WINGS OF ARABIA by ACI

[djaan]

Is anyone out there who bought in Wings of Arabia (Dubailand)
by ACI because today i recieved an email that they are going to cancel my
Unit if i dont pay till 13.01.09. I have paid 10% no contract sighned so if sombody else also affected then please write your opinion how to proceed?

 

[zhouguoyaogeorge]

WINGs OF ARABIA

Is anyone out there who bought in Wings of Arabia (Dubailand)
by ACI because today i recieved an email that they are going to cancel my
Unit if i dont pay till 13.01.09. I have paid 10% no contract sighned so if sombody else also affected then please write your opinion how to proceed?

I bought 2 br in wings of arabia . i have paid 25% for total amount.
I think your should be pay next 10% to escow account.


Rera sets payment rule

Starting from January 1, 2009, developers and banks have been ordered to stop taking payments more than 20 per cent of the cost of properties from buyers or investors until construction begins, a Real Estate Regulatory Agency (Rera) official has revealed.

"We have sent out letters to 100 developers – as well as having meetings with them and lending banks and institutions – telling them to take payments from buyers worth only up to 20 per cent of the contract value," Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told Emirates Business.

"With properties that are already being built, developers who have collected more than 20 per cent of the contract value from buyers will immediately have to stop asking for further payments until they correlate the escrow amounts already collected to construction progress."

Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule.

"We have all the figures in our database and are asking developers to stop collecting money from buyers," said Al Mansoori.

Rera Chief Executive Marwan bin Ghalita said developers could protect their rights by referring disputes to the Property Court where contractual agreements would be enforced. "The message we want to send out to the developers and lending banks is to consider the situation of the investor before they take action," he said. "In this time of crisis, everyone should work together and everybody's rights will be protected."

Meanwhile, Rera has announced that a revision of Law No 8 is being considered by Dubai Land Department.

"For new sales and purchase agreements the booking amount has been set at a fixed amount rather than the previous rate of five to 10 per cent of the contract value," said Al Mansoori . "In January, Rera will set up a technical audit team. The new system will enable stricter auditing of the escrow account, the developer and the trustee."

He added that Rera was introducing regulatory procedures covering Law No 13, which established the Interim Real Estate Register.

A land department spokesman said 100,000 units had already been registered.

 

[escrow_officer]

Rera sets payment rule

Starting from January 1, 2009, developers and banks have been ordered to stop taking payments more than 20 per cent of the cost of properties from buyers or investors until construction begins, a Real Estate Regulatory Agency (Rera) official has revealed.

I have confirmed with RERA today. Its 30% for sure. If u have paid 30% and no construction has been started for that project then investor can refuse to pay the next installment.

Regards

 

[WOA]

Well I have paid 55% and the minimum you had to have paid was 35% before no further payments were required for now. Once the tenth floor is completed, then I have to pay another 10%. Once the 20th floor is completed then I have to pay the last of the 10% payments. The last 25% is due when the building is complete and I take the keys in - 2011????? Maybe Inshallah ...

If anyone has another version I am keen to hear it. The delay is suppose to be the fault of the municipality and approvals for preconstruction work. I was told all that had been finalised last year and now there is another approval they are waiting for - the FINAL one so they say again! Their lies are tiresome. There have not been 2 years in delays from the municipality so the building should be completed in the later half of 2010 not 11. supposedly the global crisis has nothing to do with the delay of this project so I smell effluent.

Anyone care to comment or tell me where I am wrong?

Cheers

 

[fred2002]

Well I have paid 55% and the minimum you had to have paid was 35% before no further payments were required for now. Once the tenth floor is completed, then I have to pay another 10%. Once the 20th floor is completed then I have to pay the last of the 10% payments. The last 25% is due when the building is complete and I take the keys in - 2011????? Maybe Inshallah ...

If anyone has another version I am keen to hear it. The delay is suppose to be the fault of the municipality and approvals for preconstruction work. I was told all that had been finalised last year and now there is another approval they are waiting for - the FINAL one so they say again! Their lies are tiresome. There have not been 2 years in delays from the municipality so the building should be completed in the later half of 2010 not 11. supposedly the global crisis has nothing to do with the delay of this project so I smell effluent.

