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Old July 30th, 2013, 10:55 AM   #32861
Richard Head
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Sounds positive. But then so did RERA when it was first launched. Reserving judgement for the time being..........

http://gulfnews.com/business/propert...back-1.1214727
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Old July 30th, 2013, 01:19 PM   #32862
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Dubai's government will establish a legal committee to liquidate cancelled property projects and settle related disputes, including paying out investors who have struggled to get their money back from developers.

The system will apply to projects that have been cancelled by the Real Estate Regulatory Agency (RERA).

Countless projects were announced during the Dubai property boom but were postponed or cancelled – either partway through construction or before work had begun – when the market dramatically dropped in 2008-09.

Many sites have sat idle for several years, although not all affected projects have been officially cancelled and some developers claim frozen projects, such as Palm Jebel Ali and The World, will still go ahead.
Click here to find out more!

Last month, a twisted residential tower in Dubai Marina was finally completed after remaining part-finished for several years.

A statement on the state media service WAM says specialists and consultants will be appointed to the committee, while developers will be required to provide their audited financial status and evidence of all cash transfers and deposits related to the failed projects.

“The committee has the right to take actions and issue decisions to guarantee the rights of those who have purchased property that fall into this category,” the statement said.

The decree, issued by the ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, immediately puts on hold any cases or appeals related to cancelled properties presently before other courts, which will no longer be able to hear such cases.

Decisions by the committee will be final, with no avenue to appeal.

http://www.arabianbusiness.com/dubai...ts-511645.html
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Old July 30th, 2013, 02:52 PM   #32863
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Can someone please tell us as to what can we do to protect our rights in respect of our acquisition of apartments from DEC. So far DEC have failed to deliver and in what way can we utilize this new pronouncement to protect our interests. I have seen many declarations coming from all quarters but DEC don't seem to care. What makes you think this will make them move from where they have been i.e. stagnant and stinking waters?
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Old July 30th, 2013, 04:56 PM   #32864
tonydubai
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European....?

Thanks Flora for the reply.
Why would they invite you to snag an apartment with no power...this is bizarre..
Have you heard anything since...it's nearly a month now..?
also, why would car parking spaces not be the responsibility of Sports City...
This is now six years and six months since I put my deposit down....I have paid 80% that has been with Sports City for over 4 years.....I'm a big fan of Dubai but this is one massive embarrassment....my building looks complete.....just what is the hold up...?
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Old July 31st, 2013, 01:45 AM   #32865
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Quote:
Originally Posted by s.y View Post
I dont live in Dubai but went to Dubai in April to present my documents to the Land department and they were supposed to investigate and register my unit but now saying there is no record of my payments into the account.
Al masah wanted me to give up my orginal unit as well and buy another unit but I told them no that is why I went to the land department to get them to register my unit which now they came up with that there is no record of my money. I will be going to Dubai soon. s.y
s.y; I couriered my original document to one of my friends in Dubai and he showed the documents to Almasah. They acknowledged the documents alongwith the receipts of payment but advised me to buy a new unit as they have sold my original unit. I have an email proving that they have acknowledged my payments and were ready to adjust the payments if I buy another unit from them.
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Old July 31st, 2013, 06:28 AM   #32866
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I have recently moved in to JP and I am struggling to get information from Du about TV, Internet and phone availability. Can anyone on here help?

I am in O3VS which i think is in Sector 5


Thanks
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Old July 31st, 2013, 09:09 AM   #32867
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Quick question:
I stay in a rented apt. It has now changed ownership and the new owner says I have to move out either now or when the contract expires.
Is he allowed to do this?
(He does NOT want to live in the apartment himself).
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Old July 31st, 2013, 09:32 AM   #32868
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Quote:
Originally Posted by Pleth View Post
Quick question:
I stay in a rented apt. It has now changed ownership and the new owner says I have to move out either now or when the contract expires.
Is he allowed to do this?
(He does NOT want to live in the apartment himself).
I think if your in the second year of an extended contract Pleth the new landlord has the right to make you leave when when contract expires. If the old landlord managed to sell the apartment he fulfilled his requirement towards the law to do so.
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Old July 31st, 2013, 09:47 AM   #32869
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Quote:
Originally Posted by Pleth View Post
Quick question:
I stay in a rented apt. It has now changed ownership and the new owner says I have to move out either now or when the contract expires.
Is he allowed to do this?
(He does NOT want to live in the apartment himself).
Article 25, part 2 of Dubai Property Law states that the previous owner was required to provide you with 12 months notice that he intended to sell his property.

