Elite in sports city

[asif sharif]

I have paid 53% on my studio and have rang Triplanet to get info on funds held in Escrow account. They (Financial Director/Triplanet) have said they will forward the Escrow account statment. We will see idf this materialises.

If anyone is interested in buying Studio for 845Dh/sqft in Elite II, 7th Floor please contact me.

[Roshan]

Originally Posted by memo123

I WAS IN rera ALL MORNING YESTERDAY , NO ONE THERE KNOWS ANYTHING , YOU GO TO THE FORTH FLOOR LEGAL DEPARTMENT THEY TELL YOU SOMETHING ,
THEN YOU GO TO THE THIRD THEY TELL U SOMETHING ELSE , , THEN YOU GO TO THE SECOND FLOOR WHERE MARWAN BIN GALITA OFFICE IS , MASSES OF PEOPLE WHERE THERE ,THE PLACE WAS LIKE FISH MARKET , ALL WERE AT THE DOOR OF MARWAN BIN GLITAH TO SORT THE MESS THAT THE GOVERNMENT HAD CREATED. i WAS TOLD i CANT REGISTER WITHOUT THE TRIPLANET NON OBJECTION LETTER,
I WENT TO THE DEVELOPER TRIPLET, MET THE CHAIRMAN AND HE INSISTS ON GETTING 50% IN FULL FROM EVERY INVESTOR BEFORE HE RELAXES THE PAYMENT. I TOLD HIM THAT I TOOK HIS SPA TO A LAWYER AND WAS TOLD THAT YOUR REQUESTS ARE ALL ILLEGAL, THE CHAIRMAN , YOUNG MAN , SAID HE WONT CHANGE ONE WORD IN THE SPA. I told him according to RERA you should have sent this contract 60days after the first payment and had i seen what you want in your contract i would not have continued payment and would have terminated all immediately or even sold it at that time , i had so many offers . He claims "you didn't ask for it " WHAT A JOKE! I told him you didnt even have a peoper site on the net , he claims his site was hacked for 2 months ,
who would want to hack his site!
the man prepared it on the 18 of august and was dispatched to all investors on the Th October .AGAIN i INSISTED THAT HE GIVES ME A COPY OF MY ESCROW ACCOUNT , HE SAID HE TRANSFER IT AS A BULK TO ESCROW ACCOUNT ,i WAS TOLD BY RERA ALL WRONG INFORMATION , because EVEN REGISTERING THE UNIT , BIRD IN THE SKY, WILL NOT PROTECT ME FROM THE DEVELOPER AND IF HE FAILS TO DELIVER THAN THE BUILDING WILL JUST STOP, AND NO ONE WILL GET HIS UNIT OR HIS MONEY BACK ,
but i still insisted that I get THIS NON OBJECTION LETTER HE SAID HE WONT UNLESS WE SIGN THE SPA, I ASKED IF I KEEP ON PAYING AND OTHERS DON'T , THAN YOU CANNOT DELVER THE BUILDING AND I WILL LOOSE MORE MONEY THIS WAY SO PLEASE RELAX THE PAYMENT , HE SAID THAN "WE ALL LOOSE", his CREDENTIALS DON'T LOOK ANY GOOD I GUESS AND HE DESPERATELY NEED THE MONEY TO START BUILDING . THEY HAVE BEEN USING OUR INSTALLMENTS ALL FOR THE LANDS, AND THAT IS WHY THERE IS NO CONSTRUCTION
THEY ARE RERA REGISTERED, AND THE CHAIRMAN OF TRIPLANET ADMITTED AND I MADE HIM REPEAT IT 3 TIMES , THAT AFTER PAYING 50% OF THE LAND COST FROM HIS POCKET , HE HAS BEEN USING OUR ESCROW ACCOUNTS TO FUND THE LAND PAYMENTS . also i had an engineer with me who told him if the building is 18 floors and you have already received 40-50% you should be now on the 9Th floor if you are to finish on time . His reply was so stupid the man knows nothing about building or construction . i came out empty handed as i came in , with no payment extension, no letter, also acording to RERA he has registered himself as the developer, has registered the project but has not registered the apartments and the chairman said his excuse that people were buying these units and selling them fast so he cant register them . the ENGINEER THAT WAS WITH ME TOLD HIM SINCE YOU BELIEVE THAT ALL IS GOOD , AND THE BUILDING IS IN THE BEST LOCATION AND THE VALUE HAS GONE UP WHY DONT YOU TAKE IT BACK AND TAKE FROM HER 12 % OF WHAT SHE HAD PAID , HE SAID NO.
EVEN IF WE STOP PAYING AND HE KEEP 30% OF THE CONTRACT VALUE I DONT THINK HE HAS ANY MONEY LEFT TO GIVE US . HE HAS SPENT IT ALL ON THE LAND .S 1-7

REGARDS

Just like you I visited all the floors and could see everybody chatting and drinking tea. Luckily smoking is banned, otherwise they would be doing that as well.

