Jouri

[imported_bqsa782002]

Has anybody invested in any of the Jouri. There are 6 Jouri, each located at different places in JVC.

The developer is New World Investment, an offshore company in JAFZA,

The prperty is being managed by Al Masah International Real Estate with office in Marina and the construction management company is World Wide PM - based out of Jabel Ali

All the buildings have escrow account and the project, developer and real estate are registered with RERA and Land dept.

The completion date for the project is 2nd quarter of 2010 however, the construction is not yet started since Nakheel has not handed over the plot to the developer to start the work

With the above information verified how safe do you think is this project?

 

[Asif]

Al /masah are getting more recognised by the day. the md Dr Talebi is a good guy. If you are looking to buy from them i suggest you go out to their office in Dubai marina and try to meet with the owner if u get a chance. These guys have multiple projects in construction so you know they should deliver.

 

[imported_bqsa782002]

Hi X5i,
I had been to office of Al Masah real estate last week. Didnt meet the owner but one of the business development manager. Couldnt get much info. But became a bit nervous when i came to know that the SELLER (the real developer of Jouri) is an offshore company New World Investment Limited. Based out of the Offshore Free Zone in Jebel Ali and represent by Al Masah real estate.

upon further inquiry I have found that all the projects of New World Investment Limited in Dubai would be sold by Al Masah real estate and managed by World Wide Project Management and all these 3 companies (New World Investment, Al Masah Real Estate and World Wide project management) are owned by the same owner Dr. Abou Taleb Talebi who is Iranian by nationality

Does anybody throw light on the below
1. What is an offshore company?
2. How safe can be a legal standing of an offshore company undertaking such mega million projects?

 

[Asif]

Hi All companies need to be registered within UAE/Dubai to develop projects. Al Masah are registered in JAFZA, which is a freezone, which means companies registered within this freezone or any other get tax breaks.

A lot of real estate companies will be registered in free zones, so that iitself should not be a worry.

the key thing you want to look for is RERA registration for the developer and RERA approved escrow accounts for the development you want to buy into.

It does however seem that you are a little bit worried in which case i would say forget about investing in this project you would rather the peace of mind.

Personally I have bought from Dr Talebi a couple of floors in a project, this deal was done by the book and is already in the market for re-sale. Send me a pm if you need more advice.

 

[investor121]

Hi All companies need to be registered within UAE/Dubai to develop projects. Al Masah are registered in JAFZA, which is a freezone, which means companies registered within this freezone or any other get tax breaks.

A lot of real estate companies will be registered in free zones, so that iitself should not be a worry.

the key thing you want to look for is RERA registration for the developer and RERA approved escrow accounts for the development you want to buy into.

It does however seem that you are a little bit worried in which case i would say forget about investing in this project you would rather the peace of mind.

Personally I have bought from Dr Talebi a couple of floors in a project, this deal was done by the book and is already in the market for re-sale. Send me a pm if you need more advice.

Hello there
You mentioned that every thing was done by the books
maybe you will in a position to explain the following
I purchased in jouri 2 last year for a x amount,and was give my contract last month,when i saw the purchase price it was x + 70k dhs,when i called my agent who then asked al masah they explained that there was a diffrence in the size of the studio from the original plans to the new plans ,hence inflating the price by 70,000 dhs,what non sence,
The contract is still in dispute,so it looks like they are trying to squeez extra money by saying they have increased the size of the studio by a few sq m,
Has any body else experienced this.

 

[investor121]

hello there
i am disappointed in your case and worried ,
i originally got a studio in jouri 2 last year and now to be told that the studio plan is different and you have to pay 70k dhs difference
i think they are doing this to all investors as they may be short on money
who have you got in touch with to resolve this,so i an do the same
i got mine through a agent,i would not settle for anything less
the owner is Iranian guy so i have my doubts,