Hi All,

If there's any Hydra Village investors on this site, please start posting on this thread for updates.

Construction is in progress but masterplans have changed, resulting in a change of contracts. Currently buyers are being notified of this, and those having to re-qualify themselves for their loans are going through the process with their banks right now.

Hi,

I invested in April 2007. Almost 18 months has passed an Hydra has still not issued me a contract - they just keep saying its being processed etc etcc. The last pathetic excuse was the contracts are at the printers, that was in April 2008! I bought a 3 bed for 995,000 AED.

Since then I have received a construction update where they suggest piling work has started. I have a horrible feeling that they will try to force in new prices for people without contracts.

Any other buyers out there suffered the same issues?

Anyone seen any real construction?

Please register and respond - we need to build an action group to tackle Hydra with these issues.

Couldnt agree more Deep. Me in same situation. Must be lots of other investors out there too.

What's-his-name the Hydra CEO should concentrate less on buying football teams and reality shows and get Hydra Village up and running. I fear it was sold way too cheap and they now having second thoughts but will the Abu Dhabi goverment allow Hydra to cancel or rescind the Hydra Village contracts ? As opposed to Dubai, Abu Dhabi has no RERA or legislation governing these areas so it would be up to the local courts.

We need to get the media's attention and start pushing public pressure on Hydra.

At last, some one who shares my sentiments!

I know that Hydra did a corporate deal with a big Abu Dhabi organisation (won't say names on here) for AED 1million per 3 bed villa. Hydra did not issue them with contracts. Now, Hydra (allegedly) have asked for additional funds, I think up to 1.6 million - even though they did a 'deal'!

But hey, you should feel good knowing that we paid for Robinho! lol

I am going this week to Hydra's Abu Dhabi office to see if I can get any more information out of them.

These people are quite simply - very bad. Perhaps we should take our story to Gulf News or The National. Maybe someone should send them a link to this forum?

If there any others reading this that have invested, please contribute - knowledge is power!

Regards,
D

I did receive my contract and was told to return them. This happened after the first master plan has changed.
I have received a letter about 2 month ago letting us know that the contracts will be dispatched soon. not hearing anything since then, we visited them last week, and said the contracts should be ready this week. We will pay another visit and see.
have you seen the adds of Hydra in the newspaper lately. they mentioned that the construction started.

Hi All,

I definitely agree, all of us hydra investors need to stay in touch through this thread to stay informed on the project.

I was issued a contract by hydra, but they have made some corrections to this contract and so are cancelling it and replacing it with a new one, due to be issued "this week" (will probably take a while). In the meantime, the masterplan has been changed again (it was changed once before). Also, they WILL be charging extra money to people who bought at the initial prices, because they say they have increased the net livable area in all the villas/townhouses due to the changes in the masterplan.

Construction has started, I've received a newsletter from them showing progress, but I have no clue how they're faring in terms of timelines.

Hydra Properties is part of the Royal Group, which is fairly prestigious in Abu Dhabi, and falls under Sheikh Tahnoon Bin Zayed Al Nahyan.

To be honest, the design and location of the project really is very good, but the execution has been extremely poor so far. Let's hope this does not continue.

Have any other owners of villas/townhouses been charged extra for their properties? If so, what was the reason given?

If you know any other Hydra Village investors, please ask them to join this thread. The more, the merrier.

Hi, Yes, I bought a 3BR for 1M Dirham a year ago. It seems Hydra is going the same direction as DAMAC. They are speeding up on Al Reem, but Hydra Village is terrible slow, probably because of price level. If you look at way of acting, DAMAC are quite the same as HYDRA, I am worried, to be honest.

OK, as we expected, Hydra has "pulled a Damac" !!

Just as Damac said they were unable to build Palm Springs on Palm Jebel Ali for the original price, Hydra has just announced they are unable to stick to the original purchase price for Hydra village. Hydra is in a "better" position than Damac were as they have delayed issuing contracts on Hydra Village and all we have are purchase receipts.

I bought a 3 bedroom townhouse for AED997000 but as a per a previous posting above, guessing Hydra will now ask for in the region of AED1.6 mil or market price. I certainly dont have AED600,000 laying around and I dont know if my bank will approve another AED600,000 added onto my mortgage !

When Damac tried to pull this stunt with Palm Springs in Dubai, the investors went public and contacted the media and also involved RERA, real estate regulatory agency of Dubai who went to bat for the investors and Damac eventually had to give in and are now sticking to the original prices/contracts. Abu Dhabi unfortunately, from what I understand, doesnt have any similar regulatory agency. I bet you there are a lot of Abu Dhabi developers who also has, at todays market prices, "underpriced" their original releases and are looking with interest at this case to see if they can get away with doing the same thing. Abu Dhabi buyers beware.

The Abu Dhabi goverment should set a precedent and step in and make Hydra honour the original prices. Leaving cowboy operators like Hydra thrive in their own backyard will just hurt Abu Dhabi's reputation as a stable place to do business. It's for the city's own good ! Should we do Abu Dhabi a favour and go public with this story ?

OK, as we expected, Hydra has "pulled a Damac" !!

Just as Damac said they were unable to build Palm Springs on Palm Jebel Ali for the original price, Hydra has just announced they are unable to stick to the original purchase price for Hydra village. Hydra is in a "better" position than Damac were as they have delayed issuing contracts on Hydra Village and all we have are purchase receipts.

I bought a 3 bedroom townhouse for AED997000 but as a per a previous posting above, guessing Hydra will now ask for in the region of AED1.6 mil or market price. I certainly dont have AED600,000 laying around and I dont know if my bank will approve another AED600,000 added onto my mortgage !

When Damac tried to pull this stunt with Palm Springs in Dubai, the investors went public and contacted the media and also involved RERA, real estate regulatory agency of Dubai who went to bat for the investors and Damac eventually had to give in and are now sticking to the original prices/contracts. Abu Dhabi unfortunately, from what I understand, doesnt have any similar regulatory agency. I bet you there are a lot of Abu Dhabi developers who also has, at todays market prices, "underpriced" their original releases and are looking with interest at this case to see if they can get away with doing the same thing. Abu Dhabi buyers beware.

The Abu Dhabi goverment should set a precedent and step in and make Hydra honour the original prices. Leaving cowboy operators like Hydra thrive in their own backyard will just hurt Abu Dhabi's reputation as a stable place to do business. It's for the city's own good ! Should we do Abu Dhabi a favour and go public with this story ?

There's no need to panic just yet, first you'll need to confirm the actual reason behind the price hike. I had bought a 2 bedroom townhouse originally for AED800,000, and Hydra have now told me that there will be an additional AED100,000 charge to this price because they have increased the square footage of the property by an extra 300 sq ft (due to the new masterplan).

I already have a contract with hydra issued at the original rates, but this will become null and void when the new contracts are issued. Until then though, my current contract is still valid.

Dubai Investor, can you get some figures from Hydra as to exactly how much extra they want to charge you and why? I think we should all first of all approach Hydra itself, as a group, to see what's going on before doing anything rash. To do this, we need to have all the facts and figures in. I've given mine, can anyone else add to this?

I think they need to honor the original deal. Lets not forget, investors in Hydra Village were the pioneers in Abu Dhabi and this was Hydra’s first project, so they should have a lot to be grateful for. If people had not believed in their CEO and had not invested in Hydra Village, then im sure Hydra would not have been as successful as it has been.

For those of us who bought a town house that was 1500 sft, build us a house of 1500sft, don’t add another 100sft and charge us more. Deliver us the product you sold and promised to deliver.

Interestingly, how strange is it that the banks have been making payments (40% so far) to hydra without a contract…. Surely they should of withheld all payments until receiving a contract, then at least investors would have some bargaining power…

Dubai investor, if you want to go public, make sure you have the facts right, then do it on the first day of cityscape….

So here you go guys, just got this info on Hydra revised offer on Hydra Village townhouses....


HYDRA PROPERTY FINAL OFFER DETAILS


Original Offer Revised Offer

Project Name : Hydra Village : Hydra Village
Villa Type : C1 3 Bedroom : C2 3 Bedroom (Floor plan attached)
Built up area :166 sq m / 1,786 sq ft : 187.50 sq m / 2018.23 sq ft
Price per sq ft : AED 587.90 : AED 740.75 (26% increase)
Final Price : AED 1,050,000 : AED 1,495,008

Contact (pls. call before visitng Hydra) : +971 2 667 1111
Isabelle, Rasha or Shadi at the Hydra Office, Abu Dhabi

Required Documents : Passport Copy & AED 19000 down payment
Office Location : Map attached
Working Hours Ramadn Hours : 9am to 3pm
Normal Hours : 9am to 6pm
Closing Date of the offer : Thursday 9th October 2008

As you can see its close to 50 % markup or in my case, a loss of AED500K if I sold at market price of AED1.5 mil today. Hydra can also not confirm when project to be completed or when we would see the actual purchase contract.

Further, they state they from now on only deal with First Gulf Bank with regards to mortgages, a very confusing statement as I am mortgaged with another bank with has paid Hydra 40 % so far based on the original payment schedule.

And oh, they have given me 10 days to decide if I want to purchase at the new price !!

I believe this is all outrageous and I feel that the best course of action is to put public pressure on Hydra thru media. If Hydra allowed to get away with this, the whole market will shiver as it would let all AbU Dhabi developers readjust prices on a whim which would completely destablize the market and severly downgrade Abu Dhabi as real estate investment destination.

Hard to read, here easier..


HYDRA PROPERTY FINAL OFFER DETAILS


Original Offer Revised Offer
Project Name : Hydra Village : Hydra Village
Villa Type : C1 3 Bedroom : C2 3 Bedroom
Built up area :166 sq m / 1,786 sq ft : 187.50 sq m / 2018.23 sq ft
Price per sq ft : AED 587.90 : AED 740.75
Final Price : AED 1,050,000 : AED 1,495,008

Well if this is true it will make the British press very happy, they just love to knock the UAE. I cant believe people in authority in Hydra know about this, this is a massive PR mistake. Everyone is going to say its to pay for Man City…

I cant believe its true, and it sounds illegal as hell, maybe not by hydra but what about all those real-estate companies advertising villas for under a million to get the Abu Dhabi market going. I mean, surely there has to be some legal protection for investors....?

Now im worried about my apartments on Al Reem, are they going to double the prices in 2 years when they are ready and steal all my profit.

THIS IS AN OUTRAGE.

Dubai Investor - i elect you to form a Hydra Village Protestors Club - we can do what they did to Damac.