On the 4th floor, I was asked to meet a legal guy who would not even bother to meet me. He used the secretary as the mediator. Finally after visting all the floors, I was asked to meet someone on the ground floor ( wow, I had not visited that section ). That's when I told the secretary that I am fed up and just took my papers and left.

Conclusion on the RERA visit : I visited all the floors

The business in Dubai today would be to open a good legal firm, well versed in Dubai laws.

Sorry state of affairs.

Regards

Roshan

[Djjunior]

Roshan, can you guys not get together and perhaps find an honest broker who knows the land act and has contacts with the right people in RERA?? This system of finding people besides a lawyer (who often charge ridiculous fees) can sometimes be helpful, as I found at times lawyers don't really know the laws... but perhaps an aggressive broker well versed in the market would know, or know his way around.. ??

I do have one in mind, although I am not sure how well he knows the land act he is fairly honest and helpful (a friend of mine from Canada who sold my JLT property) if you do need a reference, let me know..

Originally Posted by Roshan

Just like you I visited all the floors and could see everybody chatting and drinking tea. Luckily smoking is banned, otherwise they would be doing that as well.

On the 4th floor, I was asked to meet a legal guy who would not even bother to meet me. He used the secretary as the mediator. Finally after visting all the floors, I was asked to meet someone on the ground floor ( wow, I had not visited that section ). That's when I told the secretary that I am fed up and just took my papers and left.

Conclusion on the RERA visit : I visited all the floors

The business in Dubai today would be to open a good legal firm, well versed in Dubai laws.

Sorry state of affairs.

Regards

Roshan

[showbiz]

Triplanet are seriously on my case now requesting my 6th installment which will be 60%, i'm not sure if i want to because of the current situation with developers.

[memo123]

Originally Posted by showbiz

Triplanet are seriously on my case now requesting my 6th installment which will be 60%, i'm not sure if i want to because of the current situation with developers.

in which elite did you buy?
and have they sent you any letter or warning so far ?

[jags]

there is lot of panick in the market. people are losing money.they are worried about safety of their investments. but we must not lose the sight of reality.well i don't want to be branded as one of the insider of Triplanet. because my money is at a stake.perhapes more than anyone else's in this project.

from my previous experiences in Dubai real estate i know that initial money is always used in buying land. at that time there were no escrow accounts. project didn't take off for 12 to 18 months after the launch. yet most of them are completed today or near completion. the reasons for todays situation is too many projects and small regional developers from abroad are allowed without checking their credential.in our case though i don't now much about Triplanet, i am for sure they haven't taken finance from any bank.so i believe they must be pretty confident at the start that they will complete this project. they bought land with their own money (50% acoording to memo 123). why would they do that?all the developers are allowed to withdrow money for the purchase of the land.which they must have done. now they need money for the construction.by not paying them we are pushing them in to the corner.if there are too many defaults situation will not improve.they can not build simple as that.by going to court you will not get your money back which are already spent.if they are forced to leave the project for lake of finance we will all lose money.our aim is to see the project is completed. by spreading negative sentiments , scaring other investors or spoiling relation with the developer is the receipe for disaster. no developer will lose money when goes bankrupt.they have their safety net. it is us lot who will lose money.

please i request all the investors in this project to take concrete steps to get the project started rather than spreading panick.this will not lead anywhere. we all will be drowned together.

in my couple of conversations with the management i have found them extreamely polite, civil, humble and patient. mutual understanding and co-operation will only bring about something positive.

look at the City Of Arabia the jumeirah village south. after 2-3 years it is still desert.lot of people have made lot of money. and it is time to lose. our greed which is human nature has brought the downfall.there was no rationalism and logic in the massive mega constructions all at the same time. we as investor ,developers and the governmnt were all in the game to make money. but overlooked the pitfalls. the whole world is falling apart. Dubai can not escape.time will only heal the wounds.lessons have to be learnt.those who have stretched their finances will pay the price.this was bound to happen. credit crunch has accelarated it. now we must find a way that Elites see the daylight.

[jags]

i found this post on another forum.

James has just had a tour of the whole site with a representative of Triplanet. Elite III is still a hole in the ground but the guy told James that they have been waiting for a permission to enable them to work 24 hours a day and they now have that permission so 24 hour work will start any day. Everything else on site looks like it is moving to a normal schedule and James came away very reassured that all was fine and everything was going to be done to work to the current set deadlines. Another buyer was with James who had travelled from London for the meeting and James had the impression that he was very satisfied with what they were shown too.

