GUYS I HAVE REC'D THIS MAIL PLZ GIVE ME YOUR VIEWS , I DON'T KNOW THE SENDER
> > Dear all, > > thanks to the huge respond about the topic. We really need to join and > fight for our money. > > Most of us worked hard for the money, maybe it is their lifes savings. > To recover from a collateral damage with the upcoming recession will > be tough or impossible. > > As the developers joint forces against us, to achieve this > interpretation we should join forces to revers it. Just by some > phone calls yesterday 10 people contacted me to initiate a group, only > these 10 people own properties worth 200 Mio AED. > > Imagine if we are hundreds !?! > > Most of them are stuck because there is no finance available and the > off plan sales and resale is dead (of course there are also some > speculators). > > Most of these investors invested in Dubai Waterfront. > > It makes absolutely no sense to approach the Land Department in small > groups, the more we are the better it is. > > And the developers shall not forget that they overheated the market by > themselves, caused by greed, lies about construction costs to justify > their high prices. > > A lot of developers don't have enough equity for their projects, they > depend only on the purchasers funds, and there will be no bridge > finance for them as well. > > Developers shall stop finger pointing to investors, only with their > help the market came up and all developers were thankful for the > speculation because it helped them to increase their profits. > > Many developers will cancel their projects, thats for sure, because > their equity is too low and no one will buy off plan anymore. > > Please don't believe in wonders or that Shk. Mohmd. will fix everything > soon. Dubai is bankrupt, look at the debt. He cannot do anything to > help us. > > Only Abu Dhabi can, and so far as I know will help to prevent a > disaster but only for the governmental developers and institutions. > > I dont want to see the developer walk away with my money in 6 month > after forfeiting 40% of my life savings ! And believe me gentlemen > there are so many intelligent ways to cheat the escrow account. > > Some developers had to submit an audit of their Escrow Account, this > was possible when somebody complaint about the developer in RERA. > > Now they stopped (as per yesterday) to accept complaints. They directly > tell you to go to the court. What is now the usage of RERA ? > > As far as I am informed ALL the developers which had to audit their > escrow account failed ! Amounts of up to 40 Mio AED of purchaser funds > were missing in single cases. > > Who writes in the newspaper about this ? > > RERA told me that only the court can force a developer to audit his > escrow account. Does anybody believes after 2 years at the court the > funds or the company is still there ? > > I know personally that developer used tricks to get funds from the > escrow account, e.g. buying commodities like steel, increasing the > contractors price and the downpayment for mobilisation to get a > kickback an so on ! > > Its so easy guys to get a invoice for the steel, believe me ! > > As I think that this is just the top of the iceberg, I am conviced > some medium size private developers will misuse the interpretation of > law no 13 for their benefit. They will forfeit and after that they > will go to Rera with a nice apology to put the project on hold or > cancel it. > > HOW TO JOIN: > > I set up an email address which is: > > investorslaw13 @ hotmail.com > > > > (just make copy and paste) > > Please send me the following information: > > First and Last Name > Approx amount of property value in off plan projects > Mobile Number (if you like) > And a short bullet point about your opinion about the interpretation > > > NEXT STEPS: > > We shall gather, in front of the Land Department. I think it is the > right place, it will create public awareness and it is for free. > > We shall hire a lawyer who is not afraid to fight for us or appoint > one of us. > > We shall make a petition to the Land Department to achieve that: > > 1. All contracts, before and after the law is issued are covered by > the law > > 2. The developer can only forfeit 30% of the total payments of the > purchaser and needs to refund them in case of reselling the units, > cancellation or when he puts the project on hold. > > Please forward this email to all other investors you know in Dubai, > circulate it through your email and network ! > > Lets start all together to make the first step for a change. Remember > everybody is a part of the chain and part of the success. > > And dont be silly guys, everybody who can not continue to pay will > loose his money. > > Dont listen to the sweet talk of the developers, at the end it is > their interest to keep the funds. > > I hope for a good reply and also some suggestions. > -- Tina Kamdar +97150 6941762 --~--~---------~--~----~------------~-------~--~----~ Group Moderator: Yasser Kavousi (050-6851473) To post to this group, send email to businessbay-properties@googlegroups.com You received this message because you are subscribed to the Google Groups "Business Bay Properties" group. To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/businessbay-properties?hl=en -~----------~----~----~----~------~----~------~--~---