Well following this, why doesn’t everyone in Abu Dhabi increase their prices every quarter inline with appreciation. I mean, Addax is up 80%, so increase the prices say 75%, ocean terrace 60% so increase the prices 55%.

Its great, i could be a developer - i don’t need to plan anything, or have any budget or do much work, i just launch a product, get a bunch of suckers to invest, then sit back and do nothing. then as the prices increase, i write them a quick note explaining that they have to pay me more, since the prices are up, oh and the project it delayed by hmmm lets say 2 years. Then every quarter, just drop them a note asking for more cash, and if you don’t like that, fine, i flick you off my project and leave u with a mortgage and fees. Nice.

Someone will step in and make them see sence. Got to. They always do.

Dubai_Investor, are there any legal firms you're consulting with on this?

Could we publish some real letters from Hydra in this forum on this (illegal) increase, or is this only mentioned on the phone? Unbelievable if true, we should organize ourselves. Do we know a lawyer that has bought into Hydra Village?

Can anyone else on this thread confirm a similar price increase on their properties via a notice sent to them by Hydra?

My latest info, and its still a bit unclear, is that the AED500K increase only will affect the Hydra Village investors whom bought Hydra Village properties thru "a large Abu Dhabi goverment employer" and that Hydra clients from the open market only will be hit by a minor increase due to redesign of the project. Been really hard to confirm anything as Eid holiday and Hydra customer service poor. Try getting thru on the phone.

In the case of me and my collegues at "the big Aby Dhabi goverment company", it looks as if Hydra has cancelled all our contracts, reasons unknown. We still researching why and the story unfolding. Update when I have it.

Eid Mubarak, for now.

More info will follow via a friend. There is a lawyer that has bought several townhouses, and a group of buyers is getting built. I have heard indeed that only a few buyers have received this high increase, buyers that have bought via non-approved sales agents for Hydra. So, that is why not many people have heard about this.

So, there is hope....except for some.

I hope you all had a good EID, despite the financial crisis around the world.

Cheers
DB

That's strange, the only reason presented to me for the price increase was due to a size increase by Hydra for that property. Are we saying that all the properties are not having their sizes increased or that only SOME people are getting charged for the size increase?

Dubai Green, do you have any idea on this?

Let's wait till Hydra comes back to us. It might be that everyone gets an increase, the question is for the same price/sqft price or a higher price / sqft?

Hey friends,thanks for all the updates posted here.I'm a new buyer of hydra 2bed villa at hydra village.im a banker and am buying it from a colleague for mine.I've signed the MOU with him for AED1.35Million and have paid him about 10% downpayment for the same.According to him, his villa has been renumbered and the plan is not gonna change it seems.But could anyone advise me what i should do at this juncture.Will I face any problem with Hydra when i go for the transfer?I'm a first timer in UAE reality sector and therefore appreciate a solid advise on this issue.Please help.

Banker, the main issue facing all Hydra village buyers right now is the issuance of the new contracts. From what I've been told, the masterplan has been revised because the original ones were not approved by the Abu Dhabi land department. You need to ensure that the square footage of your townhouse has not been increased, because if it has then hydra will charge you extra money for that. Call Hydra, give them the number of your townhouse and ask them if there's been a square footage increase, as well as how much you're going to be charged for it. You might find that you've paid your friend his premium, but there might be another charge you're getting hit with because the plans have changed and your townhouse is now bigger.

You should not conclude your purchase until the contract for your townhouse has been issued, with the new masterplan and final price.

Many Thanks for that brilliant advise. I checked with Rasha at hydra and according to her, all the 2Bedroom villas have an increase of 299sq.ft and the increased price mentioned by her is Dhs.119,000 for the extra 299sq.ft.New master plan is available with hydra office but not yet circulated to buyers it seems.This looks interesting so far, as long as the sqft increase is on the built up area and not on the ground area !!Regarding the contract, she has assured that the new contract would be issued once the transfer is done into my name.

yep, looks like people who bought originally might be safe. people who bought through a big abu dhabi company might not be... but nothing is certian till they issue contracts... doesnt seem fair for some...

Hey Guys, Ive been looking for trouble like this for a while. I recently bought into hydra at 1.5 for a 3 bed. Not sure what i was thinking at the time.

Surely these guys cant pull this stunt !

Im in if anyone wants to put a law suit up against these guys. They are advertising AD as the hottest property market in the world. What a joke ! It stinks.

So anyway Im in the UK and if these facts are correct then i can organise some bad publicity for these guys. BUT we have to have the correct facts before going down extreme routes as it can jeopardize the market for all.

Keep posting. !!

Banker - I am in the same boat as you, I have been here for 4 years and never purchased now I am in an MOU for a 2bed end row good location 1563 sqft for 1.35

I have had nothing but hardships ref this agreement and now after seeing the comments ref new contracts I am holding till I get confirmation in writing that this will not increase. I got a last boat before the banks tightened up for a 90% mortgage but cannot afford to then lay extra cash ontop of the agreed price as it was already undervalued at 1.35

I am due to transfer as of Thursday and also cannot believe how little those that are offloading have payed but then I saw the delays! THEY HAVE HAD TO PUT UP WITH!

Good luck, I am also of to Cityscape to ask them as they are there ref increase, but I fear as usual they will tell you anything and as always I will require this in writing!

Hi All,

I have not yet recieved contract either and am still awaiting it. I bought a 2 bed resale and contacted Hydra. Yesterday they said the increase which is the same as someone else has mentioned ie approx 120k for an extr 300ft. I was also told that this could be paid at the time of completion so this maybe useful info for the previous poster with 90% mortgage.

Guys,

I went to hydra stand today at Cityscape, and spoke to someone by the name of Ahmed, and he mentioned to me that Rasha is the main person who know about the increase of size of villas and all transfer activities. I mentioned that i purchase a town home and i was wondering what the extra space and when will i get the contract. He sounded very genuine that that the contract are ready and i will get one once the transfer is done next week. !!

By the way, anyone knows what the new size of the Type A villa (5 bedrooms) ?

thx to all

Hey Guys
I think we are all panicking over nothing. Yes they have been unorganized and not issuing contracts etc. However its a big project and they have had delays and approval problems. So if the size has increased its not too bad as resale is always based on price per sqft. Roughly my calculations say around 400 dhs per sqft so thats still way below market rate.

I would assume that now they have the new sizes and masterplan they will get on with the job. Lets not all get hung up with this global doom & gloom.

However we need to stick together and stay on top of them.

Ill be back soon.

Guys,
i think we are all panicking over nothing. Its a big project and they have had delays and they are not the most organised people around.

The extra size is not an issue if we get it back in resale ( why shouldnt we ). Its working out roughly 400 dhs per sqft which is below market rate. So as long as the size is stipulated in the contract then i cant see an issue with small size increases. I would rather have it bigger anyway.

So lets be positive and not let the global doom & gloom affect this. But we still need to be on our toes and keep on top of theses guys and keep posting if any problems are arising.

Ill be back.

Hi All,

Don't believe the the rubbish Hydra tell you. . Someone told me (May 2008) that my contract is in the process of being printed, I still haven't received it - go figure. They were very sweet talking and really convinced me that I was wrong. Some serious trust issues there for me.

I really think that someone should highlight this to Gulf News/National - then perhaps they can investigate this story and we might get some truths - right now, no one really knows what is going on. Having an independent source investigate this story may highlight what is really going on. It could be that the Hydra Executives are running the show?

You'd think they would have learnt from Dubai's experiences, but NO they want to make all the same mistakes and make US pay for it.

For anyone buying re-sale properties, be warned you may be in for a surprise. Enter with caution, there are many properties coming on line but like me I am sure you are after this project because of its price/location.

Apart from the Abu Dhabi company employees, has anyone with a 3 bed villa (purchased via Hydra) received a new price/area quote? also have you received your new zone/plot location?

I agree with Daydreamer. Overall, the positives far outweigh the negatives at this point. However, keeping updated on the latest developments on this thread will go a long way in protecting us from future issues.

[QUOTE=day-dreamer;26336498]Hey Guys
I think we are all panicking over nothing. Yes they have been unorganized and not issuing contracts etc. However its a big project and they have had delays and approval problems. So if the size has increased its not too bad as resale is always based on price per sqft. Roughly my calculations say around 400 dhs per sqft so thats still way below market rate.[QUOTE]

Daydreamer,

If you had invested a considerable proportion of your hard earned saving in to Hydra and heard NOTHING but rubbish for the last 1.5 years how would you feel?

Some people on this forum that had committed to this project have experienced a 50% increase in asking price for an additional 100 sq ft (approx?), these same individuals could potentially have invested the money elsewhere during this time and it would have made them money - but no, instead they are having to pay market prices to now buy the SAME villa! Let me assure you, I feel pretty worried. What is next?

Guys,

I agree with daydreamer.. we should not panic.

you should have seen what some developers are doing and running away .. ! Usullay, with large urban development, it is very complex as they need put-in the infrastructure (water, power.. sewage) ..etc. Much more complex than a single tower .. imagine this in the middle of the desert..!

we will still come on top at the end. We are way better off in term of demand and price/location in Abu Dhbai than other areas in the region ..

my 2 cents!

OK, own up?
Who's the Hydra employee?

shows just how popular this thread's gotten eh?

QOUTE from deep123
If you had invested a considerable proportion of your hard earned saving in to Hydra and heard NOTHING but rubbish for the last 1.5 years how would you feel?

Some people on this forum that had committed to this project have experienced a 50% increase in asking price for an additional 100 sq ft (approx?), these same individuals could potentially have invested the money elsewhere during this time and it would have made them money - but no, instead they are having to pay market prices to now buy the SAME villa! Let me assure you, I feel pretty worried. What is next?

To Deep 123
Lets not get personal now !!. I earn my money hard and only bought into the project a couple of months back at premium a 3 bed at 1.55. So dont give me this bull.

Im in the UK which means its doubly hard for me investing so far away. So please dont tell me about hard earned money. We guys pay taxes over here !

Anyway you need to calm down and be constructive and not start getting too personal.

Guys,

i will be at Hydra mid next week to have my transfer done. i will keep u posted if I have any news from Rasha or others.. everyone is busy with cityscape ..

Thanks ICE I wont be going to completion anyway and heard the same from them thanks! Also go the hype that the 2 bed after CS will be between 1.4 & 1/.6 we'll see!!

any good renders ??

Haymoss! I transfer on Sunday and got told the same! good luck.

