#PROJECT: Hydra Village - Page 6

javid · January 26th, 2009, 12:05 PM

Are all investors upto date with payments? Received contracts? If not received contract why not? Has anyone heard about a 500 AED per day penalty fee for delayed payments. According to my application form which I filled out at the time of purchase I should have paid 80% by now of which I have only paid 20% as I have not yet received a contract. I have not received any correspondence from Hydra. I have recently heard of a 500 AED per day penalty fee and after speaking to Isabella she tells me that I would have to pay this from 2007 even thought the clause is a bit unclear.

Mattw2345 · January 26th, 2009, 06:35 PM

Quote:

Originally Posted by javid

Are all investors upto date with payments? Received contracts? If not received contract why not? Has anyone heard about a 500 AED per day penalty fee for delayed payments. According to my application form which I filled out at the time of purchase I should have paid 80% by now of which I have only paid 20% as I have not yet received a contract. I have not received any correspondence from Hydra. I have recently heard of a 500 AED per day penalty fee and after speaking to Isabella she tells me that I would have to pay this from 2007 even thought the clause is a bit unclear.

I would imagine the reason you have no contract is because you have only paid 20%

Why dont you walk in with a cheque and just bring yourself up to date, I am sure as a serious investor as with the rest of us this will be no problem.......will it!?

javid · January 26th, 2009, 07:33 PM

Money is not the issue. The fundamental issue is how can one be expected to pay 50% when the developer has not yet even delivered 10%. They have only mobilised and if at all carried out ground work in some zones. They have delayed handing out contracts, no contract no further payments. Simple as. Its easy to pay up when the banks are paying but not when its coming out your own pocket!!

speculator · January 26th, 2009, 08:17 PM

Quote:

Originally Posted by javid

. They have delayed handing out contracts, no contract no further payments. Simple as. Its easy to pay up when the banks are paying but not when its coming out your own pocket!!

They have been late in handing out contracts but they if you request it then they will give you the contract once you have paid up-to-date.

I live in UK and have been able to get them to send me my contract. So i dont see what the issue is now with the contract.

The issue is you dont want to pay them because they havent delivered progress on the project.

So why dont you walk in and tell them that you dont want to pay till you see more progress. I dont think you will get far with them though.

The problem is we dont have the laws in AD to protect us so really you are in a corner. You either pay or you walk away. Its your choice.

I am going to continue to pay as per my contract. I feel comfortable that I have a signed contract in my hand which also obligates the developer under contract law.

Mattw2345 · January 26th, 2009, 09:01 PM

Quote:

Originally Posted by javid

Money is not the issue. The fundamental issue is how can one be expected to pay 50% when the developer has not yet even delivered 10%. They have only mobilised and if at all carried out ground work in some zones. They have delayed handing out contracts, no contract no further payments. Simple as. Its easy to pay up when the banks are paying but not when its coming out your own pocket!!

I agree but as Spec says you either bite the bullet or walk away! half the reason for this project not starting is 1. Initial undervalue 2. Lack of stage payment control, ie they just did not ask for it!

I just pulled my contract as Im going into Hydra to ask why my bank have not taken the latest payment, I checked again and the payment plan is incorrect with dates duplicated!

They are a mess! But it will sort itself out

You have to decide. If you want it that bad then go in and get your contract but they will ask for the money!!

le1parrain · January 28th, 2009, 09:22 AM

I got 90% approval form the bank for this project. But because of their delays in contract and construction, the bank is saying that they will give 70% only now.
But apparently there's no law to protect you from the developer delays.
I contacted other banks and they said that they stopped giving approvals for Hydra Properties because of these problems.
Funny. Isn't it?

speculator · January 28th, 2009, 10:49 AM

al

speculator · January 28th, 2009, 10:51 AM

Quote:

Originally Posted by le1parrain

I got 90% approval form the bank for this project. But because of their delays in contract and construction, the bank is saying that they will give 70% only now.
But apparently there's no law to protect you from the developer delays.
I contacted other banks and they said that they stopped giving approvals for Hydra Properties because of these problems.
Funny. Isn't it?

Welcome to the "credit crunch"
Lack of financing is a problem in all projects whether completed or not. Your lender wont be offering 90% on any other project either. Those days have gone for now.

laidback74 · January 28th, 2009, 03:08 PM

Quote:

Originally Posted by le1parrain

I got 90% approval form the bank for this project. But because of their delays in contract and construction, the bank is saying that they will give 70% only now.
But apparently there's no law to protect you from the developer delays.
I contacted other banks and they said that they stopped giving approvals for Hydra Properties because of these problems.
Funny. Isn't it?

I don't know about other projects by Hydra, but on this one you can get 75% from ADCB (no salary transfer required), 80% from First Gulf Bank (no salary transfer required) or 80% from Emirates Islamic Bank (no salary transfer required).

