#PROJECT-Ras Al Khaimah: SANTORINI LIFESTYLE ISLAND (Tony Ashai Design) - Page 3

DXBQuantum · May 15th, 2011, 08:49 AM

No chance they have disappeared.

Jasmine's Dad · May 15th, 2011, 09:21 PM

Quote:

Originally Posted by DXBQuantum

No chance they have disappeared.

Another failed Al Marjan project - will anything ever get built.

SayNoToRAK · March 6th, 2012, 10:12 AM

Dubai property scam using actresses' names

Investors wage legal battle against property developers accused of swindling Dh9.3 million by making false claims

Dubai: A property scam using Hollywood and Bollywood actresses' names, fleecing investors of over Dh9 million, is among hundreds of real estate disputes holding court in Dubai — literally.

Courtroom legal action continues to put life on hold for Emirati businessman Ahmad Al Falasi and 11 other investors, who face a judicial battle against four Indians who allegedly swindled them out of Dh9.3 million with glamorous claims involving Bollywood actress Minissha Lamba and Hollywood movie star Tara Reid in a development.

Dubai's Al Falasi said he was swayed by the legitimate-sounding lies told by the men behind the Santorini Development, a Greek-style cluster of apartments, villas and hotels on man-made Al Marjan Island off Ras Al Khaimah.

The men claimed that the two celebrities were looking to buy property on Santorini development, due to be finished this year. Today, however, the development remains nothing more than 463,321 square feet of barren desert.

Article continues below

However, Al Falasi's case is not unique. Thousands of other buyers, sellers and developers are wading through the legal system, attempting to pick up the pieces from the 2008 property crash.

Dubai Court reported that it dealt with 10 times more real estate cases in the year after the financial crisis hit — 1,541 in 2009 compared to 137 in 2008, or a 1,024 per cent increase. Most of 2009 cases, 75 per cent, were still on-going and were transferred to 2010.

Case statuses for 2011 were unavailable. But it's a different scene compared to 2008. Back then, at a glitzy launch party attended by the media, it was alleged that Lamba was hunting for a property on the development and "finalising something very soon'', while Reid was not far behind.

Hollywood a long way off

Hollywood was a long way from the company's back-street office in Bur Dubai. This was where Stallion Properties owner Ankur Mehta, along with partners Sosheeta Phillip Desay, Sanjay Jayantilal Mehta and Naresh Mehta, designed glossy material promoting the 560-unit development.

Suspicion set in for some investors around February last year when the building had yet to start. They learnt that the development was built on broken promises and they didn't even own the plots of land for which they were making progress payments. Questions have now been raised as to whether Stallion Properties even owned the land, with no title deed to show for it.

Al Falasi visited the back-street Stallion Properties Office to find the owner and demand answers. But Naresh Mehta did not show up, so Al Falasi and other investors made sure their next cheques failed to clear. They are now facing court cases for bounced cheques brought against them by Stallion Properties last year. Al Falasi said one Indian investor already spent three nights in jail after flying back into UAE and being arrested at the airport, while Al Falasi has been prevented from travelling overseas until the case is closed. Meanwhile, his US studies to complete a masters in film studies are on hold.

Al Falasi is optimistic his experience would never be repeated as a new service has been set up last month to avoid more cases going to court. The resolution and mediation service which was launched in January 2011 is expected to reduce litigation by 20 to 30 per cent this year. Resolutions are expected to be reached within a 30-day period and include a 50 per cent refund of the case registration fees if a resolution is found.

Parties will discuss their dispute with a mediator until a legally-binding settlement is reached.

Meanwhile, Al Falasi's courtroom battle continues. Three of the men behind Stallion Properties — Sanjay Jayantilal Mehta, Naresh Mehta and Ankur Mehta — have been convicted and sentenced to jail for three years by the RAK criminal court for seizing money from investors by trickery.

But, they have appealed and the investors have yet to be paid back the Dh9.3 million they lost, as the civil case against Stallion Properties goes on and on

beer51 · March 7th, 2012, 07:35 PM

May be RAK court should do the same to Mr Azzam the developer behind Blu Mirage i.e lock him up for good.

milktrayman · February 6th, 2013, 12:12 PM

Quote:

Originally Posted by beer51

May be RAK court should do the same to Mr Azzam the developer behind Blu Mirage i.e lock him up for good.

