#PROJECT: THE ROYAL ESTATES ( DIP)

[dubsolos1]

Hi everyone,

So far we have about 20 people signed in to our group for a total of over 40 units.

The people that have not signed in I invite to write to royalestatesinvestorsgroup@googlegroups.com as we are meeting this Saturday.

Thanks

RE Group

[Bongoboots]

What happened at the meeting yesterday?

[dubsolos1]

Ok, we've decided to meet at RERA tomorrow morning (monday) at 8.30 and present our bid.

The more we are the better.

[dubsolos1]

from ameinfo.com

Dubai Land Department's Director-General Sultan Butti bin Mejren said that an amended Article 11 of Law No13, which regulates the Interim Real Estate Register, will be released in the next two weeks, introducing new provisions for the cancellation of contracts, according to Business 24/7 'The revised article will set new grades for properties and developers. It will be more than the 30-70 rule, which is now applicable,' Mejren said.

[Bongoboots]

Originally Posted by dubsolos1

from ameinfo.com

Dubai Land Department's Director-General Sultan Butti bin Mejren said that an amended Article 11 of Law No13, which regulates the Interim Real Estate Register, will be released in the next two weeks, introducing new provisions for the cancellation of contracts, according to Business 24/7 'The revised article will set new grades for properties and developers. It will be more than the 30-70 rule, which is now applicable,' Mejren said.

Does anyone know exactly what the above means and if it applies to us?

[Typhoonpilot]

This is another intersting tactic that a developer in Dubai is taking to both save their project and help their investors:

25th March 2009

Cirrus Developments Announces New Restructuring Proposal Giving Purchasers a Shareholding in Aquarius Gate

- Innovative initiative offers potential solution for purchasers who are defaulted -


Dubai, UAE, March 25th, 2009: Dubai developer, Cirrus Developments LLC, has announced an innovative proposal for its purchasers which offers a way forward for projects in which the majority of purchasers run the risk of being forfeited or are in default.

The 'Restructuring Proposal' (RP), which Cirrus has developed and is now presenting to its purchasers in Aquarius Gate, located on Nakheel's Waterfront project, works on the basis of converting the status of purchasers of units in Aquarius Gate to that of shareholders in the 'New Project Company' which will develop the project. The proposal has already been presented to the Real Estate Regulatory Authority (RERA) and was worked on by Wong Partnership a leading law firm with an extensive experience in real-estate funds.

Behnam Eshragh, Chairman and CEO of Cirrus Developments, said:

"This proposal is for information only and does not nullify the reservation form, the Property Purchase & Sales Agreement and/ or any notices which are in place. It provides a way forward for Aquarius Gate and offers a collaborative solution for the purchasers and the developer.""We have presented the proposal to RERA and they have asked us to discuss it with the purchasers which we are now actively doing. We are confident this proposal will work. It requires significant sacrifice from us as the developer as it is an erosion of profit. However, our proposal will allow us to maintain our relationship with our purchasers which is very important for us, and ensure the project to be completed successfully through a collaborative profit scheme for all purchasers involved in the project."Eshragh says that the projects most affected by the current economic situation are the off plan projects launched in 2008 where prices were at their peak and collections are at or below 30 per cent.

"The purchasers of units in these projects run the greatest risk of default and therefore our proposal is offering a clear solution to be considered,"Eshragh said.

The RP will be limited to the purchasers who agree to pay (or have paid) the installments up to 30 per cent. The remaining amount to reach 30 per cent, which is currently overdue, will be collected over a period of 12 months.

"This is important as it will bring all the purchasers of the project to the same level according to their contractual obligations and will make it fair for the purchasers who are currently not in default of their payments."The benefits for existing customers will be as follows:

They will become part owners (investors) and so have a say in how and when the project is developed

The investors will be entitled to a share in the potential profits which will be paid upon completion of the project

Future commitments will be based on actual cost as opposed to a selling price
The objective of the New Project Company will be to develop and sell the project at a future date, with the potential profit made from the sale distributed to the investors based on their shareholding.

Disclaimer: We would like to stress on the fact that the proposed RP is for information only and for negotiations purposes only, and nothing in the present proposal can be construed or deem to replace or nullify or declare void the reservation form, the PPSA, claim, notice or legal notices or due of any type pertaining to or in relation with the execution or the interpretation of the reservation form, the PPSA and/ or the payments of the instalments for the Project.


TP

[dubsolos1]

an extract from an article in xpress:

Rera: Dealing with defaulters:

“Some investors do not make the payments or refrain from making further payments due to fears that developers may fold up or run away,” Mohammad said.

The Real Estate Court, a civil court, was created in September last year to deal with property disputes arising in the wake of Dubai’s property boom.

Most of the cases involve buyers who have stopped paying for units booked with developers.

* Read related story: Damac 'will pay out over project delays'

“In this case, the developer has to alert Real Estate Regulatory Agency (Rera), which then informs the investor that he has a 30-day period to fulfil his contractual obligations. “If the investor does not fulfil his obligations, the developer has the right to cancel the contract and return the money paid, minus 30 per cent of the amount already paid – and not of the total contract value,” he said.

Pay back clause

“A number of investors wish to discontinue payment and are trying to get back 70 per cent of the amount they paid. As per law, developers are supposed to retain 30 per cent of the amount already paid by the investor,” he added.