Anyone care to comment or tell me where I am wrong?

Cheers

I hear you!

These people have been telling misleading statements to say the least .

By Aug 08 I have paid 35% of my one bedroom apartment. They insisted on paying the due 10% according to the old schedule (was due in Nov 08) despite my requests to reschedule the payments due to the undisputable fact that they are more than 18 months late!

Anyways, I paid the 10% & now my paymouts total to a 45%. They rescheduled by linking the next payment to the start of basements, which i believe is too early for me to start paying again. Frankly I lost trust in ACI & i will be visiting their offices soon to better understand what their future plans are.

My belief is that unless we buyers unite & confront them this project will never see the light & all of our hard earned investment money will go down the drains....

suggestions?

 

[immmi79]

guys, lets actually go and meet them one of these days... as per the contract they were supposed to start construction. I dont think this project will ever take off.
we should actually start asking for our money back

 

[Arno Salzl]

guys, lets actually go and meet them one of these days... as per the contract they were supposed to start construction. I dont think this project will ever take off.
we should actually start asking for our money back

You'll find further information about ACI's ways of doing business here:
Dubai7Stars: ACI
#PREP: NIKI LAUDA TWIN TOWERS, 33F+30F Com - Page 14 - SkyscraperCity

Moreover, father and son Lohman are out of the country since weeks and some staff think, they'll never come back.

 

[ouardiri]

If anyone get information from RERA on ACI about our payment breakdown or maybe any gesture from ACI (lol)
Please help me I'investeg t last march 2008 I'm paying every 4 month and I'm on france and it's a lil b difficult to get informations
Do i have to get my money back or you think that we will get our investment within 24 month

 

[raakeshchawla]

Get out b4 its too late

Is anyone out there who bought in Wings of Arabia (Dubailand)
by ACI because today i recieved an email that they are going to cancel my
Unit if i dont pay till 13.01.09. I have paid 10% no contract sighned so if sombody else also affected then please write your opinion how to proceed?

I think it is better to loose 10% than to have a headache for life. The choice is yours ...yu wanna loose some and relax or you wanna put more and bes stressed rest of the life.....think well

 

[russwilson100]

Hi, I too invested in Wings of Arabia and am interested to know if anybody has any success with refunds from this project. I have confronted ACI and had many arguments in their office to try and get my money back but no joy. I have also been to RERA and the Land Department countless times and explained the whole situation of no construction and too much money being demanded. The sheikh who i spoke to knows ACI very well and confirmed that the plot had been handed over and they have no excuses not to have started construction. This entitles us to 100% of our money back. We need to file a complaint at the property courts.

 

[WOA]

Check your phone. I have tried calling you. I have plenty of information.

 

[WOA]

ATTENTION ALL INVESTORS IN THE WINGS OF ARABIA:

If you want to take ACI to task and get your money back - leave your details here. I will get back to you with an update by mid September after some legal research. The time for action is now!

 

[raf_evo]

ACI in trouble? Question about Escrow

Fellow WOA investors....
Guys, I know this post is old, but I'll try anyway.

Last night I read a few articles about ACI troubles particularly with other projects and financial position.

If ACI survives then construction delays are not that big of a deal - yeah, your money is locked up for several years without return but hey, you don't loose it.

Does anyone know if a developer in Dubai goes bust, how does an investor get their money back from the Escrow account? Is there a process to request via RERA?

Thanks!

 

[raf_evo]

Is anyone out there who bought in Wings of Arabia (Dubailand)
by ACI because today i recieved an email that they are going to cancel my
Unit if i dont pay till 13.01.09. I have paid 10% no contract sighned so if sombody else also affected then please write your opinion how to proceed?

After 35% you can ask ACI to create an ammendment contract page to your payment schedule, stating that future payments will be construction based. We asked for it 7 months ago and it took them 2 months to provide it!