Dubai projects, I guess, might be a different story. Although a banker I spoke to told me this situation is due to change in Q2 2009. Just hearsay, I know, but what isn't these days eh?

killerk · January 28th, 2009, 06:51 PM

Quote:

Originally Posted by laidback74

I don't know about other projects by Hydra, but on this one you can get 75% from ADCB (no salary transfer required), 80% from First Gulf Bank (no salary transfer required) or 80% from Emirates Islamic Bank (no salary transfer required).

Dubai projects, I guess, might be a different story. Although a banker I spoke to told me this situation is due to change in Q2 2009. Just hearsay, I know, but what isn't these days eh?

For once people are thinking of Dubai as a suburb of Abu Dhabi and not other way round!!!

camelrider · January 28th, 2009, 09:40 PM

hi all,

I has also bought a D2 2b/r Town House in Hydra, way back in April-May 2007.
Since when I bought my Town house, the planse have been changed THREE TIMES!

I had bought my property through ACD Properties in Dubai. Since Day 1, I have ben trying to get something official documents on my property, but unfortunately ACD Properties were ONLY AFTER THEIR COMMISSION!

In the last quarter of 2008, I managed to get in touch with Rasha of Hydra Properties, which at this point in time, I gotta know about the THIRD Change in Plans for this project!

Originally I was told that there will be a community park with pools & parks for children... but apparently it was all a joke or better a LIE, by ACD Properties......

Anyway, as I was not amused & also NOT SURPRISED by this SH!T, which was now being told to me by Rasha, she just tried arguing with me, that its is 'The Investor's Fault', that is US, as we are buying property on Plans!

Very simple - JUNGLE LAWS........

Anyway to cut a long story short, she also mentioned that the size of the property has been INCREASED, & most probably all owners will have to pay another AED100k, on top of the original price!

In the meantime, I was asking her for MY CONTRACT, but AGAIN Up to Date I have NOT RECEIVED Anything! I had sent her sms & emails, but it seems all has been ignored!

Has anyone gone through this too? as I have been through?

speculator · January 28th, 2009, 10:18 PM

Quote:

Originally Posted by camelrider

Has anyone gone through this too? as I have been through?

YES we all have. So welcome to the club.

Regarding the contract you shouldnt have a problem as long as you bring payments up-to-date. If your not getting on with Rasha then approach Shadi or Yolanda for which numbers have been posted earlier on the thread. I dont really see why you should have problems now with contract unless you are reluctant to make your payments.

You will need to stay on top and pressure regularly though !

Keep us posted.

The Hillbilly · January 29th, 2009, 04:55 AM

There is no way this project has been underpriced. Hydra are simply blowing away all their money through sponsoring ridiculous TV shows and the like. With the increase in price, Hydra Village two bedroom villas are now costing around US $250k. Equate this to what can be built anywhere else in the world for this price and we can see that there is no justification for this increase. Labourers are paid next to nothing, materials prices are going down and in general the build quality in the GCC is shoddy. For US$250k in many parts of the US for instance a finished 4 bedroom house can be purchased. Same as in Europe now with the improved exchange rate.

On top of this if you actually look at the so called 'increased' floorplan size you will see that there has actually not been any increase in size to the townhouses from the original plan. Hydra have simply included every possible area they can in the second floorplan. There is no justification for the increase in price except for their own incompetence. This all leaves me to wonder whether the 'Eco Village' will ever be built at all.

The Hillbilly · January 29th, 2009, 04:58 AM

There is no way this project has been underpriced. Hydra are simply blowing away all their money through sponsoring ridiculous TV shows and the like. With the increase in price, Hydra Village two bedroom villas are now costing around US $250k. Equate this to what can be built anywhere else in the world for this price and we can see that there is no justification for this increase. Labourers are paid next to nothing, materials prices are going down and in general the build quality in the GCC is shoddy. For US$250k in many parts of the US for instance a finished 4 bedroom house can be purchased. Same as in Europe now with the improved exchange rate.

On top of this if you actually look at the so called 'increased' floorplan size you will see that there has actually not been any increase in size to the townhouses from the original plan. Hydra have simply included every possible area they can in the second floorplan. There is no justification for the increase in price except for their own incompetence. This all leaves me to wonder whether the 'Eco Village' will ever be built at all.

balagan · January 29th, 2009, 09:04 AM

If I were you guys I would ask Hydra if they have an approved Masterplan for this development, you may be surprised by the answer - but it will go some way to explaining why nothing has been done as yet.

Mattw2345 · January 29th, 2009, 10:31 AM

Quote:

Originally Posted by le1parrain

I got 90% approval form the bank for this project. But because of their delays in contract and construction, the bank is saying that they will give 70% only now.
But apparently there's no law to protect you from the developer delays.
I contacted other banks and they said that they stopped giving approvals for Hydra Properties because of these problems.
Funny. Isn't it?

