EXCLUSIVE: Two billion dirhams spent from Dubai escrow accounts – RERA boss Bin Ghalaita

Posted by: Lilouti Thursday, 9 December 2010 8:49 AM[UAE] - usa

The unit was Jermiah village, in 06 when monies paid and contracted. Now 2010 I have no refund. Minc property had sold and used the money for my apt. They changed the name to Apex, changed the price and size.,,,Since minc has no money how come they are still building? who is paying the contractors?.. Can rera and bin Ghalaita demand that minc return my money now?


I did get your emails, thanx.

Posted by: Worried Investor 2007 Wednesday, 8 December 2010 9:18 AM[UAE] - UAE

To: CEO of RERA, Marwan bin Ghalaita
Dear Sir,
When are the 450-500 investors in High Rise Properties going to get refunds for the cancelled off-plan developments they invested in over three years ago ? We move towards 2011 - and the fourth year of waiting to hear from the developer and the authorities - we grow increasingly anxious as to what is going on and when we are going to get our refunds. As nothing appears to have been developed, and the company appear to have folded or been closed down by the authorities, when are we going to receive refunds ?
Sure there are a lot of cases and issues to be resolved, but after more than three years you would expect that the investors would be told SOMETHING by now. Please look into this case and try and speed things up please !

Posted by: Sonja Wednesday, 8 December 2010 9:17 AM[UAE] - Austria

I think we all cannot found the clause in our contracts:

The developer ( seller) is eligable to use from the buyers installments, deposit on escrow accounts for the development:

...five percent [for] the remaining land payment. And to pay up to five percent for management, and marketing, and real estate agent and whatever.

Definition: Whatever.... is meaning for the personal .......??????
Definaton: Marketing ????? for the buyer ?????
Definition: Why does a buyer need a real estate agent ?????
Definition: The buyer has to pay for the management of the Developer ????????

Posted by: No justice Tuesday, 7 December 2010 5:10 PM[UAE] - Outside UAE

I was advised that my money would be safe because of escrow prior to purchase. This was also confirmed in writing to me in July 2007. Escrow was officially declared law 28 June 2007 and developers all had to comply starting from day one and during that six months all monies should have been deposited into escrow. It doesn't mean it was after the 6 month period as is being repeatedly suggested in this article.

I was also informed by the agent that my monies would also be used only for construction. Instead it was used to purchase the land, pay advertising, admin fees etc- There was a transition period meaning they had to comply within that six month period and not after 2007 as is suggested

Posted by: James L Tuesday, 7 December 2010 3:59 PM[UAE] - South Africa

I've paid 20% to Al Masah International towards a project in Downtown Jebel Ali. The money is in Escrow. At least the fact that fact that there is no construction on the project site should entitle us to our money that lies under the rightful supervision of Marwan bin Ghalaita, CEO - RERA.
Will Mr. Marwan bin Ghalaita tell us, when he will return our money back, some of that AED5 billion belongs to me, and some belong to my other brothers and sisters who are going through very tough times right now.