Assuming that he did not do this before selling the property, the obligation now passes to the new owner has to comply with this law.

Take a look at the following:

http://www.bhomes.com/uae/dubai-law.xhtml
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Old July 31st, 2013, 06:17 PM   #32870
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Quote:
Originally Posted by bizzybonita View Post
Platinum 2 Project Delay from Master Developer

May 5, 2009

Platinum 2 has been subject to unexpected delays due to an issue between the Master Developer, Mizin and the Road Transport Authority (RTA). We have been liaising with the RTA, Mizin and Dubai Municipality to seek a resolution on the matter, but as yet have received no indication as to when we can resume works on the site. All owners of Platinum 2 properties will be sent a letter during June that will provide further details on the status of Platinum 2 and the actions we are taking to protect the investment our clients have made in this project.

http://www.acwholdings.com/construct...me.php?prjID=5

My Dad has a couple of hotel apartments in Platinum Two and still waiting for them. We tried contacting them several times but they seem extremely uninterested. He will be filing a case against ACW soon. Anyone is in the same boat?

Oh, and will this apply to them?
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Old July 31st, 2013, 06:23 PM   #32871
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Quote:
Originally Posted by Towers3 View Post
Is it the same price for every project and for that fee you just get a cancellation email or regular updates?
Developers can charge upto 5000AED. I dont understand 2nd part of your q..?
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Old July 31st, 2013, 07:14 PM   #32872
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Hi Everybody

I am only telling my personal opinion. I have no connection other than investor in regal row town houses.I have recently sent 3 e-mails to the management of regal row town houses but get no reply that much relationship I have with them. I am just trying to get back my money or unit. As far as throwing good money after bad is not true. I will prove that I will recover my full money from regal row town houses. In 2011 some people told me don't invest in Dubai you will loose more money but proved wrong. Villa I bought in Spring for 1 Million now worth 2 Million in 2013. I am very sure by the time regal row town houses will be ready Prices will go up.

Regards

Shah
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Old July 31st, 2013, 07:21 PM   #32873
shah100
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Hi

I proposed to the Management of Regal Row town houses to return my money. They have totally refused. There approach is to complete 60% ask investors for money. If investor does not pay, will apply cancellation of the unit and confiscate whatever investor has paid. Remember my words when they will send cancellation letters.

shah
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Old August 1st, 2013, 12:40 PM   #32874
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Can anyone please give me the details of the Investors or Owners group. I am not getting anywhere with emails or phone calls for news on Windtower 1.

Thanks
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Old August 1st, 2013, 01:44 PM   #32875
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Quote:
Originally Posted by Al shali View Post
Inconclusive. They case was filed by my tenant in May and I have attended rent court twice since but both times had the decision postponed by the judge. Had a new summons, via SMS, to attend anew in September but the case has since become moot as I sold the flat and the new owner and tenant came to terms on the lease extension. The proceedings are held in Arabic so I advise to bring an Arabic speaker.

In conclusion, I believe the rent court officials are just as perplexed as we are over what law or regulation is valid or which one supersedes what one. And I don't blame them.

I believe that TB's suggestion of including a clause into your tenancy contract sidelining the rent court completely, at least until there a fair and clear regulations for the rental court to rule on, is a great idea. That is if your tenant agrees to that of course.
If you could suggest any tips & do's and dont's about such issues in which landlords are dragged to the Rental Committee courts by tenants ,it will be a lot of help to me .... I believe it is an investor's right to ethically get the ACTUAL and full market rental returns on his hard-earnt investments !
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Old August 1st, 2013, 02:54 PM   #32876
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Quote:
Originally Posted by Cyan123 View Post
Can anyone please give me the details of the Investors or Owners group. I am not getting anywhere with emails or phone calls for news on Windtower 1.

