Victory Bay (in Business Bay) by ACI - feel duped

[dxb997tt]

I have invested in a tower named Victory Bay in 2007 with ACI.
I have so far paid 30%, and construction has not even started. They said they had land problems, and had purchased the land thru secondary market.

Anyways, long story short, they are fighting a legal battle, which is steering in their favor. Personally, I think this is all bull, and nothing is ever going to cultivate. I have straight out asked for a refund (which they refused),as they have clearly cheated me, by selling me something which they not even own. It has been nearly a year and a half, and NOTHING, except for lame excuses.

Can I take this up with RERA (no escrow a/c in '07). How effective would this be. I just want my money back as I have lost all faith in them.

Is anyone else in the same boat with this property?

 

[financier888]

I have invested in a tower named Victory Bay in 2007 with ACI.
I have so far paid 30%, and construction has not even started. They said they had land problems, and had purchased the land thru secondary market.

Anyways, long story short, they are fighting a legal battle, which is steering in their favor. Personally, I think this is all bull, and nothing is ever going to cultivate. I have straight out asked for a refund (which they refused),as they have clearly cheated me, by selling me something which they not even own. It has been nearly a year and a half, and NOTHING, except for lame excuses.

Can I take this up with RERA (no escrow a/c in '07). How effective would this be. I just want my money back as I have lost all faith in them.

Is anyone else in the same boat with this property?

The fact that there were no escrow laws in 2007 - when you first purchased - pursuant to the law - the escrow HAD TO BE SET-UP with all future payments after the law was enacted to be paid directly into the escrow acct. To the best of my knowledge, ACI is a sales and marketing org - they buy the buildings outright from the developer and then market and brand them . In many cases, they are NOT the developers - just the sales and marketing arm although, it's easy to assume that they are indeed the developer - which in many cases they are not.. It sounds like they are having problems with developer they contracted with. They may not be at fault as the problem is with the land owner / developer whom they simply contracted with. Best to try to get more of the facts from them before deciding to act. One question - you purchased in 2007 - have you been making steady payments till then? if so - how much (%) have you paid?

 

[DelboyG]

I have invested in a tower named Victory Bay in 2007 with ACI.
I have so far paid 30%, and construction has not even started. They said they had land problems, and had purchased the land thru secondary market.

Anyways, long story short, they are fighting a legal battle, which is steering in their favor. Personally, I think this is all bull, and nothing is ever going to cultivate. I have straight out asked for a refund (which they refused),as they have clearly cheated me, by selling me something which they not even own. It has been nearly a year and a half, and NOTHING, except for lame excuses.

Can I take this up with RERA (no escrow a/c in '07). How effective would this be. I just want my money back as I have lost all faith in them.

Is anyone else in the same boat with this property?

You really meed to do your research into ACI, lots of news stories out there on this case. This was posted by another member Dubai7Stars: ACI

 

[memo123]

Hire a lawyer , you have a very strong case to win

I have invested in a tower named Victory Bay in 2007 with ACI.
I have so far paid 30%, and construction has not even started. They said they had land problems, and had purchased the land thru secondary market.

Anyways, long story short, they are fighting a legal battle, which is steering in their favor. Personally, I think this is all bull, and nothing is ever going to cultivate. I have straight out asked for a refund (which they refused),as they have clearly cheated me, by selling me something which they not even own. It has been nearly a year and a half, and NOTHING, except for lame excuses.

Can I take this up with RERA (no escrow a/c in '07). How effective would this be. I just want my money back as I have lost all faith in them.

Is anyone else in the same boat with this property?

RERA will not do anything for you . Go straight to a lwayer , you have a very strong case , I dont think in this case you need land court or civil court , save your money and ask your lawyer to take you to the urgent court , you would have to pay 15,000 AED , your lawyer have to be a shark . I am sure u can win for you have a very strong case , how can they sell anything without even having the land or escrow or any , it is like selling u a fish in the sea .

 

[dxb997tt]

The fact that there were no escrow laws in 2007 - when you first purchased - pursuant to the law - the escrow HAD TO BE SET-UP with all future payments after the law was enacted to be paid directly into the escrow acct. To the best of my knowledge, ACI is a sales and marketing org - they buy the buildings outright from the developer and then market and brand them . In many cases, they are NOT the developers - just the sales and marketing arm although, it's easy to assume that they are indeed the developer - which in many cases they are not.. It sounds like they are having problems with developer they contracted with. They may not be at fault as the problem is with the land owner / developer whom they simply contracted with. Best to try to get more of the facts from them before deciding to act. One question - you purchased in 2007 - have you been making steady payments till then? if so - how much (%) have you paid?

I have made 30% of the pyament, and they said, the next payment due would be at the start of excavation, which clearly has not started as yet. They will have a response on the 19th (court decision). If they push any longer, I will contact my lawyer.

 

[financier888]

I have made 30% of the pyament, and they said, the next payment due would be at the start of excavation, which clearly has not started as yet. They will have a response on the 19th (court decision). If they push any longer, I will contact my lawyer.

I am sure that no additional payments are due until they complete 20% of the construction based on the new rera reg. you should ask ESCROW-OFFICER in the forum as he is quite knowledgeable. (i'd go so far to say - an expert)

What is the nature of this 'court ruling on the 19th you referenced? (if I may ask..)

 

[dxb997tt]

I am sure that no additional payments are due until they complete 20% of the construction based on the new rera reg. you should ask ESCROW-OFFICER in the forum as he is quite knowledgeable. (i'd go so far to say - an expert)

What is the nature of this 'court ruling on the 19th you referenced? (if I may ask..)

I honestly wish I knew. I am not getting a clear picture from them at all. I think the court is deciding who "owns" the land. Its depressing!

 

[nickyone]

RERA will not do anything for you . Go straight to a lwayer , you have a very strong case , I dont think in this case you need land court or civil court , save your money and ask your lawyer to take you to the urgent court , you would have to pay 15,000 AED , your lawyer have to be a shark . I am sure u can win for you have a very strong case , how can they sell anything without even having the land or escrow or any , it is like selling u a fish in the sea .

Dear 123
Do yo know of such sharp lawyers who have experience in getting monies out of ACI successfully? Please help otherwise it would be like a shot in the dark

 

[nickyone]

please put me in touch with the disappointed group who went with ACI

 

[memo123]

lawyer name

please put me in touch with the disappointed group who went with ACI

Whats your email address

 

[nickyone]

123
Hello. Tried to e mail you my address, however, not having been a member for a long time etc. it got rejected. Please try in some manner to get me in touch with this dissident group re.ACI
Much obliged

Nick

 

[nickyone]

memo 123
Thanks for info of this group please
Put me in with them nickjasani at yahoo dot co

 

[well123]

Victory Bay

I too purchased a unit there, back in 2006 and have paid 30%. I also asked for my money back just last week and they said NO 'as the will start' eventually. I don't understand why they are just not cancelling this project? are they mad to belive we will continue throwing good money after bad money? I too want to join the group please put me in touch with group.
They were in court over the land and now they have won apparently no our fault and they should not be allowed to build this tower as there is an oversuply anyway in this town!
Please help!