Guys, apparently the sharp increase is only for some customers that bought but never paid...when i spoke with hydra they mentioned there is a price increase on size changes only! at least construction has started...

Wow all sounds chaotic! is it worth taking the plunge on this project? I would have thought the project being part of a company under the authority of a top Sheikh would be in it's favour. Sounds like initial purchasers have already seen healthy increases in the values of their properties? How much are two bed townhouses currently going for? Also can I please hear from any investors who are unhappy who made payments on time but were also dealt hefty price increases on their properties?

QOUTE from deep123
If you had invested a considerable proportion of your hard earned saving in to Hydra and heard NOTHING but rubbish for the last 1.5 years how would you feel?

Some people on this forum that had committed to this project have experienced a 50% increase in asking price for an additional 100 sq ft (approx?), these same individuals could potentially have invested the money elsewhere during this time and it would have made them money - but no, instead they are having to pay market prices to now buy the SAME villa! Let me assure you, I feel pretty worried. What is next?

To Deep 123
Lets not get personal now !!. I earn my money hard and only bought into the project a couple of months back at premium a 3 bed at 1.55. So dont give me this bull.

Im in the UK which means its doubly hard for me investing so far away. So please dont tell me about hard earned money. We guys pay taxes over here !

Anyway you need to calm down and be constructive and not start getting too personal.


Daydreamer - kindly point out where I started to get personal, my question was rhetorical:ohno:. Just because you paid 1.5m, it doesn't make it OK that others are now having to pay that amount. Did you think that I was insulting you? If so, I'm so sorry that I hurt your feelings, hope you weren't up all night crying your little eyes out just because me and Gordon Brown were really mean to you.:bash:..I really feel for you - but please, get over it. NOW, that was personal!

That's right - keep dreaming mate.

TO DEEP

:ohno::ohno:You obviously dont have a grasp of the English language. If being presumptuous to one is not personal then what is ?

Yes my friend the only one crying here is you: With your worries and concerns!

If you are that worried why dont you SELL UP AND MOVE ON. :cheers::cheers:

The Abu Dhabi central bank is coming down hard on all bank lending after having to pump MORE liquidity in to the banking sector. Apparently, a directive has been issued to ALL Abu Dhabi banks to reduce the LTV (Loan To Value) to 80% :bash:. This means that the bank will loan you a maximum of 80% of the agreed price (can anyone in the banking sector confirm this?)

In addition, a colleague of mine met with Hydra recently and according to him they seemed to be organised and in turn issued his contract. It appears the Masterplan is THE final version and everyone is being re-issued new contracts as we speak.

Knowledge is Power,
Deep123

OK I have transfered and had to off been one of the last out on a 90% finance float with ADCB. I discussed increase ref SQFT and on a D2 I was told on completion as a new client it would be around 70k at 90 sqft extra at original buy sq ft.

I am still of an opinion that this is a v good buy! let things calm down on the global markets hold on! wait till completion then you will see I believe a huge upturn!


Well thats just my humble opinion!

Must say was not and still am not impressed with the fact that such a big or so called big developer still cannot answer the phone! AND THAT IS RUBBISH!!!!!

WHAT PICTURE ARE YOU PAINTING HYDRA IF YOU STAFF WITH PEOPLE WHO JUST SEEM NOT TO GIVE A DAMN!!!


SORT IT OUT AND GET A BLOODY MASTERPLAN WILL YOU!!!! THIS IS ALL JUST AMATEUR HOUR!

Normally I would not touch this but given A/D's short fall in housing and Hydra V location its just too tempting! thats why the guy that I bought from has 4 other properties at HV.

The people offloading at silly prices are people that cannot get finance I feel for them but thats the gamble you take!

100% agree with Mattw2345. I cant see hydra doing a runner; it would destroy the AD market and jeopardsie the 2030 plan ( if they care ) so really should see good appreciation. But then again I had a dream that Rasha told me it would be 2 to 10 years before the project is completed> My dreams though aren't always true.

Also I think they do want to build a few villas. Any one got any more info on this.

follow the link:

http://www.zawya.com/Story.cfm/sidZW20080821000120/UAE%27s%20Hydra%20Ppties%20Issues%20Tenders%20For%20Abu%20Dhabi%20Proj%20-%20Report/

sorry here is the full link:

http://www.zawya.com/Story.cfm/sidZW20080821000120/UAE%27s%20Hydra%20Ppties%20Issues%20Tenders%20For%20Abu%20Dhabi%20Proj%20-%20Report/

http://www.zawya.com/Story.cfm/sidZW20080821000120/UAE%27s%20Hydra%20Ppties%20Issues%20Tenders%20For%20Abu%20Dhabi%20Proj%20-%20Report/


Wrong again cant seem to paste the full link.

Try searching for hydra tenders

Dear All,

i did my transfer today at Hydra office in Dubai. It went very smooth with no issues at all . I am extremely pleased with the increased size and potential appreciate. they increase 400 Sqft on type A1. They asked me to come in 10 days to collected the receipts and they will issue a new contract with the final floor plan. Price vs. Size is great and I will never get value for value any where in UAE let alone in Abu Dhabi..

Knowing the RE market and what is being built at Raha beach and yas island, we will see a very good appreciation on this development. I got my loan approved for 90% three weeks ago just before the crisis - one of the last guys on the last boat ..

Some thoughts.

Well done Haymoss, I'm certain the prices will appreciate in the next 12 months. Let's not forget that most of Abu Dhabi is moving to this side of town, AND you will have the saadiyat freeway connecting you to al reem/saadiyat island. You'll also be close to Masdar - the new carbon free city.

I hope everyone (myself included) gets the additional financing they need to fund these investments.

Is there anyone that 'owns' a 3 bed villa (bought at original prices) that has been asked for additional money due to sq ft increases?

Yeap: ive been asked for extra money when I rang to chase my contract. I said id be in touch. In other words I'll call you dont call me. So I am not ringing them in a hurry.

The big scramble for extra funds by these developers who believe they've sold too low may be shortlived as one of the key construction components, reinforcing steel, has dramastically dropped in price in the past two months thus taking a fair amount of pressure off their construction budgets.

299sq.ft and the increased price mentioned by her is Dhs.119,000 (BANKER)

I dont know where you got this from but all I can say to you is that for us that actually live here we get a bigger picture

I have been told 90 sqft increase around 70 80 k and this is on completion, if any Hydra donut comes to me with a new contract and a demand for this now then I have a problem so will contest it.

Knowledge is power so why despite being here do I feel weak!!!!

Matt

I guess the fundamental problem is that we STILL don't really know what is going on with Hydra, everyone has a different story and it's probably the way Hydra likes it!

The increases you mention are realistic and in some sadistic way (still) affordable, however I would not be able to afford (and possible stomach) a 50% increase - lets see (I secretly think its still a good price at 1.5m).

The timing on Hydra's part is exceptionally bad, they have entered a very turbulent period where bank lending criteria's have tightened considerably - so their demands for additional cash (for sq ft increases) is becoming unrealistic and banks are starting to close their doors to borrowers over 90%!

People are jumping ship as we speak and have asked for refunds ( I cant say how I know that so PM me and I will tell you). Catch 22 me thinks.

Knowledge is Power
Deep123

Hi Deep - My concern is that they will ask for the increase up front when the new contracts are delivered! if so I will not be able to pay as I have borrowed with the bank and already paid 25k extra as ADCB under valued against the sellers buy price. Its absurd that you have to sign an MOU before the bank will value!!

I am going to try AGAIN to speak to them Sunday. People are asking for refunds more like because they cannot get financed as yu said!

OK folks,
Im really glad to have discovered this site. Im a foreign investor from London and have bought a 3 bed c2 secondary market earlier in the summer. I believed that Hydra village was a good investment when i entered but have my doubts now.

Mainly above all the progress of the project. Being so far away and not on the ground in the UAE dosnt help and when i ring in to hydra i get sent from person to person ( when they answer the phone ) and am not able to extraxt any info. very frustrating and i think if i use some bad English language next time they may pay attention.

I have received some construction updates but theyre a joke.... my seven year old boy could do a better job of these reports.

I dont mind a small increase if it adds to sqft and its fair. Yet they haven't asked for any money but i suppose because I havent spoken to the right person.

Anyway my main concern is regards the progress of the project. My questions are :

1 Are they building it not just started digging here and there. Are they really just taking us for a ride ??

2 one of the guys has mentioned that they have started advertising in the press that construction started is this really true

3 they have now said completion around end 2010....does that seem likely ?????

If you guys can help with these questions that would take a load of my mind. Thanks in advance.

Hi All,

I was so relieved when I found this thread on the internet! I hope someone can help me. I recently bought a 3 bedroom C1 on the secondary market for 1.6 million (only 30% had been paid by the original owner). I have since paid another 10% and the next payment is due at the end of November. Is everyone still paying the 10% installments? I was wondering what would happen if I stop paying since Hydra are clearly not 40% through the completion of the development? Can someone provide me with a contact number so that I can harrass them as well? I have tried contacting the Dubai office and they're all useless!

I am more than happy to support any class actions that may arise against Hydra and their lack of professionalism in the matter.

Regards.

I finally got an email from Hydra that C2 (3BR) will be increased to 187.5 m2, or 2018 sqft, and that price will be increased with 90k Dirham because of that. This seems at least more reasonable than the around 500k increase previously mentioned in this thread.

I am not aware on the refunding requests, I checked my agent, and they can sell our unit for 1.6M or higher (enough demand), so there is no need to panic. However, it is true that progress is slow (these progress updates are very cloudy, does not give a professional and trusted feeling), but probably many projects will be delayed by now till credit crunch is over.

Well, I am trying to look at this positively, although I have my doubts as well.

I believe credit crunch will stay as it is for some considerable time. I cant see lenders offering same levels of financing as before because im my opinion that was always to high. i.e 100% financing. Thats the case here in anyway in the west but not sure what the longer term stance will be for mid east lenders. So really I cant see why developers should have this as an excuse as they should have already had financing in place and also collect the bulk of the money from buyers. Remember also that Hydra village had these issues way before the credit crunch.

come on guys anyone got any reply to my previous post. Also I agree with day dreamer ref the financing. But my issues are on the progress anyone got anything to say. Thanks

OK folks,
Im really glad to have discovered this site. Im a foreign investor from London and have bought a 3 bed c2 secondary market earlier in the summer. I believed that Hydra village was a good investment when i entered but have my doubts now.