Thanks
Try emailing this guy. He was involved/running in the owners group a few years ago. I've no idea if the email address is still valid though.

actually, I'll pm the address.

Last edited by maltster; August 1st, 2013 at 02:55 PM. Reason: removed email address
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Old August 1st, 2013, 05:22 PM   #32877
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I agree with your sentiment. If common sense prevails then Rera will stand down this silly rental increase calculator and allow the market to operate freely.

I see the sense in introducing controls back in 2007-8 when demand was high and supply very short. During those heady days I got 145k for a 1 bed in the marina, but those days are long gone and the market should be allowed to operate normally free of constraints. Let's face it, if a landlord wants to charge too much, the tenant just packs and goes elsewhere. There are plenty of choices today.
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Old August 1st, 2013, 06:34 PM   #32878
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Having read the recent threads I am shocked how people have bought into this tower.What did I tell you guys. Some people are really naive who bought in this tower.
I really feel sorry for you guys who bought in this tower.

Quote:
Originally Posted by apradhan View Post
People are creating a bubble in this tower by buying off-plan and the price spiralling upwards. Remember what happen a few years ago when this happened! With the track record of the developer I would not be surprised if the tower takes 3 years to complete. Remember your money will be tied in for 3 years without any return on investment.
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Old August 1st, 2013, 07:04 PM   #32879
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In 2008 I bought a copy of a book called the Dubai Property Law Guide, thinking I could be ahead of the Game, Ha Ha, it really was a waste of money, and after nearly 5 years here, I have learnt that quoting the Law or any other form of regulation, is entirely down to the Officer that you present yourself to at RERA/LD all the wish to do is see you out of the Office as quick as they can.

My Tenant was very cute and went to RERA, so at the 90 Day period, he gave me notice that he wished to stay for another year at the old rate, and RERA told him he could, and not the 20% i wanted al though it was within the RERA index, and had similar comparable rentals in the Building.

The outcome was I didnt want to go near the Rental Tribunal, and he agreed to pay an extra 5% which I accepted, I also gave him a years notice to quit Letter, as I wanted to sell.
I agree that if RERA and LD and Goverment put as much energy into the Developer/Investor **** Ups, as the do this stupid Rental Index, we might get somewhere..............But thats Dubai, always a surprise around the Corner.

Al.
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Old August 1st, 2013, 07:43 PM   #32880
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Talking of possible surprises! (stamp duty?)


The International Monetary Fund warned Dubai on Tuesday that the emirate might need to intervene in its property market to prevent another boom-and-bust cycle of the kind which brought it close to default four years ago.

Over-inflated Dubai real estate prices crashed by more than 50 per cent in 2009 and 2010, triggering a corporate debt crisis which unsettled financial markets around the world.

The economy and the property market are now recovering, but so strongly that the IMF worries another bubble could form – and because Dubai’s debt has continued to rise, it might have difficulty coping with fresh instability.

Harald Finger, IMF mission chief to the United Arab Emirates, noted that by one commercial bank’s estimate, listed Dubai property prices soared 35 per cent from a year ago in June.

“It is too early to speak of a bubble, but should price increases continue to take place at this pace, action will need to be taken to prevent a bubble,” he said after annual economic consultations between the IMF and the United Arab Emirates.

Last year the UAE central bank tried to introduce caps on home mortgage lending as a way to head off another bubble, but suspended them after lobbying by commercial banks, which complained their business would suffer.

The central bank is now negotiating revised caps with the banks, but Finger said that because much home buying in the UAE was done with cash rather than mortgages, the mortgage rules would need to be complemented by other measures.

If property prices continue to surge, one suitable step might be introducing fees on real estate market activity, he told a media conference call.

However, Dubai’s business success has been built on a low-tax environment, and it is not clear whether the emirate would be willing to consider such a step.

Finger said he had discussed the idea of fees with Dubai officials, who had replied that they might be considered but would need careful coordination with the rest of the UAE to ensure that Dubai’s competitiveness was not damaged.

http://gulfbusiness.com/2013/07/imf-.../#.UfqeIyRwZaQ
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