Dubai buyers set for cash back on failed projects

Sundaram

I bought in Palisades too, and the money is stuck. Although it is claimed the money is in Escrow Account, there is no sign of getting our money back when the project was stalled (never started!). It takes years to save the hard earned money.

Chris

I bought through avanti holding 2 flats in pallissades, paid 35 percent on both and then the avanti owner disappeared from the scene in September 2008. Heard stories about his fate, some say he is jailed others that he is away in Africa. I have receipts and a booking agreement. I will be happy to coordinate with other owners and file a claim through a lawyer or direct with land department. But is this palisades a declared cancelled project ? Pl share with me any details you have obtained in your search. Can contact me on my mobile 050 6961485 or by email leanmar893@hotmail.com

Haque J

we bought x3 different appartments thru AVANTI and we were told that Money has been tranfered to Escrow, after checking with Escrow we found out that Escrow account has zero amount, my question is who took money out of Escrow account?? Secondly Owner of Pearl property is Who? If some one can find that out will be surprised and more shocked, because that is where our Money has gone, and Its next to impossible to get it back. Why..? As the Owner is one of their Own Royal Family Member. I could be wrong, but I m giving you Clue/key to find out Owner of Pearl Property. I have lost so much that i cannot recover back again in this time or time to come.

ali

Hi

I bought a flat there too.
have you got any update regarding the refund?

your reply would be appreciated

Sundaram

Armin

Thanks. I bought it thro' Avanti as well. What is the chance of getting the refund? I am happy to pursue it together. I have been doing so with RERA.

Armin Sohrabian

Hi Sundaram,

I bought in palisades too but through Avanti holding real estate that is disappeared. I still communicating with Pearl Properties (the master developer) and they are talking about project being cancelled at court and they will return the money based on court decision. is your contract (agreement) is made with Avanti or it is directly with Pearl Properties ??? as if it is with Pearl, you will have a better chance to get your hard earned money back.

Armin

Warda

Yes John, I have said exactly the same thing during my communication with investors like myself of the Dubai Lagoon Project (5 years with no sign of handover) - about Dubai NOT upholding the rule of law STRONGLY enough hence allowing such fraud to occur!!

John

Why would a country allow foreign developers to come into their country with an agenda to purposely commit crimes like this that tarnish the reputation of Dubai? What is the main nationality of these developers? It appears that RERA set the ground work for criminals to come in, slander the reputation of Dubai and pilliage the funds from all these hard-working investors, who it appears from these comments, earnestly wanted to live in Dubai as civilized citizens. Dubai should want expats that respect their country, not come in to pilliage and slaughter the system with their foreign corrupt business tactics? I know Dubai is better than this and I trust the authorites will expedite the money back to all these investors and charge the developers with criminal charges. Let's start marching them to jail, followed by deportation. They can practice these types of fraudulent business tactics in their own countries.

Billy

You do realise 95% of the developers are locals! And all would have local partners. This is why nothing has happened in 7 years to help investors. This is just another pointless sound bite by Dubai to bye them more time whilst they investigate, nobody notice the comment all ongoing cases are now invalid. You couldn't make it up how corrupt this is.

mali sha

hi john I love the way you write this comment I bought 4 apt in Dubai pay 43% I am a women who works very hard in canada 25 years to make money for the older age but my money is in escrow account and every year I go to Dubai from 2008 but no answer to my question what happened to our money and building I don't own apt to live now I am renting small place all my money is gone and the government of Dubai do nothing about this I am so sorry for this country .

HHH

We bought a one bedroom apartment in WIND TOWER in Jumeirah Lake Towers (JLT) back in 2008, and were told it would be completed by 2009!! We are now in 2013, and the tower still stands half-finished. The project of two towers is left abandoned with the knowledge of Dubai Multi-Commodities Centre, whom we have talked with before, but they couldn't care less. For the last four years, we've been paying rent when we could've been living in our home which we bought. In summary, Dubai is not a safe place to invest in property.

Zahid

I bought an apartment in one of the DAMAC's project in 2007 and till now no news on its actual completion.

Anonymous

Dunes Residence in Sports City...of course Sports City probably has 25+ projects which are "dead in the water"

Louie Tedesco

This seems too little, too late. Wait for the fine print to come out. From the onset it is stated that investors only receive funds IF the developer has assets which can be liquidated and WHEN the fees for the committees work have been deducted. In essence a small pot of developer-money (where available) will be shared among many investors netting them perhaps 10 per cent back on the money that they paid to developers many years ago. Similar outcomes were already noted in other cases involving developers unable to pay their construction contractors. Appeals are not allowed ? so dear investor, take it or leave it. Beyond that, remember the number of small property investors landing in jail through no fault of their own for being unable to pay their bills due to properties that were paid for with their hard-earned cash, but were never completed. Who will pay for their suffering?

Richard Broad

It is a very strange situation when all my money is taken then not returned for so long.5 years,
Investors looked on as being the scum of the earth .
I have been made to feel sick and Evil for even wanting to buy a home in Dubai.
The banks have made good money from all my money in the Escrow accounts
Yet nobody wants to return my money, if they did how will they tell us by email?

Vicky

Louie If this how it will done than another big blow to reputation of Dubai real estate sector :(

Live_In_Hope

#Louie - you have touched upon some key points here. As you know, there will be no recompense for those small investors who defaulted or refused to keep paying when projects were obviously not progressing. Unfortunately, many 1000's of people have mortgages on properties that will never get delivered - what a sad situation that is.

It is time though to do something positive to rid the city of the blight of semi-completed buidlings. I live in Sports City and the place is riddled with partially completed buildings with little or no prospect of these re-statrting.

There are also other cases where developers (e.g. Victory Heights) failed to deliver the facilities that they promised. Smaller issues yes, but still no resolution for those who bought in good faith.

There is still no speedy & reliable legal process to force developers to deliver what they say they would & what investors paid for.

Dubai still has a long way to go.

M. Aslam

What about PALISADES that was supposed to be developed by Pearl Properties ? I have been asking my money back for the past several years and recently I was informed by Pearl Properties staff to wait for a decision from RERA if the project is going to be cancelled. Can anyone enlighten me regarding the status of this project ?

jonjon

don't get too excited, many of these developers wont have the money to repay everyone.

Claire

If this is true and swift action is taken by the Committee to refund buyers their hard earned money, then this will restore the image of Dubai on the world stage. At the moment, thousands of buyers from Dubai and International buyers have suffered from Developers who promised everything but delivered nothing.

I live in the UK and purchased an off plan Apartment in 2007 so that I could live and work in Dubai. I wanted to bring up my kids in a country where there is low crime and a country full of hope. But then the developer failed to communicate and our money has been safe in an escrow account for years. I've written 50 letters, gone to the Embassy, on medication due to the stress of not getting my money back and it's been a nightmare. If there is true justice in Dubai and the Committee want to restore Dubai's image internationally, then a full refund would show that the Dubai Authorities believe in helping the innocent and believe in justice. This act would show compassion.


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