Anyway my main concern is regards the progress of the project. My questions are :

1 Are they building it not just started digging here and there. Are they really just taking us for a ride ??

2 one of the guys has mentioned that they have started advertising in the press that construction started is this really true

3 they have now said completion around end 2010....does that seem likely ?????

If you guys can help with these questions that would take a load of my mind. Thanks in advance.

1 & 2 - They have started piling work, ie digging out foundations and roads etc. They have basically been flaffing around, Hydra was re-designed 3 times, they realised they had far too many 2 bed villas and not enough 3 bed villas (which sold out almost straight away in the primary market). I have 3 PDF construction updates from Hydra (same ones?) with pictures. They also published advertistements in the local press (National) stating something like 'HYDRA-CONSTRUCTION HAS STARTED'. No buildings have been erected to my knowledge. I think they are finally ready to play ball - lets hope the credit crunch does not slow them down.

3 - completion by 2010, could be possible as Al Raha Villas in Abu Dhabi have been erected and built in less than 18 months, I expect you'll get something by then, albeit with little or no landscaping etc. Much like the Springs in Dubai, no trees, shrubbery etc.

Call the Abu Dhabi office on +971 2 667 1111 - they are dealing with all the Abu Dhabi peeps. Good luck and let us know how you get on.

Knowledge is Power
Deep123

I finally got an email from Hydra that C2 (3BR) will be increased to 187.5 m2, or 2018 sqft, and that price will be increased with 90k Dirham because of that. This seems at least more reasonable than the around 500k increase previously mentioned in this thread.

I am not aware on the refunding requests, I checked my agent, and they can sell our unit for 1.6M or higher (enough demand), so there is no need to panic. However, it is true that progress is slow (these progress updates are very cloudy, does not give a professional and trusted feeling), but probably many projects will be delayed by now till credit crunch is over.

Well, I am trying to look at this positively, although I have my doubts as well.


Dubai Green

Can I ask how much what deposit you paid and whether you have made any payments/installments since you paid your deposit? If so, can I ask how many installments and how much?

Thanks

Dear All,

i received the final floor plan for B1 and A1 today. She was very helplfull. From what i was told by Mohan (dubai Office), the the infrastructure work has already started.. I search on the net, and apparently, there was a press release in June, where Hydra is stating that they 50% with their work on Infrastruture.

I saw he list of all modified size, and apparently, most of them were increase in size between 10-13%.. The increase in charges ranges from 90-120K... Not much compared to the increase in Size. I believe this a big bonus..and you do not have to pay for the incease until the handover ..

By the way, anyone knows who is the main consultant and contractor for this project ?

thx to all

Qwertygirl, I have only paid the initial 10%. Hydra would not issue me with a contract (SPA) and so my bank were unable to release the funds to Hydra. Until you have the contract or Sale Purchase Agreement your bank won't release funds - unless of course you are self financing the project.

Can't advise on whether you should stop payments as I have no experience in this area. My guess is that as you have commenced the payment plan you are committed contractually (read the small print). Suggest you continue unless you have specifically agreed to stall payments with a Hydra representative (make sure its in writing). Try the Abu Dhabi guys +971 (0)2 667 1111 - they are there Monday-Thursday.

I think I'm on form tonight!
If any of you haven't already found the Hydra website, here it is for reference:

http://www.hydraproperties.com/Project/projectDetail.aspx?Proj_ID=15&s=All&prj=All

If you click on 'floor plans' and 'view perspectives' there is data in there. The floor plans are interesting as the show what your villa now looks like (not sure if its the latest version). The masterplan looks very similar to the one I saw at Hydra's offices.

Qwertygirl, I have only paid the initial 10%. Hydra would not issue me with a contract (SPA) and so my bank were unable to release the funds to Hydra. Until you have the contract or Sale Purchase Agreement your bank won't release funds - unless of course you are self financing the project.

Can't advise on whether you should stop payments as I have no experience in this area. My guess is that as you have commenced the payment plan you are committed contractually (read the small print). Suggest you continue unless you have specifically agreed to stall payments with a Hydra representative (make sure its in writing). Try the Abu Dhabi guys +971 (0)2 667 1111 - they are there Monday-Thursday.

Hi Deep123, I'm actually in the same boat as you. I've had my offer letter expire because the bank did not disburse any payments (FGB) due to the contract issue. I've only paid 10% so far myself. The problem is, once they issue my contract, I have to re-qualify myself for the loan. Do you know if they will now requalify us at a lower LTV than before (FGB was giving loans at 90% LTV)? I'll try to find out myself but it would be good if you could double-check and we'll both post here to confirm for everyone else in the same position

Dear All,


By the way, anyone knows who is the main consultant and contractor for this project ?

thx to all

Haymoss,

Main contractor: ERSA
Consultants: NEB, Samer Group, Pal Technology, Gulf Dunes

Hi Deep123, I'm actually in the same boat as you. I've had my offer letter expire because the bank did not disburse any payments (FGB) due to the contract issue. I've only paid 10% so far myself. The problem is, once they issue my contract, I have to re-qualify myself for the loan. Do you know if they will now requalify us at a lower LTV than before (FGB was giving loans at 90% LTV)? I'll try to find out myself but it would be good if you could double-check and we'll both post here to confirm for everyone else in the same position

It's not good. FGB are being difficult and not honouring the 90% LTV. I spoke to FGB today and they are asking for a 30% deposit. Strangely, their story changes almost every week - it appears that the local banks are regularly meeting to solve the situation/directive from UAE central bank regarding lending criteria. Keep on applying pressure - me thinks the sooner you get an agreement the better.

If I get a positive I will let you know.

Knowledge is Power
Deep123

Thanks for all your help Deep123. You're a star!

Dubai Green

Can I ask how much what deposit you paid and whether you have made any payments/installments since you paid your deposit? If so, can I ask how many installments and how much?

Thanks

I paid twice 10% (so total 20% paid), and than my agent suggested to stop payments till I have a Contract in hands. Interesting would be, if I finally get a Contract, will the payment schedule be adjusted to new schedule from Contract date onwards, or is Hydra going to force me to pay the payments that I did not make after the 2nd payment??

Anyone??

trust me, they're gonna want ALL the money owed to them as per the original schedule in one go.

No developer is that generous :)

They just expect us to be generous towards them when there's a delay in delivery..

same for me 30% seems to be the amount paid for off loaders - I got 90% so paid also 10% looks like Nov next payment

HI all- having read through this thread I understand there is some concern about the progress of this development. Up until now, I have been looking to buy a completed property in Dubai, but am having a change of heart due to price correction announcements, value for money etc
Does anyone have any further info on Hydra Village such as will there be a metro \ rail stop connecting with Abu Dhabi and Dubai that stops near the development?
What capital growth are investors anticipating between now and completion?
I notice there are other similar developments - what makes this stand out?

Thanks

ADCB tried that with me! I just started shouting at them! IT WORKED

1. Villa/Townhouse - Always in demand
2. Only a few other developments affordable in A/D like this.
3. Gross under supply for next three years +++ HIGH DEMAND
4. Great commute into A/D central and Dubai central/Jebel Ali for especially Dubai workers
5. M.E as a whole now is attracting investors more from the region as the west is looking well shakey

I am hoping from my buy - D2 end unit single row, purchase 1.375 that prior to completion it will hit min 2.5, that seems conservative. Also mine as others has a roof area and is very nicely designed.

My God that was positive!

Oh well, in it to win it! take the plunge but just be aware that Hydra are customer MUTE!!!:nuts::nuts:

this developement is not far away from Airport, so clearly they have Metro stop built close to it as well. As metioned by Mattw234, it has a lot of positive elements once it is all completed. It is still afforrdable. It is very close to Raha beach Business district being build by Al Dara. It is exactly 30 min from Jabel Ali (couple of phone calls, and you are in Dubai.

My agent estimate that basically this will double when it is all built and done.

:tiasd:

I think the thing here is to go with the flow ref information from Hydra, I know its difficult to remain positive what with everything else going on but things are just done differently here. I used to blow my top when I first came to Dubai many years ago, now I just take a step back and ask myself;

1. How much have I done to protect myself
2. What is worst case
3. What is the sentiment on the street

I have to remind myself everytime I try and phone Hydra and get information that they are obviously terribly disorganised and therefore unable to give information. I work with major developers here every day and I am joined at the hip ref what I do and any delays they may suffer & delays are part of the environment.

Production costs have soared and we all know Hydra dropped in rather cheaply however remember that their portfolio now and going forward in keeping with A/D will be very high end!

Thats what makes this a nice prospect as most of the new ground up in A/D is very high end and this is affordable.

Despite wanting to drive to Al Barsha and throttle them I am doing the old breathing technique and keeping calm.

All will be revealed when they are ready, until then! what can you do other than worry yourself! sit back, sip a cool one and wait...

Relax! as if the new payment plan still is not on the table then they wont be asking for money and who knows it will probably be evened out over the rest of the build rather than them coming and asking for the arrears in one go!

As I mentioned before my seller says he has seen the new payment plan and any additionals ref added square feet will be asked for in combination with the last payment. He also for the record has another three properties which he is HANGING ONTO TILL COMPLETION!

(disclaimer: I will in no way eat my words or a hat!)

Thanks for your replies - from where I am sitting in London, it certainly seems to be a good investment. I noticed that Al Reef is near completion and they are approaching double Hydra's current value.

Regarding finance - it would seem that 80% is available on this project (an agent mentioned that so not sure how reliable that is). If anyone knows of a bank still offering 90%, please advise. Mind you - rates are high at 9.5% apparently. Can anyone confirm?

Naturally I will make my own investigations, but who better to ask than those already committed to the project....

Thanks for your replies - from where I am sitting in London, it certainly seems to be a good investment. I noticed that Al Reef is near completion and they are approaching double Hydra's current value.

Regarding finance - it would seem that 80% is available on this project (an agent mentioned that so not sure how reliable that is). If anyone knows of a bank still offering 90%, please advise. Mind you - rates are high at 9.5% apparently. Can anyone confirm?

Naturally I will make my own investigations, but who better to ask than those already committed to the project....

Rates are around the levels you suggested, very high in comparison to the UK but that's what they are.

As far as I am aware only 2 banks are financing this project, both of which have been mentioned, FGB and ADCB.

Deep123
Knowledge is Power

Ok so now my D2 is a D3!

Dealing with the people in AD is liking pulling teeth! everytime I ask for info it is sent incomplete or incorrect

HOWEVER

The increase in price on the D3 is 119,000 AED and on the C2 90,595.21 AED.