I CANNOT SEE HOW THEY COULD DO THIS UNLESS YOU HAVE NOT GOT THE ACTUAL OFFER CONSOLIDATED BY YOUR BANK! IF THEY OFFERED YOU 90% BUT YOU HAVE NOT GOT IT OFFICIALLY APROVED THEN IM SORRY FOR THAT BUT I GOT 90% FROM ADCB AND I HAVE ALL OF MY PAPERWORK SIGNED AND APROVED. THEY CANNOT CHANGE IT NOW

WHICH BANK?

speculator · January 29th, 2009, 10:51 AM

Quote:

Originally Posted by balagan

If I were you guys I would ask Hydra if they have an approved Masterplan for this development, you may be surprised by the answer - but it will go some way to explaining why nothing has been done as yet.

Valid point but I believe you are covering old ground. The master plan has been finalized and contracts issued and work has progressed although not fast enough. They are in the process of finalizing contractors.

Mattw2345 · January 29th, 2009, 11:09 AM

Quote:

Originally Posted by The Hillbilly

There is no way this project has been underpriced. Hydra are simply blowing away all their money through sponsoring ridiculous TV shows and the like. With the increase in price, Hydra Village two bedroom villas are now costing around US $250k. Equate this to what can be built anywhere else in the world for this price and we can see that there is no justification for this increase. Labourers are paid next to nothing, materials prices are going down and in general the build quality in the GCC is shoddy. For US$250k in many parts of the US for instance a finished 4 bedroom house can be purchased. Same as in Europe now with the improved exchange rate.

On top of this if you actually look at the so called 'increased' floorplan size you will see that there has actually not been any increase in size to the townhouses from the original plan. Hydra have simply included every possible area they can in the second floorplan. There is no justification for the increase in price except for their own incompetence. This all leaves me to wonder whether the 'Eco Village' will ever be built at all.

Sorry not sure what this has to do with the US and this is not Europe, this was a good buy and a damned good one now, prices are expected to increase once Hydra start, NOT DECREASE.

So I would kindly ask that notes ref Banks withdrawing finance and shoddy this & that be kept off this board as those of us that are genuine buyers for the long term do not wish to see it.

Also I am on the ground here working with developers and the work here will not be shoddy as A/D are learning from Dubai's mistakes.

speculator · January 29th, 2009, 11:39 AM

Quote:

Originally Posted by The Hillbilly

There is no way this project has been underpriced. Hydra are simply blowing away all their money through sponsoring ridiculous TV shows and the like. With the increase in price, Hydra Village two bedroom villas are now costing around US $250k. Equate this to what can be built anywhere else in the world for this price and we can see that there is no justification for this increase. Labourers are paid next to nothing, materials prices are going down and in general the build quality in the GCC is shoddy. For US$250k in many parts of the US for instance a finished 4 bedroom house can be purchased. Same as in Europe now with the improved exchange rate.

On top of this if you actually look at the so called 'increased' floorplan size you will see that there has actually not been any increase in size to the townhouses from the original plan. Hydra have simply included every possible area they can in the second floorplan. There is no justification for the increase in price except for their own incompetence. This all leaves me to wonder whether the 'Eco Village' will ever be built at all.

Yes id really be interested to find out in which MAJOR city UK or US or any other I could find a similar property for this price. Any pointers please !.

The Hillbilly · January 29th, 2009, 12:58 PM

Quote:

Originally Posted by speculator

Yes id really be interested to find out in which MAJOR city UK or US or any other I could find a similar property for this price. Any pointers please !.

Well obviously not New York or London! But then we can't compare Abu Dhabi to either of those places. Try Oklahoma City, Berlin, or most other smaller finished cities. Hydra Village is around 30 minutes drive from the centre of Abu Dhabi. The labourers are paid next to nothing. On top of that a place like this in the middle of the desert is about as unsustainable as things come. In the coming years the world will become less dependent on oil and Abu Dhabi will lose it's main source of income. It's difficult to keep trees alive in the desert with no money. Also the Hydra Village project hasn't even really broken ground and you think a small two bedroom offplan townhouse, with virtually no green space, and 30 minutes from a Middle Eastern city should be US$250k? Face it, I got duped and so did you....

January 26th, 2009, 12:05 PM	#101
javid Registered User Join Date: Nov 2008 Posts: 11 Likes (Received): 0	Hydra Village Are all investors upto date with payments? Received contracts? If not received contract why not? Has anyone heard about a 500 AED per day penalty fee for delayed payments. According to my application form which I filled out at the time of purchase I should have paid 80% by now of which I have only paid 20% as I have not yet received a contract. I have not received any correspondence from Hydra. I have recently heard of a 500 AED per day penalty fee and after speaking to Isabella she tells me that I would have to pay this from 2007 even thought the clause is a bit unclear.

