations and no new construction until there is a resolution and finance available.

 

[therealdubai]

Hi Tommy, I sent u a PM.

 

[TommyC]

Hi Tommy, I sent u a PM.

Got it, replied!

For all others checking in: Be sure to join the initiative to bring the voice of us investors to the regulators here in Dubai! If you're also stuck in lack of available financing, payment dates, the recent change of Law 13, delayed projects and/or greedy developers, be sure to send an email to: investorslaw13 at hotmail.com!! We are almost 130 now, with apx. AED 1 BILLION invested, that during the coming week will make our voice heard and seek a change to Law 13 and general protection of investor rights! It's now or never, we must fight for ourselves.

Thanks everyone so far for the response, it's apparent that there is a big need for us all to come forward and join up to protect our money and our interests!

 

[memo123]

Put a law to link payments with construction

put a law that no contract including outstanding contracts that all developers should not draw a contract that does not link payments with construction , and penalize developers for delays ,the developer receive plenty of money for every day of delay from the contractors , why don't they pass it to us ? i mean the penalty charges and payments . we need a law to protect the investor's money from being spent on fire work and red carpet receptions, with all Hollywood actors and actresses and paying for their suites 24,000$ a night .

Got it, replied!

For all others checking in: Be sure to join the initiative to bring the voice of us investors to the regulators here in Dubai! If you're also stuck in lack of available financing, payment dates, the recent change of Law 13, delayed projects and/or greedy developers, be sure to send an email to: investorslaw13 at hotmail.com!! We are almost 130 now, with apx. AED 1 BILLION invested, that during the coming week will make our voice heard and seek a change to Law 13 and general protection of investor rights! It's now or never, we must fight for ourselves.

Thanks everyone so far for the response, it's apparent that there is a big need for us all to come forward and join up to protect our money and our interests!

 

[Datum1m]

Solicitor Info

Hi Nigel

That would be great if you can forward your solicitors email address. Thanks

Regards

Kieran

The name of the Solicitors is MAC Davidson by contact is Alex Watson, web site MAC DAVIDSON - Legal Associates and his email address [email protected]

Regards

Nigel

 

[kamadenu]

Abu Dhabi also about to introduce property laws - mention made to curbing speculation - makes me wana laugh and puke at the same time - WHAT SPECULATION, U cant give AD property away - so what they mean is keep deposits. The train is leaving the station.....

One more suggestion is that we all know the developers who have launched several projects still have many units unsold even though they may claim sold out in a day. They could make some offer to people in these units as agains their launched and collected 40% payment (noc onstruction started yet projects) and cancel these projects for the time being. I dont know how this will work but just a thought..................

 

[kamadenu]

One more suggestion is that we all know the developers who have launched several projects still have many units unsold even though they may claim sold out in a day. They could make some offer to people in these units as agains their launched and collected 40% payment (noc onstruction started yet projects) and cancel these projects for the time being. I dont know how this will work but just a thought..................

sorry..........correction what I meant is offer something in their p;rojects which are 60% to nearing completion stages.

 

[therealdubai]

And they want us to pay more of our hard earned money... not in a million years:
Ratings agency puts ETA Group on credit watch - Real Estate - ArabianBusiness.com

 

[therealdubai]

Hi Tommy, pls read the news about ETA, how can they ask us to pay?

 

[TommyC]

Hi Tommy, pls read the news about ETA, how can they ask us to pay?

Know how you feel, the entire sitution should be frozen...no payments, no cancellations. Who will stand, who will fall? Developers should let us know whats happening, or will they just take our money with them as they fall?

 

[nosstrand]

What happens if you dont pay the next installment? I realize that downpayment can be lost, but can they force you to go through the payment schedule? Talking about EMAAR here.

Thanks

 

[Kieran Ryan]

Next installment

What happens if you dont pay the next installment? I realize that downpayment can be lost, but can they force you to go through the payment schedule? Talking about EMAAR here.

Thanks

Not sure if they can.I'm talking legal advice currently and will let you know the outcome when I have info.

Regards

Kieran