I am hopefully sitting down with one of them on Sunday as I have said before the bank will not finance or change for this increase

SO

I will not be paying this until completion!

I am rather upset that my first jump into the property section in the UAE has been this difficult

I hope it does not continue!, if they want all of these payments now that the original seller did not pay and the increase in one lump then I will just get rid of this carbunkle/Moby Dick and wash my hands of it!

HYDRA ! PLEASE EMPLOY PEOPLE THAT CAN OFFER A SERVICE
THAT KNOW WHAT THEY ARE DOING
REPLY TO YOUR QUESTIONS

THIS IS PEOPLE'S HARD EARNED MONEY NOT FAT CAT INVESTORS!

The market is changing very fast, you are no longer dealing with some chaps rep with a fat cheque book waiting in a queue for a quick buy and flip

You are dealing with long term investors, occupiers, Buy to lets


So start to ACT AS IF YOU GIVE A DAMN! - ITS NOT OUR BLOODY FAULT THAT YOU GROSSLY UNDERSOLD THIS PROPERTY. LAW IS LAW - STOP BENDING IT!!!


AAAAAAAAAARRRRRRRRRRRRGGGGGGGGHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:bash:

I was involved in a situation last year when I was about to purchase in rAK. A 5* hotel chain was going to manage the property but the developers doidn't know who. Then, those people that had purchased would have woken up one morning to an email with COMPLETELY new floorplans, building design etc. It astounds me that contracts can be signed and then such changes can go through..

Mattw - I am looking at either a 3 bed (C) or 4 bed villa (B). Are they changing as well? Please, if you have any reliable contacts, could you pass me their details as I certainly don't want to pay the premium and then find there is a change..

Good luck!!!

OK I have been emailing phoning & just had enough so got PA to CEO's mobile and have just spoken to her, voiced my concern and itemised pretty much every point thus far on this blog to her. She will come back to me with answers ref contracts and payment plan ref add on increase to last slot! on completion

Dont know about 4 bed but C has an increase, see my mail (the big moan one)

Its all good as far as I know the increase in sq ft is at original buy price, however if you have not already purchased then effectively to the seller he has got the sq feet increase at cost, so you can bet he will increase that to market rate and this will reflect in his premium expected

Even so and even with contact probs I would still advise you to get in now! as the general rates are very good


If you came in a year from now it will be I think double!!!

So go for it! expect a slight increase as a result of the sellers extra sq ft but that will only bode in your favour if you buy and sell in a year!!

Hope this helps!

Contacts!!! Rasha, Yulanda, Hisham, Mohan.......02 6671111 but dont expect to get hold of them! they are I think justhectic and understaffed

They are being overwhelmed with enquiries which I think will quadruple very shortly as Hydra Village is going to get stronger and stronger

My main concern is just the up in price and the contact issue, if these can be solved then I still think this is a wonderful buy!

Hot or Cold anyone!:banana::bash:

HOT ! HOT !

Seeing PA on Sunday for new contracts! its all gone a bit quiet here so I think everyone is busy getting theirs!

Payment ref increase I have been told can be arranged for completion!

Ok deep breath! almost there!

119k for 300 sq ft extra at original buy plus subsidy is very good indeed!!!!:cheers:

Picked up my contract, reasonably pleased seeing as they only increased the price by about 10%

Only downside is that all the banks are asking for 30% deposit before they even look at you.

half empty or half full........:cheers:

Guys,

I am very positive on Hydra village. uniform increases due to increase in space.. appr. 120K / per townhome regardless of the size (almost).. Contracts are being issued and the extrat charges are only due at completion / hand over.. In my view, any one who bought in Hydra village is a winner and should be making a decent profit ..

we should all relax and enjoy the ride. The negative - bank are only giving 65% of property value. ..

my 2 cents.

Think I may take the plunge, margins are good are future growth seems too appealing to ignore even with the current credit crunch ongoing. So what's the best price I can get on a two bed townhouse?? no way am I paying 1.3 mil in the current turbulent market!! I know what these started at and need to find a panic seller...any suggestions??

Picked up my contract, met layla said I would check over and bring back the next day! only the contract name is wrong and the master plan has no number ref ie all of my details below a wrong name!

So I cannot check ONCE AGAIN against the mater plan! I must say the doom and gloom is starting to really set in now in Dubai I kep hearing property crash!

Anyway Hydra are back in the dog house so I will have to go back!

Well I purchased second hand for 1.375 single row corner unit so its a premium local and fitting hence a bit extra

Some ads will publish cheap but you could get lucky, I purchased before the poo hit the fan so I would do the same as you if I was buying now which is to find someone who is not getting the finance, plenty around I would say.


Its just finding them! long term I am hoping for 2mill I probably will sell prior to hand over by about a month.

Lets see.

Congratulations Matt.

They have been saying property crash ever since Dubai first got off the ground. They ( the so called analysts ) have thus far been wrong. I cant see any crash as long as a decent shortfall for accommodation exists. Furthermore even if a correction did happen...so what...if your in for long enough i personally cant see anywhere on the globe offering better prospects then the UAE. In our lifetimes oil is always going to be sought after and these guys have plenty of it. In 3-7 years people will be looking back and asking themselves.......well why didnt i do that.....??

Oh and I today turned down an offer for 1.6 net !!

TOTALLY AGREE WITH YOU!

These guys suddenly pop up looking to shaft the panickers and the non financed and rip them of trying to get a knock down deal!

I think they are worse than the hardened speculators who have been partly to blame for driving these prices up, the fact that they are now suffering gives me mixed feelings!

After all we need them in to drive up the prices but now with new legislation off plan is no longer a good bet for flipping along with finance restrictions.

A/D I think as have said is largely shielded however its a long term investement with returns just before or on completetion.

I am not interested in renting this out as will still most likely be in Dubai and do not want the headache


NOW!! If they could just send me a confirmation of just exactly what my location on the Masterplan is it would help!


Only been asking for the last 2 months!!

[if you dont have to sell then dont! it will return a healthy premium in the long term. You would be mad to sell now if you dont have too!

With the sterling rate at the moment I was almost tempted to sell and dump it all into a high interest account

I expect sterling to slide down to about 5.0aed to the £ and then consolidate and slowly start to move up, so we will see in 6 months when I could if I wanted to sell.

Tell the 1.6 offer to go shove it as all those folks selling on the low down are not doing us any favours!

1. 6 indeed!!!

Hydra Properties commences handing over Hydra Village ownership contracts

http://i38.tinypic.com/qzljwn.jpg

28 October 2008

DUBAI (United Arab Emirates): Hydra PropertiesHydra PropertiesLoading..., the leading UAE-based international property developer, today announced that it has commenced handing over ownership contracts to the investors of its prestigious Hydra Village Abu Dhabi, the regions' finest eco-living retreat.

Reaffirming his strategic initiatives to remain as a real estate trendsetter, Dr. Sulaiman Al Fahim, Chief Executive Officer of Hydra PropertiesHydra PropertiesLoading..., said: "We, at Hydra PropertiesHydra PropertiesLoading..., are determined to keep our promises. We are now in the process of handing over all the ownership contracts to our investors. I have utmost pride in the fact that the project is running well and on schedule. We, at Hydra PropertiesHydra PropertiesLoading..., value the process as much as the product."

The ownership contracts are for the already sold out 2,500 villas of Hydra Village in Abu Dhabi. The path-breaking eco-living project is expected to be completed for handover to end customers in 2010.

Hydra Village, the eco-living retreat, is designed with a clear focus on conservation. Hydra Village is blooming at Al Reef City at the gateway of Abu Dhabi. It is designed to offer its residents all the smart technologies, conveniences, facilities and comforts associated with modern living while offering eco-living at its best.

At Hydra Village disposable items will be recycled and water conserved, and technology used that enhances reduction of energy consumption. Residents will be able to recycle paper and cardboard, tin cans, glass and plastic. Free transportation will be offered within the village to reduce vehicular emissions. There will be non-smoking areas and most facilities will have either non-smoking floors or be completely non-smoking.

The constellation of town houses, luxurious apartments and modern commercial offices at the Hydra Village will be surrounded by a green aura of recreational parks and open spaces, and sprinkled with top-notch facilities such as mosques, hospital, a five-star hotel and an impressive utilities infrastructure.

http://www.zawya.com/story.cfm/sidZAWYA20081028110613/Hydra%20Properties%20commences%20handing%20over%20Hydra%20Village%20ownership%20contracts

GREAT PROMOTION PARISIAN GIRL!!
I wonder.... what position do you have in Hydra ? I also wonder if you guys can get a bloody move on and sort this big mess out rather than saying in every press release: " we at hydra properties are committed to keeping our promise"

Come on are you guys comedians or property developers. Really questionable.

Oh and can you get my f.....ing contract out. Please

that's uncalled for speculator. This is a thread to share information, and that's what Parisian Girl is doing. Getting nasty with her because you're frustrated with Hydra is hardly appropriate behaviour.

agree laidback74. Nothing in Parisiangirl's post suggests she works with Hydra

Speculators have been going a little crazy of late.

I also cannot understand how they can complain about these 'vultures' looking for a 'good' deal now market is reversing. Risk and reward

what!!!


If people are selling at low prices then they are pushing the price down!! thats not good for present owners is it!!


I agree with speculator! frustrations ref how this company have handled how they contact people, or not, as the case may be has been disgracefull.

The amount of emails and non answering phones is laughable

So if you are now sniffing around for a good deal understand people's frustrations who have been dealing with this for months if not years!

When adverts like this are plastered up and no one at Hydra is answering genuine concerns it PISSES people of and quite rightly!

SO BEFORE you post and defend such blatant advertising read through the threads too date!

HYDRA!! SIMPLY NOT! GOOD ENOUGH SORRY!

She certainly comes across as though she works for Hydra. Shes not posted anything previously on this thread and then comes out with this mumbo jumbo. The forum is not for advertising !

She certainly comes across as though she works for Hydra. Shes not posted anything previously on this thread and then comes out with this mumbo jumbo. The forum is not for advertising !

I thought one of the ideas of this forum was to post any relevant info (i.e. a press release from one of the other agencies' websites) under the relevant heading. This is exactly what Parisian Girl has done is it not?