January 26th, 2009, 07:33 PM	#103
javid Registered User Join Date: Nov 2008 Posts: 11 Likes (Received): 0	Hydra Village Money is not the issue. The fundamental issue is how can one be expected to pay 50% when the developer has not yet even delivered 10%. They have only mobilised and if at all carried out ground work in some zones. They have delayed handing out contracts, no contract no further payments. Simple as. Its easy to pay up when the banks are paying but not when its coming out your own pocket!!

January 29th, 2009, 04:58 AM	#114
The Hillbilly Registered User Join Date: Jan 2009 Posts: 13 Likes (Received): 0	The UAE is finished as a place to invest There is no way this project has been underpriced. Hydra are simply blowing away all their money through sponsoring ridiculous TV shows and the like. With the increase in price, Hydra Village two bedroom villas are now costing around US $250k. Equate this to what can be built anywhere else in the world for this price and we can see that there is no justification for this increase. Labourers are paid next to nothing, materials prices are going down and in general the build quality in the GCC is shoddy. For US$250k in many parts of the US for instance a finished 4 bedroom house can be purchased. Same as in Europe now with the improved exchange rate. On top of this if you actually look at the so called 'increased' floorplan size you will see that there has actually not been any increase in size to the townhouses from the original plan. Hydra have simply included every possible area they can in the second floorplan. There is no justification for the increase in price except for their own incompetence. This all leaves me to wonder whether the 'Eco Village' will ever be built at all.

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January 28th, 2009, 09:22 AM	#106
le1parrain Registered User Join Date: Jan 2009 Posts: 9 Likes (Received): 0	I got 90% approval form the bank for this project. But because of their delays in contract and construction, the bank is saying that they will give 70% only now. But apparently there's no law to protect you from the developer delays. I contacted other banks and they said that they stopped giving approvals for Hydra Properties because of these problems. Funny. Isn't it?

January 28th, 2009, 10:49 AM	#107
speculator Registered User Join Date: Oct 2008 Posts: 479 Likes (Received): 0	al

January 28th, 2009, 09:40 PM	#111
camelrider Registered User Join Date: Dec 2008 Location: NeVeRLanD Posts: 159 Likes (Received): 0	hi all, I has also bought a D2 2b/r Town House in Hydra, way back in April-May 2007. Since when I bought my Town house, the planse have been changed THREE TIMES! I had bought my property through ACD Properties in Dubai. Since Day 1, I have ben trying to get something official documents on my property, but unfortunately ACD Properties were ONLY AFTER THEIR COMMISSION! In the last quarter of 2008, I managed to get in touch with Rasha of Hydra Properties, which at this point in time, I gotta know about the THIRD Change in Plans for this project! Originally I was told that there will be a community park with pools & parks for children... but apparently it was all a joke or better a LIE, by ACD Properties...... Anyway, as I was not amused & also NOT SURPRISED by this SH!T, which was now being told to me by Rasha, she just tried arguing with me, that its is 'The Investor's Fault', that is US, as we are buying property on Plans! Very simple - JUNGLE LAWS........ Anyway to cut a long story short, she also mentioned that the size of the property has been INCREASED, & most probably all owners will have to pay another AED100k, on top of the original price! In the meantime, I was asking her for MY CONTRACT, but AGAIN Up to Date I have NOT RECEIVED Anything! I had sent her sms & emails, but it seems all has been ignored! Has anyone gone through this too? as I have been through?

January 29th, 2009, 04:55 AM	#113
The Hillbilly Registered User Join Date: Jan 2009 Posts: 13 Likes (Received): 0	There is no way this project has been underpriced. Hydra are simply blowing away all their money through sponsoring ridiculous TV shows and the like. With the increase in price, Hydra Village two bedroom villas are now costing around US $250k. Equate this to what can be built anywhere else in the world for this price and we can see that there is no justification for this increase. Labourers are paid next to nothing, materials prices are going down and in general the build quality in the GCC is shoddy. For US$250k in many parts of the US for instance a finished 4 bedroom house can be purchased. Same as in Europe now with the improved exchange rate. On top of this if you actually look at the so called 'increased' floorplan size you will see that there has actually not been any increase in size to the townhouses from the original plan. Hydra have simply included every possible area they can in the second floorplan. There is no justification for the increase in price except for their own incompetence. This all leaves me to wonder whether the 'Eco Village' will ever be built at all.

January 29th, 2009, 09:04 AM	#115
balagan Registered User Join Date: Mar 2006 Posts: 34 Likes (Received): 0	If I were you guys I would ask Hydra if they have an approved Masterplan for this development, you may be surprised by the answer - but it will go some way to explaining why nothing has been done as yet.