The judge’s explanation puts to rest confusion surrounding this clause. Developers used to claim that they may keep 30 per cent of the total contract unit’s price and not 30 per cent of the amount paid, in case an investor withdraws.

The judge also explained that when a purchase agreement signed by the buyer and seller contains provisions that contradict the law, those provisions stand null and void.

“Property laws in Dubai contain general laws. Provisions in the purchase contract are accepted as legal if they do not breach the law,” Mohammad said. Other cases involve delays in construction and hand-over of properties sold off-plan, he explained.

Developers at fault

“We have cases lodged against developers who did not hand over projects on time or have not even started building. In such cases, we look at the contracts individually and then the court decides. If the developer is found to be at fault, we then nullify the contract and order them to repay investors the full amount paid by them.”

Many of the cases lodged by investors have to do with properties sold off-plan, he added.

“A lot of complainants come to the court without purchase contracts. They present only booking forms issued by either developers or property brokers. The court settles contractual disputes. So, in case of booking forms or instalment receipts issued to buyers, these documents are viewed as contracts, but disputes arising out of clauses not mentioned in these documents need to be proved in court,” he said.

full story at:
http://www.xpress4me.com/news/uae/dubai/20012850.html

[Spurs]

for any new people looking for up-to-date information please personal Message me your contact details as a group has been form outside of this forum ( royalestatesinvestorsgroup).

[investor7]

Hi Guys, im new to this forum. I tried contacting the royalestatesinvestors group but noone is replying. I too am an investor with several properties in the Royal Estates and am looking for a way to get my money back. What has been decided? Can someone please fill me in?

Thanks!

[Spurs]

Originally Posted by investor7

Hi Guys, im new to this forum. I tried contacting the royalestatesinvestors group but noone is replying. I too am an investor with several properties in the Royal Estates and am looking for a way to get my money back. What has been decided? Can someone please fill me in?

Thanks!

If you email the following address they will add you to the group:

royalestatesinvestorsgroup@googlegroups.com

[Freestyler]

join the group http://groups.google.com/group/royal...investorsgroup

If that doesn't work send the email as Spurs mentioned.

[investor7]

I tried to join the group and this is the reply i got. I then sent an email with no response till now. What do i do? Im really anxious to join.

'Hello, We're writing to let you know that the group that you tried to contact(royalestatesinvestorsgroup) either doesn't exist, or you don't have permission to post to it. There are a few possible reasons why this happened: * You might have spelled or formatted the group name incorrectly.* The owner of the group removed this group, so there's nobody there to contact.* You may need to join the group before being allowed to post.* This group may not be open to posting. If you have questions about this or any other group, please visit the Google Groups Help Center at http://groups.google.com/support. Thanks, and we hope you'll continue to enjoy Google Groups. The Google Groups Team

[camelrider]

Any news,if any progress by ROYAL INVESTORS GROUP? if we still want our money back? the emails have been quiet lately......
Check this out;


One may have a loophole in Law 13 Article 3 which came into force on 14/08/2008

If the developer has not registered the project or your unit within 60 days of the above date then you may get you money back + 9% per annum. There was a case citing this in Gulf News earlier in the year.

You should approach RERA with your case.

Article (3)
1. The Interim Real Estate Register is used to record all disposals of Real Estate
Units off plan. Any sale or other disposition that transfers or restricts title or
any ancillary rights shall be void if not recorded on that Register.
2. Any developer who made a sale or other disposition that transferred or
restricted title prior to the coming into force of this Law should approach the
Department to get it registered in the Real Estate Register or the Interim Real
Estate Register, as applicable, within 60 days after the date on which this Law
came into force.

What do you all think about this? do we have any chance?

[Spurs]

I logged a complaint regardng the developer on RERA's website and have heard nothing back since, did anyone else who did this get a reply??

I did it through the website and logged a complaint:

RERA's website: http://www.rpdubai.com/rpdubai/home.jsp?lang=0#

Complaint category should be: Developer failed to start construction within 6 months of receiving RERAs NOC

Come on RERA sort these crafty buggers out

[Spurs]

I also sent a letter about this to Marwan Bin Ghelaita the CEO @ RERA: marwan@dubailand.gov.ae

I dd this in May 09 and he did initially reply saying he would look into it and get back to me......I didn't hear from him again.

Marwan Bin Ghelaita appointed CEO of Real Estate Regulatory Agency
His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Chairman of The Executive Council, today appointed Marwan Bin Ghelaita as Chief Executive Officer of the Real Estate Regulatory Agency.

Marwan i'm still waiting for your reply!! I have faith that His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum appointed the right man!! Please get back to me

[italyindubai]

Good luck! The chances that Rera will reply or that Dubai will seriously take action against these or others is as high as a snowfall in Dubai. This is a fact and a complaint against their unwillingness and incapacity to face and solve the reality of things.

[mary.lina]

http://www.tradeshoes9.com

[camelrider]

Dubai = NEVERLAND!!!

Just a bunch of CHEATERS all along!

[dubai12]

Hai Everyone,

I am also an investor in Royal Estates and now trying to get back the money paid to them.
I am late to join your community. What to be done to join this group?? I tried to send an email to royalestatesinvestorsgroup@gamil.com but bounced. Please let me know the how to join and get the updates.

Thanks
Dubai12

[Spurs]

Email:

royalestatesinvestorsgroup@googlegroups.com