Comme ce, comme ca as they might say...in Paris

Fair enough it may not be too accurate in some peoples minds (probably with justification). But I guess we've all been around long enough to not believe all the crap that's spouted from these people when they do get round to opening their mouths. I mean 'green aura' - per-lease.

and...maybe a part of the Eco drive is that contracts will not be printed on paper:)

guys,

trust me, I'm completely with you on Hydra, they're a first time developer with ALL the level of service that entails. It's downright awful frankly. I'm just saying we shouldn't start taking our frustrations out on each other, that's just going to derail this entire thread and discourage people from posting for fear of being reprimanded.

This will then just become the 'Insult Hydra' thread. I for one WELCOME any positive news about Hydra because I've experienced so much of the negative.

Yes totally agree Laidback.

OK more on Hydra then. Is anyone aware how Hydra are issuing contracts. Is it on a numerical basis in order OR on a demand basis i.e. you go in and squirm type of thing. Those who have received contracts what you done to obtain the contracts ? Ive been told to wait and they will contact me. How accurate is this.Thanks in advance.

actually, my experience has been 'on demand'. Theres no numerical system there, you'll need to call them regularly and get a commitment out of them, they're understaffed and swamped.

This is how I managed to be one of the few people who had gotten the first contract out of them, just by calling them up regularly.

Hi guys,

I have two Hydra Villas (Townhouses). I might need to sell. Does anyone know what a fair price would be in the current market? Also, what are the predicitions for the future prices in Hydra Village in this depressed market? I can hold on until August, but I'm just worried if things don't turn around by then, I might have an even harder time selling.

Thanks!
ecarlstedt@aus.edu (in case anyone wants to write me off line)

if you want to play safe, get rid of one and keep the other until completion. That way if you have a hard time selling later you can use the cash from the first sale to pay more upfront for the second one and get a mortgage for the rest due. The rents you'll get will easily pay off your mortgage and give you a tidy profit to boot.

2 beds are being advertised for 1.4 mil and 3-beds for around 1.6 i think.

Look I agree in part ref not taking things out on each other however we all know of the frustrations no doubt that all of us are going through, so when I see a huge advert appearing I take issue.

The point of this very good blog is to share info and help each other and that is all I have seen here a lot of nice people with good info and advice.

So agreed lets keep the positive energy going.

1.4 for a 2 bed sounds about right!

Hi everyone...

I just have question as I´m a somewhat surprised owner of a 2 bed villa in the development sometime in the future.

What about the facilities?
Does anyone have an idea what they might cost during a year including electricity, water etc?

Hydra gives ownership contracts

http://www.business24-7.ae/Articles/2008/11/PublishingImages/11_2_2008/eb30_hydra_02_small.jpg

UAE-based international property developer Hydra Properties has commenced handing over ownership contracts of its project Hydra Village Abu Dhabi – an eco-living retreat – to investors.

The ownership contracts are for the already sold-out 2,500 villas of Hydra Village. The eco-living project is expected to be complete for handover to end-customers in 2010.

"Hydra Village is designed with a clear focus on conservation. The project is being developed in Al Reef City at the gateway of Abu Dhabi. It is designed in order to provide residents smart technology, facilities and amenities associated with modern living, while ensuring eco-living at its best," said a company statement.

"We, at Hydra Properties, are determined to keep our promises. We are now in the process of handing over all ownership contracts to our investors. I have utmost pride in the fact the project is progressing well and is on schedule. We value the process as much as the final product," Sulaiman Al Fahim, Chief Executive Officer of Hydra Properties, said.

At Hydra Village disposable items will be recycled and water conserved. Latest technology will be used to enhance reduction of energy consumption. Residents will be able to recycle items such as paper, cardboard, cans, glass as well as plastic. Within the village, residents can avail of free transportation. The step is in order to reduce vehicular emissions.

There will also be non-smoking areas and most facilities will have non-smoking floors.

The constellation of town houses, luxurious apartments and modern commercial offices at Hydra Village will be surrounded by a green aura of recreational parks and open space. Mosques, a hospital, a five-star hotel and an impressive utilities infrastructure are also part of the project.


http://business24-7.ae/Articles/2008/11/Pages/11022008_a1098f4c735b4ec484f45470b78ecb41.aspx

Hydra gives ownership contracts

http://www.business24-7.ae/Articles/2008/11/PublishingImages/11_2_2008/eb30_hydra_02_small.jpg

UAE-based international property developer Hydra Properties has commenced handing over ownership contracts of its project Hydra Village Abu Dhabi – an eco-living retreat – to investors.

The ownership contracts are for the already sold-out 2,500 villas of Hydra Village. The eco-living project is expected to be complete for handover to end-customers in 2010.

"Hydra Village is designed with a clear focus on conservation. The project is being developed in Al Reef City at the gateway of Abu Dhabi. It is designed in order to provide residents smart technology, facilities and amenities associated with modern living, while ensuring eco-living at its best," said a company statement.

"We, at Hydra Properties, are determined to keep our promises. We are now in the process of handing over all ownership contracts to our investors. I have utmost pride in the fact the project is progressing well and is on schedule. We value the process as much as the final product," Sulaiman Al Fahim, Chief Executive Officer of Hydra Properties, said.

At Hydra Village disposable items will be recycled and water conserved. Latest technology will be used to enhance reduction of energy consumption. Residents will be able to recycle items such as paper, cardboard, cans, glass as well as plastic. Within the village, residents can avail of free transportation. The step is in order to reduce vehicular emissions.

There will also be non-smoking areas and most facilities will have non-smoking floors.

The constellation of town houses, luxurious apartments and modern commercial offices at Hydra Village will be surrounded by a green aura of recreational parks and open space. Mosques, a hospital, a five-star hotel and an impressive utilities infrastructure are also part of the project.


http://business24-7.ae/Articles/2008/11/Pages/11022008_a1098f4c735b4ec484f45470b78ecb41.aspx


But someone close to me have already signed the papers and deposited the full price at First Gulf Bank.
And now you say that the contracts have not been handed over yet?

I´ll let Alf know what I think about that...

Hi.
I live in Dubai and work very near to the Hydra office in Al barsha. I have also bought in Hydra village a 2 bed townhouse. I phoned up the other day to ask how much i owed for my townhouse and was told that i had only paid the 5% deposit. I bought a year ago and paid 485,000 AED staright away this was ontop og my 5%. They are so unorganised that this money has still not been allocated to my unit!!!!!!
They also said that the area has gone up by 300 sq ft and that I have to pay another 119,000 AED. NOT GOOD AT ALL.
Apart from this I am not worried too much as I think it will be a top development and a real money maker but I would be worried if I said the alarm bells were not ringing a bit.
If I can help anyone let me know as I literally am a stones through away from the office.

LOOKS GREAT!!!:bash: THATS WHY I AM NOW IN NEGATIVE EQUITY BASED ON CURRENT MARKET VALUATIONS AND STILL NO CONTRACT!

HI

Understand you my friend! deep breaths, market conditions are not helping nor is the advert poster with the COD.

I am still without contract and purchased at 1375!!! a two bed corner unit so you are in a heck of a better situation than me!

119k can be paid on completion if that helps. Saleable sq ft is actually about 200 extra as in contract not 300

some good news for all those looking for a mortgage loan on Hydra Village. At Abu Dhabi Commercial Bank, they are now giving a 75% LTV loan on this project because it has now been moved to 'Master Developer' status. It's an 80% LTV loan if you transfer your salary there as well.

I'm gonna find out more as I apply

Emirates Islamic Bank recently started offering finance for Hydra Village. 80% for residents and 85% with salary transfer. Its a good option for those seeking Islamic Finance. Installments start @ delivery/handover.

Here are the contacts of an representative.

Mary Joy Villaruz
Relationship Officer - Home Finance
P.O. Box 6564 , Dubai, UAE
Tele: 971 4 211 1908
Fax: 971 4 283 3832
Mob: 00971 50 8397178
Email: MaryV@emiratesislamicbank.ae

Helfadil, excellent info. I'll contact them immediately.

That is useful info for those trying to get finance, just what is needed here

Good for you.

I got 90% just before the banks readjusted lending levels but 85% is very good!

So really because of these great finance options the head of the ugly credit crunch beast has been severed. This should potentially see its way through to market valuations ( upwards ) in the next 2 - 3 months. In the UK the housing market is suffering because of the lack of finance...even though the government has recapitalized them. A huge demand for accommodation still exists in the UK but also a huge lack of financing. Thats the disparity.

If the UAE banks are cash rich and the demand for property/or shortfall is high enough then I can only speculate capital appreciation;especially considering the large property shortfall in AD. I think its really that simple...unless someone disagrees with some fancy scientific calculations. Oh and also I believe AD has budgeted its 2030 plan on a oil price p/b of $38 so thats hopefully not an issue either.

Hydra can get away with this only because they are allowed to by AD real-estate authority (or lack of it). Call it unprofessionalism if you like, but why should they be professional when they have no board of standards and no one to answer to.

AD govt - we want Escrow, We want law 13, we want management to be accountable. AD desperately needs a watch dog, things will only get worse as investment dries up.

PS i bough in may 2007, all i still have is a reservation form....

PS i bough in may 2007, all i still have is a reservation form....

dxbdude,
that's just wrong - Hydra are handing out contracts like they're going out of fashion. You should have your contract now mate, don't take no for an answer. It's a waste of time trying to call them, simply call their office in Barsha or Abu Dhabi, book an appointment and turn up.

Unbelievable brutality what happened in the weekend. Hydra Properties called me and tried to force me to pay an extra 20% by saying that they have changed payment plans. I told them (first friendly) that I am ok as long as I first get a contract. Than they tried to say "yes, we are busy with this, it is coming, but you need to pay this extra 20% first". Of course, I said "no", what is this? Unbelievable, we are waiting more than a year to get a contract and than trying to push me to pay first before seeing any contract. After this, this cow on the phone was trying to threaten me, and I kept on refusing, so she hanged up.

Come´on this can can not be true, what are they thinking?

But, to calm down, what are my rights? Can they refuse to give me a Contract, or what is my legal situation here?

We should organize ourselves better. Let me know if you had the same experience, and suggest what we can do? I am new to this aggressive behavior of these firms. Can we bring this to "Gulf news" and "The National", whould they listen?

Unbelievable brutality what happened in the weekend. Hydra Properties called me and tried to force me to pay an extra 20% by saying that they have changed payment plans. I told them (first friendly) that I am ok as long as I first get a contract. Than they tried to say "yes, we are busy with this, it is coming, but you need to pay this extra 20% first". Of course, I said "no", what is this? Unbelievable, we are waiting more than a year to get a contract and than trying to push me to pay first before seeing any contract. After this, this cow on the phone was trying to threaten me, and I kept on refusing, so she hanged up.