Guys does anyboy know the status of santorini island RAK , is it beinfg developed or not , last i heard the developers stallion properties were imprisoned?

May 15th, 2011, 08:49 AM	#41
DXBQuantum Registered User Join Date: Nov 2008 Location: From - London, Work - Dubai, Ski - Colorado, Fly - New Zealand Posts: 902 Likes (Received): 0	No chance they have disappeared. __________________ >>BRING BACK SKY CITY 1000 AND X-SEED 4000<< For once you have tasted flight you will walk the earth with your eyes turned skywards, for there you have been and there you will long to return. Leonardo da Vinci

March 6th, 2012, 10:12 AM	#43
SayNoToRAK Registered User Join Date: Jul 2011 Posts: 95 Likes (Received): 5	Put the developers in jail Dubai property scam using actresses' names Investors wage legal battle against property developers accused of swindling Dh9.3 million by making false claims Dubai: A property scam using Hollywood and Bollywood actresses' names, fleecing investors of over Dh9 million, is among hundreds of real estate disputes holding court in Dubai — literally. Courtroom legal action continues to put life on hold for Emirati businessman Ahmad Al Falasi and 11 other investors, who face a judicial battle against four Indians who allegedly swindled them out of Dh9.3 million with glamorous claims involving Bollywood actress Minissha Lamba and Hollywood movie star Tara Reid in a development. Dubai's Al Falasi said he was swayed by the legitimate-sounding lies told by the men behind the Santorini Development, a Greek-style cluster of apartments, villas and hotels on man-made Al Marjan Island off Ras Al Khaimah. The men claimed that the two celebrities were looking to buy property on Santorini development, due to be finished this year. Today, however, the development remains nothing more than 463,321 square feet of barren desert. Article continues below However, Al Falasi's case is not unique. Thousands of other buyers, sellers and developers are wading through the legal system, attempting to pick up the pieces from the 2008 property crash. Dubai Court reported that it dealt with 10 times more real estate cases in the year after the financial crisis hit — 1,541 in 2009 compared to 137 in 2008, or a 1,024 per cent increase. Most of 2009 cases, 75 per cent, were still on-going and were transferred to 2010. Case statuses for 2011 were unavailable. But it's a different scene compared to 2008. Back then, at a glitzy launch party attended by the media, it was alleged that Lamba was hunting for a property on the development and "finalising something very soon'', while Reid was not far behind. Hollywood a long way off Hollywood was a long way from the company's back-street office in Bur Dubai. This was where Stallion Properties owner Ankur Mehta, along with partners Sosheeta Phillip Desay, Sanjay Jayantilal Mehta and Naresh Mehta, designed glossy material promoting the 560-unit development. Suspicion set in for some investors around February last year when the building had yet to start. They learnt that the development was built on broken promises and they didn't even own the plots of land for which they were making progress payments. Questions have now been raised as to whether Stallion Properties even owned the land, with no title deed to show for it. Al Falasi visited the back-street Stallion Properties Office to find the owner and demand answers. But Naresh Mehta did not show up, so Al Falasi and other investors made sure their next cheques failed to clear. They are now facing court cases for bounced cheques brought against them by Stallion Properties last year. Al Falasi said one Indian investor already spent three nights in jail after flying back into UAE and being arrested at the airport, while Al Falasi has been prevented from travelling overseas until the case is closed. Meanwhile, his US studies to complete a masters in film studies are on hold. Al Falasi is optimistic his experience would never be repeated as a new service has been set up last month to avoid more cases going to court. The resolution and mediation service which was launched in January 2011 is expected to reduce litigation by 20 to 30 per cent this year. Resolutions are expected to be reached within a 30-day period and include a 50 per cent refund of the case registration fees if a resolution is found. Parties will discuss their dispute with a mediator until a legally-binding settlement is reached. Meanwhile, Al Falasi's courtroom battle continues. Three of the men behind Stallion Properties — Sanjay Jayantilal Mehta, Naresh Mehta and Ankur Mehta — have been convicted and sentenced to jail for three years by the RAK criminal court for seizing money from investors by trickery. But, they have appealed and the investors have yet to be paid back the Dh9.3 million they lost, as the civil case against Stallion Properties goes on and on

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March 7th, 2012, 07:35 PM	#44
beer51 Registered User Join Date: Nov 2007 Posts: 664 Likes (Received): 1	May be RAK court should do the same to Mr Azzam the developer behind Blu Mirage i.e lock him up for good.