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Jumeirah Lakes Towers Masterplanned skyscraper community by Nakheel



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Old August 20th, 2017, 08:58 AM   #1861
qronfla
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I agree with you haslok 2000, after near 10 years not ready, more worst, is that have the arrogance, to say some of us, that our apartments are sold to other person, and have to wait not to see the apartment ready, but to say if our apartments is ours or not when have all papers resiets and also the apartment is registered.

Last edited by qronfla; August 22nd, 2017 at 08:31 AM.
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Old August 28th, 2017, 12:20 PM   #1862
haseeb_eng
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I had meeting with Lawyerpoint on 26th. And the news is definitely not good. The case is still pending and we have to wait for 1 more month minimum to get the outcome.

Also the construction has been totally stopped because Saqran demanding some funds from Masah. Even though if the recovery is done, the project won't have enough money to be completed as their are about 100M Dirhams short and nobody can keep the track record of that money.

Lawyerpoint had already given multiple solutions to Saqran to keep the construction going and the final decision against this will be taken after Eid public holidays.

If it's decided that the construction won't continue then the building will go under auction and this itself can take 1 year.

I had enquire from another lawyer whether we can file a case against Saqran(on the SPA it's written that Masah is Saqran's representative and for me both are same and liable to us). They told me that filing a case is extremely expensive & will cost 40000 AED per apartment + huge lawyer fee (probably 25k and then some percentage after the recovery). Surprisingly in Dubai it's not allowed to file a case as a group(BS). The case must be filed as individual victim only which is obviously another way of making money by the Govt. And if for some reason the project gets cancelled and goes under auction then that 40k+laywers fee is also gone.

Being an investor who cares whether it's Masah's or Saqran, it's the duty of Dubai Govt. to ensure a proper check and balance system which is evident that it doesn't exist.

To summarize: We need to wait for 1 more month after Eid holidays to get a clear picture of the case pending in DLD. And you never know DLD might decide to send the case to court & if the case goes to court then it can take years to get resolved.

So let's hope this gets settled between Saqran and Masah outside court and construction can resume.
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Old August 28th, 2017, 01:08 PM   #1863
mashraf42
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Thanks for the update haseeb eng. unfortunately the I month update should be taken with a big pinch of salt. Every time I have spoken to lawyerpoint that was the time frame they gave me and I have been talking to them for the past 7 months. Let's just hope that a resolution is found soon and the work gets restarted.
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Old August 31st, 2017, 04:56 PM   #1864
haslok2000
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Can somebody please explain what would happen if the building goes for auction?
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Old September 10th, 2017, 10:10 AM   #1865
haseeb_eng
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haslok2000 the auction money will be distributed among the apartment owners
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Old September 26th, 2017, 06:19 PM   #1866
qronfla
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I pay all this money to have an Apartment, not after all this years speaking on auction.
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Old September 27th, 2017, 07:47 PM   #1867
haseeb_eng
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On DLD website the project is showing active again

Anybody got latest update ?
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Old October 1st, 2017, 10:09 AM   #1868
Jack_123
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DLD website showing latest status of Saqran as "UNDER CANCELLATION NOTIFICATION"

Don't know what it will mean for us investors?
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Old October 1st, 2017, 10:10 AM   #1869
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refer below link:

https://www.dubailand.gov.ae/English...&projectNo=818
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Old October 2nd, 2017, 08:01 AM   #1870
Denis Rus
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In accordance of Executive Council Resolution No. (6) of 2010 :

Article (23)
RERA may, based on a reasoned technical report, decide to cancel the development
project in any of the following circumstances:
1. if the developer fails, without any valid reason, to commence the construction works
despite having already obtained all the required approvals from the Competent Entities;
2. if the developer commits any of the offenses set forth in Article (16) of Law No. (8) of
2007 Concerning Escrow Accounts of Real Estate Development in the Emirate of Dubai;
3. if it is proven to RERA that the developer has no intention of implementing the project;
4. if the land plot upon which the project is to be constructed is revoked due to a breach
by the Sub-developer of any of his contractual obligations to the Master Developer;
5. if the land plot is substantially affected by the planning or re-planning projects
implemented by the Competent Entities in the Emirate;
6. if the developer fails to implement the project due to gross negligence;
7. if the developer expresses his intention not to implement the project for reasons
acceptable to RERA;
8. if the developer is declared bankrupt; or
9. any other circumstances determined by RERA.
Article (25)
In any case in which RERA cancels a project, it must:
1. prepare a technical report justifying such cancellation;
2. notify the developer in writing, by registered mail or electronic mail, of the
cancellation decision;
3. appoint a certified auditor at the cost of the developer to review the financial position
of the project and verify the amounts paid to the developer or deposited in the
escrow account of the development project, as well as the expenditures; and
4. request the escrow agent of the project or the developer, if payments are made
otherwise than through the escrow account, to refund the amounts deposited in the
escrow account or paid to the developer to the relevant parties no later than fourteen
(14) days from the date of such cancellation.
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Old October 5th, 2017, 01:29 AM   #1871
qronfla
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The last 11 floors, how can be cancelled?

Last edited by qronfla; October 5th, 2017 at 01:35 AM.
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Old October 5th, 2017, 10:38 AM   #1872
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Just spoke to Lawyer Point, tower is under cancellation notice as there is no construction going on for a long time, we should get update on the status next week as they need to submit new documentation to get back active status

A court case between Al Massah and Al Saqran is believed to be over shortly also.

Hopefully, these 2 issues will be sorted soon and we can finally see this building getting finished almost 10 years after.

Let's see next week what happens with status.

I am just writing here what Lawyer Point told me.
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Old October 5th, 2017, 02:25 PM   #1873
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Thanks haslok2000 for the latest update fingers crossed!
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Old October 9th, 2017, 12:59 PM   #1874
haseeb_eng
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We heard this before. Let's hope we get our apartments before WW3 erupts

Quote:
Originally Posted by haslok2000 View Post
Just spoke to Lawyer Point, tower is under cancellation notice as there is no construction going on for a long time, we should get update on the status next week as they need to submit new documentation to get back active status

A court case between Al Massah and Al Saqran is believed to be over shortly also.

Hopefully, these 2 issues will be sorted soon and we can finally see this building getting finished almost 10 years after.

Let's see next week what happens with status.

I am just writing here what Lawyer Point told me.

Last edited by haseeb_eng; October 9th, 2017 at 01:06 PM.
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Old Today, 02:05 PM   #1875
InvestorN
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Just received a quick response/update from Layerpoint saying that "things progress well and by next month starting construction will progress". As for the "expert's report", still judgement is pending....
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