Come´on this can can not be true, what are they thinking?

But, to calm down, what are my rights? Can they refuse to give me a Contract, or what is my legal situation here?

We should organize ourselves better. Let me know if you had the same experience, and suggest what we can do? I am new to this aggressive behavior of these firms. Can we bring this to "Gulf news" and "The National", whould they listen?

dubaigreen.....this sounds unbelievable. They have announced price increases as they claim bigger size. I wonder why they havent reduced sizes rather than increase.

What is your villa type ?

Unbelievable brutality what happened in the weekend. Hydra Properties called me and tried to force me to pay an extra 20% by saying that they have changed payment plans. I told them (first friendly) that I am ok as long as I first get a contract. Than they tried to say "yes, we are busy with this, it is coming, but you need to pay this extra 20% first". Of course, I said "no", what is this? Unbelievable, we are waiting more than a year to get a contract and than trying to push me to pay first before seeing any contract. After this, this cow on the phone was trying to threaten me, and I kept on refusing, so she hanged up.

Come´on this can can not be true, what are they thinking?

But, to calm down, what are my rights? Can they refuse to give me a Contract, or what is my legal situation here?

We should organize ourselves better. Let me know if you had the same experience, and suggest what we can do? I am new to this aggressive behavior of these firms. Can we bring this to "Gulf news" and "The National", whould they listen?


Complain directly to Sheikh Tahnoun bin Zayed Al-Nahyan..It might light a fire under their seats :lol:

You might just post it to First Gulf Bank or phone them at +971 2 6816666 or just phone Royalgroup +971 2 4416666.

If that doesn´t help send a complaint about the situation to this adress..
Ministry of Presidential Affairs
The Minister: Sheikh Mansour bin Zayed Al Nahyan
Abu Dhabi, POB:280; Tel: 02 6222221; Fax: 02 6222228


Maybe I should point out that Sheikh Tahnoun is chairman of the Royalgroup (who owns Hydra), vice chairman of FGB and that Sheikh mansour is handling legal matters for the Emir..Apart from being a brother to Tahnoun he´s a former chairman of FGB and an investor in Royalgroup as well.

Thanks, it shows the danger of doing business here, in the end, it is all connected via a few families.

Ok, besides complaining, what is the legal situation. Can I refuse to pay till I have my contract, and what will they do? Can they cancel my buying of a townhouse (I paid 20% so far, almost 1.5 years ago !!) ?

thanks for more views on this

Thanks, it shows the danger of doing business here, in the end, it is all connected via a few families.

Ok, besides complaining, what is the legal situation. Can I refuse to pay till I have my contract, and what will they do? Can they cancel my buying of a townhouse (I paid 20% so far, almost 1.5 years ago !!) ?

thanks for more views on this


They just started handing out contracts for Hydra Village last week so book an appointment with them and turn up.
Then explain the situation and say that you need the contract to submit payments, blaim some old family lawyer...:lol:
But make sure that the additional payment is actually because of the changes to the masterplan (i.e you get more space) and not some cockup by them.

The legalities are under change right now and there will be a similar setup to what Dubai got but it´s not ratified yet.
Try talking to the Al-Tamimi lawfirm if you get the opportunity, they currently advice the municipal departments of Abu Dhabi on this matter.


In short..

Negatives..Legally your in limbo as the laws are being changed more or less as we speak.

Positives..The changes will be to your benefit and the developers know that.

Thanks, they just invited me to their office, so I will show up. There is a lawyer that also bought several townhouses in this Project, so will try to use him to put pressure (and get enough fireworks to show why I need a Contract first).

Still, hard to believe what is happening. Is this the way to treat customers? Would I ever buy again from them, which such a behavior? Remember the funny lessons of John Cleese, how to ignore and mistreat a Customer :-)

Anyway, let's see what they will say.

These guys dont understand about business and treating customers with respect.

I think they should be nominated in the Guinness book for worlds crapest company or the best piss artists. LOL

Good luck and keep us posted.

Some developers are getting the message. Some developers are listening to their customers. Some developers are talking to them and working out how to go forward given the difficult market conditions. Sadly Hydra is not one of them. They took great delight informing me their were no laws regarding AD property and i had no recourse to complain. Sad really but one bad apple, as the saying goes.... rots the barrel.

Hydra Village is at least one project they have to finish at some stage, it may even bare a small resemblance of what they initially launched and will make money. Spare a thought for Hydra investors in Al Reem – should have bought a boat instead, also like making a whole in the sea and pouring money in but more fun at least :)

To clarify, the 'hole' in the sea would be more fun then investing in hydra al Reem.

To clarify, the 'hole' in the sea would be more fun then investing in hydra al Reem.

:nuts::nuts:Finallyyyyyyyyyyyyyyyyyyy,i am not alone in the hole,thanks god that i found all of you sharing me the same worries,i discovered a way that you can see hydra village site,igot really shocked there is no real progress. iwill try to catch some photos & iwill publish it here to see how deep is the hole that we trapped in.i think it is time to take an action before..............

Welcome Maro. Get those photos on here my friend !

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All,

I went to the Hydra village site 2 days ago, and i spoke to the security guard where he advised me that contractors are doing the civil work. Yesterday, i was passing by, and i notice there was a crane lifting up and putting sign for various consultants and contractors working in this project. . It seems there are some movement afterall..

May be Hydra wants to take advange of the low cost of raw materials & supplies .. and finally start the construction ..

will keep you posted.

Haymoss good positive info. Thats what we need with all this doom & gloom. I simply think its too risky for them not to get on with it as it will only jeopardise the longer term strategic plan ( if they give a damn ). Remember the gloom will not last forever and the future winners, developers & purchasers, will be those that come out on the other end untarnished.

All,

I went to the Hydra village site 2 days ago, and i spoke to the security guard where he advised me that contractors are doing the civil work. Yesterday, i was passing by, and i notice there was a crane lifting up and putting sign for various consultants and contractors working in this project. . It seems there are some movement afterall..

May be Hydra wants to take advange of the low cost of raw materials & supplies .. and finally start the construction ..

will keep you posted.

Haymoss: if you pass through via the Hydra site do you think you can take some snaps for all of us. Would be nice to see the progress of these lazy B....d's.

Haymoss: if you pass through via the Hydra site do you think you can take some snaps for all of us. Would be nice to see the progress of these lazy B....d's.

I flew over it yesterday... just sand pilled up. Have a pic but dont know how to post it here. Not a lot of action there, and wonder if one should continue paying as it will be 50% at the end of the month. it certainly doesnt look like there is work on site!

I can see myself on the far right of the picture on my lounger sipping a cocktail :lol:

http://oursurprisingworld.com/wp-content/uploads/2008/01/dubai_beautiful_photo_gallery_04.jpg

Just kidding!

That must be the progress on phase 1.:lol::lol:

Much better progress update to what Hydra sent me.

:ancient:Oh man! that made me laugh!!!! I will be on the other end sipping a cocktail, we can wave at each other from our imaginary balconies.

Today I received instructions from Hydra on how to use my Holographic key for my Holographic Villa!

So!, how is everyone! - The other day I went to the Hydra offices as my contract with the correct name on it! was ready.

I sat for an hour as the contracts STILL had not been changed to show my name...it really makes me wonder if they care at all!!



The only piles you will see are the ones that build up over time as you sit and watch for any movement.

This developer from what I can see is still hedging on the financial markets, they set the bar to low and lost money during the BOOM what on earth must they be thinking now we are in a slump..and I am fed up to the back teeth with losing money now

The base rate at ADCB went up 1% so as of Dec my interest on the payments to the developer have just accumilated to 5700 aed a month

WHY ARE THEY PAYING THEM WHEN THEY ARE NOT DOING ANYTHING!!!!!!!! This remember even with a mortgage affects me also as I am paying through the nose for them to do NOTHING!

If this moves up to the level I purchased at after 6 months then I am happy to get rid at near zero premium just so I can cover my costs and get OUT of this friggin mess! :runaway:

Hydra! Start treating people with respect as all you are doing is NOTHING and asking for more more more.

I am not a speculator, but you are treating me like one as I wanted to live in the place or rent it out..

:ancient::ancient::tiasd:

I flew over it yesterday... just sand pilled up. Have a pic but dont know how to post it here. Not a lot of action there, and wonder if one should continue paying as it will be 50% at the end of the month. it certainly doesnt look like there is work on site!

Via pailleenque I received his air-views. Can somebody confirm that this is really Hydra Village location that we are looking at. Basically, Hydra Village is located where both main roads (both side of airport) come together towards Dubai direction.

Anyway, regardless if this is the right location, it probably looks the same :-(

http://www.locr.com/photos/000/a9/c6/a9c6e9530e926650e0b7e60d0e1e51e9_M.jpg?time=1227461149
http://www.locr.com/photos/000/84/11/8411eb88bd530e0a3650cb87ad277376_M.jpg?time=1227461190
http://www.locr.com/photos/000/96/6e/966ec52072e6cf98dbbb681c0d231092_M.jpg?time=1227461216

Well, there have been a shake-up at Hydra apparently...The powers behind the company that owns Hydra have put a new guy in place, not to run things really but in my guess to make sure proper procedures are observed.


From..http://www.business24-7.ae//Articles/2008/11/Pages/11242008_8f6f4792fd104d318ff58df373806002.aspx

"Abu Dhabi-based Hydra Properties has appointed Hesham Heikal as the company's new Chief Financial Officer.

Reporting to the chief executive officer and joining Hydra Properties' executive committee, Heikal will oversee an assortment of core business processes such as finance, human resources and administration, legal, and information technology in his new role.

Dr Sulaiman Al Fahim, Chief Executive Officer of Hydra Properties, said: "Heikal will be a great asset to Hydra Properties and will assist our company in achieving goals both at the local and international levels."

A licensed Certified Public Accountant in the state of Colorado in the United States and a member of the Egyptian Society of Accountants and Auditors (ESAA), Heikal joins Hydra Properties from New York-headquartered PricewaterhouseCoopers"

YES thats Hydra without a doubt!

Well, there have been a shake-up at Hydra apparently...The powers behind the company that owns Hydra have put a new guy in place, not to run things really but in my guess to make sure proper procedures are observed.


From..http://www.business24-7.ae//Articles/2008/11/Pages/11242008_8f6f4792fd104d318ff58df373806002.aspx

Good to see the CEO took time out of his busy E TV shedule to notice his developement company needed a change in stratergy - and actually start developing something. . . hopefully this new guy will be empowered to get things moving... not holding my breath mind you....

