#GROUND WORK: PRODIGY PROJECTS (6 Buildings), 6x5F Res (JV South)

[SPAINBUYER]

Hello, I bought an apartment in Prodigy 2. I have been reading projects are not going on and nothing is done in this building. I gave the 80% of the total amount, I have my contract and now I have no idea what to do. I dont know if I must think I have lost all of my money or in 30 years I will have this apartment or what???? What are you doing? I was thinking to call ambassy and give this contract to a lawyer to know if I can do something or just belive I wont have nothing there. Guys, tell me, what are you doing? What do you think? I see this forum is not moving from 3 weeks, come on, let's talk about it!!!! Its our money and we work very hard to earn it.

[kingv]

I contacted 'better living'. They are an estate agency and were of no help. Any other contacts for companies/law firms who people may be aware can help us put together a case against minc would be useful. I am happy to be the point of contact for all who are interested.

[ozy100]

my family was in dubai in november minc told them they have cancelled prodigy 5 and 6 trasnsferred all the people to p1 to p4 projects they also mentioned they are selling the plots 5 and 6 to a local land developer when they get the money the project will proceed they told my family they're hoping by febuary/march we also have 75% stuck ?

[oryx12]

Hi,
I have been told that MiNC is having problems with the Master Developer and the permits are delayed therefore construction has stopped for this project!!! And this may never take off, also that Nakheel has not completed the infrastructure that they were supposed to in Jumeira Village ..... so now what is everyone planning to do ? can we go legal n get our money back???

[mokha]

Recieved email from Haroon ref Prodigy 5 (see below).
Any one else recieve this and what are your feelings about this?
I just want a full refund.


"I am writing to you regarding moving ahead with the Prodigy 5 development. As you will know the project has been on hold for some time now due to the absence of a building permit. We very much regret the inconvenience this has caused you as an apartment buyer and fully understand and share the frustration that you have no doubt experienced.

However, we have recently received some positive signals from Nakheel that building permits may be granted shortly. This would enable us to mobilize the site and get the contractor to start building works. We will keep you informed of progress on this matter and look forward to your support in finally moving ahead with the project.

As much time has elapsed without progress in the project, we would like to conduct a review of the willingness of buyers to proceed with this project. Once the building permit has been granted, we intend to agree a revised payment schedule with RERA based on construction milestones being achieved, as well as the cash requirements for successful completion of this project. The expected build period is approximately 18 months, with construction starting by early April 2011.

As a result of the above, we would appreciate a response to the following question below:

I/We are still committed to completing the purchase of my/our unit(s) and will pay my original contract price in a revised payment plan approved by RERA based on construction milestones being achieved and the cash requirements for successful completion of this project. YES / NO

We regret the requirement for communication such as this. However, it reflects the practicalities of real estate development in Dubai, at a time of economic difficulties that are affecting businesses and individuals alike. It has become clear to us that we must secure the commitment of our buyers to pay their installments in order to be able to complete construction of the project.

We look forward to hearing from you at your earliest convenience.

Best regards,

Haroon Mahmood
Director"

[karthik261080]

Dear mokha, my email is innar41@gmail.com can you forward the abovesaid haroon letter to my email pls.

[sanaomsa]

I received same letter.I think we all should not proceed with the this transaction.These people are not reliable, they lied to us on numerous occasions basically they are not trustworthy.

[mokha]

Also Dubai does not have the investment potential it advertised a few years ago. The property prices are dropping , service charges getting higher, the law authories do not protect the investors etc etc. Better to invest some where else I think.

[oryx12]

Hi All,
Any updates as to what is happening we are now in june and nothign has been done about this prodigy projects???????????? april they were supposed to go on with prodigy1 by shifting all investors from other prodigy buildings into building 1, or buying a ready building and giving the investors property in those buildings!!!! what is happening? why are we nto going legal to get our money back this has been going on for long time now!!!

[laguna33p]

Updates and discussion occurs in the prodigy forum group, if u wish to join then send me a private message with your email address.

[mokha]

Any Prodigy investor should refer to "prodigy-investors@googlegroups.com" it has more information.

[JVScup]

So all projects on hold then!

http://www.constructionweekonline.co...d-in-dubai/10/

[mokha]

Minc have run away!

[lastochka7777]

Hi all investors! We are communicating through google groups if you search there at google and join prodigy-investors group there, I am not sure that you can reply to e-mail prodigy-investors@googlegroups.com
though, but we got news today, that Kamran sent to one of our guys who is pushing them non stop for answers that he is going to Dubai this week to resolve the issues with Nakheel and RERA. We think it is a lie again, but guys, join the group, we have updates more often there through e-mails.

[ozy100]

already visited rera and minc offices july the 3rd minc says rera wont release the money so cannot carry on yet and rera says dont worry my money is with them but have to wait and see what going to happen with the project no help really unless rera refunds our money !

[mokha]

Which Minc office did you go to I thought they had closed and left dubai.
Also did Rera offical show you any escrow account bank balance statement to confirm monry was in escrow account? I was told Minc have used all Escrow account funds.

[ozy100]

minc has a letting company in dubai they have a office in 1 of the apartments they let in al bashra .at the rerea offices they looked on the computer and told me my money is with them and they cannot help until they make a decision if minc will carry on or not. unless rera makes a decision i feel that were stuck its all on them . some one needs to get answers from rera!!!!!!

[manchester123]

Originally Posted by lastochka7777

Hi all investors! We are communicating through google groups if you search there at google and join prodigy-investors group there, I am not sure that you can reply to e-mail prodigy-investors@googlegroups.com
though, but we got news today, that Kamran sent to one of our guys who is pushing them non stop for answers that he is going to Dubai this week to resolve the issues with Nakheel and RERA. We think it is a lie again, but guys, join the group, we have updates more often there through e-mails.

All investors need to join the group above. There is a Investor Group being set up to try and move things forward. Full update on the website.

[David_Jee]

Are there any updates as to what's going on or what to do? I've noticed that Minc Property doesn't exist anymore but they have branched off into "Minc Apartments".

[ozy100]

more info on "prodigy-investors@googlegroups.com"