 

[mohibulhaq]

Dear All , i too have invested in ACI -Wings Of Arabia - 2 bed room apartment , and have paid up to 60% , no news till date need to know what is happening please inform if you'll have any idea
Warm Regards

Moiibul Haque

 

[raf_evo]

I've emailed you and few others....

Dear All , i too have invested in ACI -Wings Of Arabia - 2 bed room apartment , and have paid up to 60% , no news till date need to know what is happening please inform if you'll have any idea
Warm Regards

Moiibul Haque

with emails published that are interested in a forming a group for action against ACI.

Thanks all.

 

[DXB_Lawyer]

In my view, the best course of action (in the first instance) is to draft a strong letter to ACI posing various questions about the status of investors' payments and the construction of the development completed to date. This letter can be sent on behalf of a group of investors specifying details of their individual investments and the monies paid to date.

Drafting a letter provides two benefits:
1. It demonstrates that you, as investors, are serious about pursuing this (and willing to take legal action if necessary),and sets out in plain language how ACI is in default of its obligations.
2. More importantly, it commences a clear 'paper chain' that can be provided to the relevant authorities to outline your arguments and the developer's responses (or lack thereof).

RERA seemingly finds cases easier to manage the complaint when investors take a positive, proactive role in the dispute by providing clear and concise documentation explaining how the developer has defaulted on its obligations (the benefit to RERA being that everything is explained eloquently in simple terms in an organised fashion rather than having investors hurl acusations indiscriminately at the developer). This helps if the matter ends up in court also.

Such a letter usually, in my experience, generates a response from the developer. Sometimes, the response is not particularly helpful but at least it commences a dialogue which is especially important in cases where the developer refuses to even acknowledge its investors after things have turned sour.

Contents of the Letter

Essentially, the letter should adopt a strong legal tone and set out the relevant laws governing status of construction/ payments/ escrow/ interim real estate registration etc. This should highlight ACI's obligations to you as investors.

The next step is to show how ACI has deviated from those obligations (and is breaching the relevant laws). Direct, pointed questions should be asked about any matters that you feel require clarification.

If the funds are in escrow (and you have been provided with evidence of this) the letter should ask for details of what costs and expenses have arisen to date which have necessitated settlement out of funds in the escrow account, and provide details not only of how these have served to better determine a definitive construction timetable going forward, but also of what that timetable now looks like.

Obviously, the letter provides greater impact if it is drafted by a reputable law firm on its own letterhead.

I hope this helps.

Kind regards,

DXB Lawyer

 

[ani3333]

Wings of arabia-Dubailand

Is anyone out there who bought in Wings of Arabia (Dubailand)
by ACI because today i recieved an email that they are going to cancel my
Unit if i dont pay till 13.01.09. I have paid 10% no contract sighned so if sombody else also affected then please write your opinion how to proceed?

Hi, I have bought 02 apts in wings of arabia.No news from the developer .I guess all investors of wings of arabia should get together and lodge a legal complaint .We should get together and hire a lawyer who can fight the case onbehalf of all of us.

 

[ani3333]

Wings of arabia...

Hi, I too invested in Wings of Arabia and am interested to know if anybody has any success with refunds from this project. I have confronted ACI and had many arguments in their office to try and get my money back but no joy. I have also been to RERA and the Land Department countless times and explained the whole situation of no construction and too much money being demanded. The sheikh who i spoke to knows ACI very well and confirmed that the plot had been handed over and they have no excuses not to have started construction. This entitles us to 100% of our money back. We need to file a complaint at the property courts. I am going to do this at the beginning of next week. If anybody else would like to join me and file a case, please contact me on 0508520362

HI ,I m in.Lets do it.

 

[ani3333]

After 35% you can ask ACI to create an ammendment contract page to your payment schedule, stating that future payments will be construction based. We asked for it 7 months ago and it took them 2 months to provide it!

My advice ,please dont wait for any payment amendments .Even I have bought 02 apts in wings of arabia.99% Wings of arabia is gonna get cancelled.But they are waiting for GALADARI the master developer to announce that.We all have to get together and go through the legal way.Sounds scary but we have to do it.Someone has posted a phone number on this page.Lets all get togther and file a case against ACI.I still feel there is hope.C U guys.