Appointed new Boss! SO WHAT!!!!!!

More little exercises lots of guff and NO ACTION!!! - Just like Etisalat and the 1MB I pay way over the odds for which is no better than dial up!

After seeing the pics I can tell you that this WILL NOT be ready end 2010!

Also I am a little tired of seeing people defending this company!, I did to begin with but after being repeatedly lied to I know longer shall!

This is money I have tied up which has been earnt with blood sweat and tears!

I am now going to blog this out to people I know in gthe UK and elsewhere! Its about time people got the message to stay away!



Sorry! enough is enough!

Be careful that it is not becoming a self-fulfilling Prophecy. If noobody buys anymore from Hydra, than for sure this project will not be finished (as money will be dry up). I believe they have around 8-10 towers on Al Reem, and for sure (with the high launch prices), these towers will not be sold out.

I do not think anyone defends Hydra, but just trying to find a way out of this mess, hopefully without losing money in this company.

So far as I remember, 50% of this company is backed by Government, and Hydra Village is the first project, they can not allow this to go bad.

But you are right, 2010 is not realistic anymore.....

Yep 2012 i think is more realistic. I agree with dubaigreen: dont give your own investment a rotten name. It affects you and all others. I dislike them as much as anyone. They are amateurs trying to make it big..run by fat lazy sheikhs who cant even read.

Dont give it a rotten name!

Mate its doing that all by itself!

Project Updates ::::::::


I got this from my database of building here


so we already have a 3 month slip! See below¬

.......................................................................................................

Schedule : The project is expected to be completed in the first quarter of 2011.
Related Projects
--------------------------------------------------------------------------




--------------------------------------------------------------------------------

Contact Information



Consultant Information
Company : National Engineering Bureau (NEB), Abu Dhabi



Contractor Information
Company : Ersa General Contracting


So Contractor is appointed....2011 for 2500 villas would be about right as I am dealing with around 8000 villas here and offshore

BUT

They have to start now and not put an advert in 7 Days like they did before and not do anything!

QUESTION TO ALL

Am I missing something ? I have noticed for some time there are far more Al-reef villas for sale in comparison to Hydra on gulf news property section. Anyone wondered why ? Are more Hydra generally available in the market place ? I thought Al-reef was more appealing proposition but more for sale even when the project is smaller.

Any thoughts ?

Good luck

2012. Mark my words !

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upload the image from your hard drive
wait for it to upload
copy the 3rd line of code down which will look like [lmg]rdyfyfv4r[/img]
if you quote a picture in a post you can see the code

2012!!!

2012! sorry where did you get that from!

Has anybody actually ascertained if this project is phased or are all villas being released at the same time!

Oh! ha aha aha aha ha a! I said released!!! that must mean built! ha aha aha aha aha !!!! oh I do have to laugh sometimes!

Just spoke to Hydra representative. It seems that there is a sq footage increase for which buyers will be charged. He was unable to say how much. You can only find out if you are prepared to book an appointment and have your villa allocated and at the same time bring your payments up to date, that is 40% plus 10% for this month, By the way 40% must be paid in order to sell. 2% transfer fee is applicabel. He tells me that they are working 24-7. Guys lets admit it, the price was hitting like 1/3-1.35 due to speculators, the speculators are out of the market now, so prices have become realistis. Come on would you wana pay like 1.3M for a property which has not even constructed 5%, let alone making the 50% payment plus premium.

''Just spoke to Hydra representative. It seems that there is a sq footage increase for which buyers will be charged''

OLD NEWS

its 119k D3 extra payable on completion 300 sqft(pauses to laugh head off) this is at original buy sqft, which as it would pan out is todays value as the prices have fallen.

I just want answers and not lies, it would seem that the present climate is creating what I call anti - speculators, those that delight in creating bad news and scare mongering in order to get people to sell at stupid prices, the real estate markets are just as culpable, anything to get a sale.

Sorry if I have been down on it, its just I do not like being screwed around.

If I cannot sell without a loss I wont at all, thats the beauty of a mortgage, I dont have to, but! I am requesting a new payment plan as I am not paying any more payments through my bank to Hydra so as to avoid cumalitive interest, until I see site works! NADA!

I purchased at 1350 until it gets back to that I m standing my ground, one year two whatever! I m not selling at a loss to the sharks, wether you think its not worth 1.3 or otherwise.

Just spoken to someone at Hydra and asked based on pictures kindly submitted above when they expect completion

Ahain I get 2010 last Q, I tell him what I have seen, he tells me they have three contractors on site! (see above - only one Ersa) he then tells me that they expect 300 or so villas to be finished within the first 4 months!

Oooookey then!

Im just popping back to la la land! , will keep you informed!

I purchased a year and half ago at which time I paid 20%. Since then I have made no payments. I have now been told by Hydra that I must bring payments upto date.i.e 50% by the end of this month. Has anyone else paid only a similar amount, if so does anyone know if Hydra will charge a penalty, fee for not having kept payments upto date.

Guys 2012 is simply an educated guess. if theyre saying last quarter 2010 ( which really means 2011 ) and you factor in further delays and 12 months is a reasonable delay in this part of the world then it brings you into 2012. I hope im wrong though !

Not sure if I understand where 1.3 comes from. I certainly wouldnt sell my 3 bedroom for less than 1.7 crisis or not. I simply wouldnt be able to replaced with anything else in the area for that price.
I have made all the payments to date and have a contract. Just wish they would get on with it.
Drove to the gate today but couldnt communicate with anybody. There were a few trucks around and some movement about.

Javid

Show them the pick of the site, my bank is supposed to bring them up to 50% by the end of the month but I will stall!

No build no pay! you have that right!! why pay when they are doing nothing!

D3 Mate! ref 1.3!

Great photo! I left that with Hydra today!!! should of seen their faces!

Not sure if I understand where 1.3 comes from. I certainly wouldnt sell my 3 bedroom for less than 1.7 crisis or not. I simply wouldnt be able to replaced with anything else in the area for that price.
I have made all the payments to date and have a contract. Just wish they would get on with it.
Drove to the gate today but couldnt communicate with anybody. There were a few trucks around and some movement about.

Totally agree. Nothing around for those sort of prices.

I purchased a year and half ago at which time I paid 20%. Since then I have made no payments. I have now been told by Hydra that I must bring payments upto date.i.e 50% by the end of this month. Has anyone else paid only a similar amount, if so does anyone know if Hydra will charge a penalty, fee for not having kept payments upto date.

My agent advices not to pay at all till the construction really starts. As long as you do not have a contract, they can not penalize you. Only when you have a Contract, you are legally obliged to pay in time.

I hope this is true, because that is what my agent says, but you know, agents are not that clever, selling when the market goes up, that is easy to understand, but when there are problems, they do not have a clue what to do.

My agent advices not to pay at all till the construction really starts. As long as you do not have a contract, they can not penalize you. Only when you have a Contract, you are legally obliged to pay in time.

I hope this is true, because that is what my agent says, but you know, agents are not that clever, selling when the market goes up, that is easy to understand, but when there are problems, they do not have a clue what to do.

Im not so sure on that one. Because we have no laws to protect us they can basically do what they want. I would also refer you to clause 6 & 8 of the reservation form. So even without a contract they've got the payment terms covered.

Has anyone paid like 20% so far over the last year and a half? If so have you had a call from developer to bring payments upto date,ie 50% by the end of this month? Also any idea if developer is charging penalty,fine or fee for non payment of the last 30%?

Many people have paid only 20%, but it is the 1M dirham question if Hydra is going to try to give us penalties.

I know, legal system is unclear here, but so far as I can imagine, just calling us, is not enough to force us to pay up to 50%. For sure, they could warn us, but than they should do this via an official letter. And, so far, the only letter I received was a letter in April in which they announced a delay in Contracts, but that they were close to finish the process.....

Anyway, it is a nice learning, we took the risk, and let's see how we can get out of this without too much pain.

Get out of this without any pain!


The only way I can see this panning out is to stop reacting day by day, it's doing my head in!, problem is I am paying very real money to these people and they are not building.

This is the heart of this matter for everyone, ref people who dont have the money for next stage payments or finance who got caught out by the sudden collapse, I guess thats the risk you take!

If Hydra have been so lapse in taking money from people then its no wonder this has not been built, along with the crunch and the initial release under the threshold of market expectations. They have lost money here so this project for them as we all know is hurting.

I just wish they would communicate more with people instead of this smoke and mirrors approach.

I have looked at the option of not paying but as I have signed the new contract I am obligated to make them. I have blown myself out now ref Hydra and will have to just bat down the hatches and ride this out. I entered in as a 90% mortgage with ADCB with the minimum of six months before I could sell. This will now go to term, whenever this is.

Ref those who have not paid anymore than 20% and are questionning why they should pay more? I and no doubt others are up to date with repayments as of the end of November being 50%

Question: How do you think this will ever get built if you refuse to pay anything on LONG OVER DUE PAYMENTS.

Hydra have every right to ask for this and if you cannot pay it then you need to make some decisions as very shortly from what I hear they will be made for you just as they got made for me.

Good luck

I spoke to someone at Hydra and asked what would happen if payment wernt made. They said simply cease the property. I dont think they really need our money to get on with it and the people that havent paid will loose out once the prices eventually recover.

Also you are now no longer able to sell unless all your payments are in .

As I have said before its all covered in the reservation form so they have it covered without a contract anyway. Good job im up-to-date with all my payments.

http://www.hydraproperties.com/

I think we have all been duped! its actually called

Hide The Village!

LOL

A bit of humour to lighten the load, all being well all should be well...

Has anyone paid like 20% so far over the last year and a half? If so have you had a call from developer to bring payments upto date,ie 50% by the end of this month? Also any idea if developer is charging penalty,fine or fee for non payment of the last 30%?


Erm, I can top that as have 100% deposited at First Gulf Bank towards it in a trust agreement..No problems with anything though, contract delivered and all paperwork is hunky dory....But then First Gulf Bank is controlled by the same guys that own the company (Royalgroup) that owns Hydra.

Guys,

Does anyone have any idea what Hydra's new payment schedule is? Is it the same as the existing one (10% every 3 months, final 20% on completion)? If so, can we, as a group, push Hydra into agreeing on a payment plan that is linked to construction?

It seems (according to the people on this thread) that very little progress is being made on construction but Hydra are demanding upto 50% payment. I strongly oppose paying them anything additional until there is proof of progress on this project.

What do you all think?

Wrong internet forum people.