#PROJECT: DUBAI SPORTS CITY

[UAE Investor]

Quote from True Blue...regarding new laws etc...

Originally Posted by True Blue

Just a proposal at this time, needs to be finalised and posted as law before it becomes a useable legal instrument.

Seems a shame that the authorities are starting to get their act together after the horse has bolted. Obviously the authorities are well aware that unscrupulous developers have been preparing glossy sales material showing ficticious designs and standards of finish that they have no intention of including in the final product. The intention only being to deceive purchasers and obtain the signatures.

I think off plan is over, they won't be able to sell another development from doctored pictures. Buyers will not pay a cent until they see the finished item in future.

[kamenoff]

Very true but the Government is to blame also for tolerating this culture of disrespect to Investors, Deceiving Developers and totaly ignoring the contracts signed between them.
I am still very skeptical about the new law since many laws were introduced in the last few years and available now but it seems (again) the Government cannot enforce them.

[unknownpleasures]

completed properties, any off plans you won't get any one buying, lots of information on the net about what's been happening.

[unknownpleasures]

Originally Posted by MarkWass

Chris, if my (and yours, of course) sources are correct, tomorrow we should finally see an accurate article as to the real situation in the national...

what's the article chris, will it be a thorne in some sides?

[miser developer]

It is Because of Government doesn't want to punish for developers government love them because they brought big more money and their sponsors also from belongs to royal families of u.a.e.

[miser developer]

memon are underworld all of them

[unknownpleasures]

Is there any water or electricity connection in this place, apart from the puddles left in the holes?

[UAE Investor]

new pics on google earth..

[unknownpleasures]

anyone on the ground that can share......

[worried4]

http://www.emirates247.com/news/gove...05-21-1.459713

[miser developer]

i am in touch with hamdan i sent this to him


As I sent the petition of Dubai Sports City i would like to say we became like hostages and there is no way developer not refunding also on other side they aren't completing their construction of buildings Dubai land Department (RERA) gives only solution go to court. Investors now gathered more than 5000
we hope we will get more investors by time.

Developers demanding for heavy charges of electricity utility charges + 2000 RERA pre-Registration like my studio unit is only 630sq/ft developer memon charging me 14000 this not to me only whole Dubai sports city developers demanding to all investors.
Every developer is doing only completion since 2007 March and December.



When we ask to developers reasons of delaying building construction they say RERA Dubai land department delivered to us very late the plot.
They also blaming there is disputes between 3 directors of Dubai sports city master developer.
We want peacefully exit from Dubai U.A.E. with our amount

Why Dubai Sports City constructed half to send owners to Dubai court and spend more money in u.a.e. I can say it is corruption is somewhere
We all demanding refund to all of us + interests. We want exit with our refund never investment in Dubai again
This will damages the Dubai image and also bad impact of investment in the market of Dubai and u.a.e.



If all investor go to court so there is not investment purpose it becomes that and this will encourage all developers from Dubai advertise the projects after reservation and signing contract taking amount from buyers/investors make cheap reasons of delaying when all investors ask or complaint to RERA and Dubai land department they will be say go to court. If investors need always to go court so it is not a investment i would say and you think all investors of Dubai sports city more than 5000 go to court and pay 30000AED fees to court

We are waiting to hear from you declare the decree to developers and null the all contracts of buyer investors and refund back also interests

[miser developer]

http://fazza.ae/en/2012/05/22/hamdan...#comment-55394


please give your comments and suggestion

[kamenoff]

I have posted a comment:

I totally disagree with the comment that the building of the Dubai Sports City is progressing. The city should be completed a few years ago..if I am not mistaken the completion date was December 2010. My project suppose to be ready in July 2010 - is nearly off the ground. There is no infrastructure in the Dubai Sport City (no shops, no medical centres, only one stadium). What is the purpose even a project to be completed if there are no facilities.
I am not sure what is the reason for the delay since as an investor I have paid over 95% of my unit. My contract is long expired and every time I mention refund I am pushed to the Courts. I did not invest in Dubai to go to Court. I trusted the Government and the strong culture of trust and fairness. Unfortunately me and many other investors were completely disappointed and let down by the system and the Government. There are laws to protect us but they are not enforced. The system should be changed since there will not be any new investments in Dubai. As investor what I would expect is a realistic picture and complete report about the reasons about the delays. We had enough of prity posters and empty promises.

[kamenoff]

http://www.thenational.ae/thenationa...re-taking#full

New great article which should be a footprint for all future investors in Dubai. The articles confirms our experience in investing in Dubai:

To summarize:
1. Contracts have no any weigh in Dubai. To get out of contract or to get your money, you need to go to Court which is lengthy and expensive. Due to complexity of the system, there is no guarantee of success.

2. There are laws to protect investors but they are useless since you have to go to court - investors pay expenses;

3. Court: even if you win, you get nothing from the Developer (no cost awarded)

4. In case of bancruptsy, you get only part of your invested money. Does Escrow really provide any protection?

5. Remember: "The developer is holding the cash and doesn't want to give it back. They don't have to give it back unless there is a court order. But buyers who have lost their cash can't afford to get a court order and don't like the risk associated with getting it. They may not have the assets at the end of it and so write it off".

6. There is no Government organisation to protect investors. For each problem you go to Court....

Do you still want to invest in Dubai?

[miser developer]

nice point of view

kamenoff

[miser developer]

no never ever

[unknownpleasures]

What a pity this wasn't transparent or scrutinised in the past. It was all positive and guaranteed by the govt. Not one bit of media release back in 2007. People purchased because of this being the case believing that Dubai had laws also that would not allow for such scams. Everything was safe they claimed in Dubai. Don't they cut the hands off thieves over there, then why are all these people being protected and the buyer doesn't have the right to any sort of justice?

[miser developer]

i like your point

[UAE Investor]

Hamdan Bin Mohammed visits Dubai Sports Council & reviews future projects under the 2011 – 2015 strategic plan Dubai Crown Prince HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum paid an inspectional visit Monday to the headquarters of the Dubai Sports Council.Sheikh Hamdan, who chairs the Council, was received by the Deputy Chairman of DSC Matar Mohammed Al Tayer and other officials.They briefed Sheikh Hamdan on a number of future projects in the sphere of sports as per the Council’s strategy for the 2011-2015 period, which was laid down upon the directives of the Crown Prince to keep abreast with the changing needs of the sports sector and its development on the regional and international levels.Sheikh Hamadan expressed satisfaction on the functioning of the Council and admired the future projects.

Strategic 2011 -2015 plan .....err never heard of this before ..Is this a way of buying more time..?

also here

http://www.emirates247.com/news/gove...05-21-1.459713

Recent pics of DSC once again show little or no desernable effort from DSC to spend any monies / ongoing development.

http://www.skyscraperlist.com/forumd...ai-Sports-City

Obviously shiek mo,s son is delighted at the progress ,being a member of the Dubai Sports Council and the original idea,s man behind DSC !

I,m in Florida at the moment on holiday with the family,while taking a breather at Disney World, watching thousand of tourists enjoying themselves...i can,t help thinking what would happen if the same real estate developers, enveloped all these with there off plan dreams .

[Rob Timpie]

I'm affraid even the Sheik is buying their stories and lies...