[amidhadli]

Originally Posted by jags

there is lot of panick in the market. people are losing money.they are worried about safety of their investments. but we must not lose the sight of reality.well i don't want to be branded as one of the insider of Triplanet. because my money is at a stake.perhapes more than anyone else's in this project.

from my previous experiences in Dubai real estate i know that initial money is always used in buying land. at that time there were no escrow accounts. project didn't take off for 12 to 18 months after the launch. yet most of them are completed today or near completion. the reasons for todays situation is too many projects and small regional developers from abroad are allowed without checking their credential.in our case though i don't now much about Triplanet, i am for sure they haven't taken finance from any bank.so i believe they must be pretty confident at the start that they will complete this project. they bought land with their own money (50% acoording to memo 123). why would they do that?all the developers are allowed to withdrow money for the purchase of the land.which they must have done. now they need money for the construction.by not paying them we are pushing them in to the corner.if there are too many defaults situation will not improve.they can not build simple as that.by going to court you will not get your money back which are already spent.if they are forced to leave the project for lake of finance we will all lose money.our aim is to see the project is completed. by spreading negative sentiments , scaring other investors or spoiling relation with the developer is the receipe for disaster. no developer will lose money when goes bankrupt.they have their safety net. it is us lot who will lose money.

please i request all the investors in this project to take concrete steps to get the project started rather than spreading panick.this will not lead anywhere. we all will be drowned together.

in my couple of conversations with the management i have found them extreamely polite, civil, humble and patient. mutual understanding and co-operation will only bring about something positive.

look at the City Of Arabia the jumeirah village south. after 2-3 years it is still desert.lot of people have made lot of money. and it is time to lose. our greed which is human nature has brought the downfall.there was no rationalism and logic in the massive mega constructions all at the same time. we as investor ,developers and the governmnt were all in the game to make money. but overlooked the pitfalls. the whole world is falling apart. Dubai can not escape.time will only heal the wounds.lessons have to be learnt.those who have stretched their finances will pay the price.this was bound to happen. credit crunch has accelarated it. now we must find a way that Elites see the daylight.

hi i have always dealt with triplanet and have visited their offices on many occasions and must say thy are really nice people they always do help me even though after reading these comments i am woried as i have paid alot also and just want the project completed to

[amidhadli]

Originally Posted by jags

i found this post on another forum.

James has just had a tour of the whole site with a representative of Triplanet. Elite III is still a hole in the ground but the guy told James that they have been waiting for a permission to enable them to work 24 hours a day and they now have that permission so 24 hour work will start any day. Everything else on site looks like it is moving to a normal schedule and James came away very reassured that all was fine and everything was going to be done to work to the current set deadlines. Another buyer was with James who had travelled from London for the meeting and James had the impression that he was very satisfied with what they were shown too.

hi i am going over in jan so will also go and check the site i will ask my agent to join me as he is very good friend of elite managment will report back what i find

[memo123]

My friends i also spoke to them on the phone and they were really nice and cooperative , but after that meeting , i changed my mind completely. he told me in the evening Go tomorrow when it is light and see how much progress we have made .
what they didn't tell me is no one is allowed to inter Sports city unless you lie and say you are structure engineer or site inspector . or accompanied by their own engineers which i believe do not exist , for i told the security guard to call one engineer from inside to come and get me and he refused.
i went at 7 am and was there near the gate for hours pleading with the guard to let me in , he said no way , the master planner or the developers collectively have sealed sports city . The security guard said we dont let people get in and the screamed" DO YOU KNOW HOW MANY ANGRY INVESTORS COME HERE EVERY DAY " "Do you know how much crises we are in "meaning Dubai or sports city ?
i saw so many people lie and get in .
my problem was that i said the truth . I know that lots were lying and getting in , for i was lost and there was a car behind mine that was lost too, i made two wrong turn and he did the same and had a rented car too, and when I got to sports city there were guard and gates , and you have to get a permission to get in
this man who was behind my car , heared me saying to the gaurd that i want to go and see my developer buildings and i told him the name and he refused , the man who was following me, got it and said he is a site engineer yet he looks 18, and the gaurd just let him in .
all you see are falak buildings really nice and totally finished , victory heights from a distance , the dome that was there 7 months ago and aljaber construction group that was really buzzing with action ,the 4 canal buildings no where near 50% of completion,and 3 white two floor very small buildings not finished and i think they are the sports academy and not finished . I must have called the chairman on his mobile almost 15 times but he can see that it is an international number ( my number) then at 9:15 he just closed it, i called triplnet may be 30 times until 9:30 non stop , I called them at all the numbers i have for them to let one engineer come out to take me in to see with my own eyes the progress. the security told all other entrances on his walki talky not to let me in and he gave them my description , he was speaking in Indian but i understood some of what he said . At the end I went through Dirt roads risking sinking inside the sand just to take pictures , there is no other buildings in site not even one floor . i tell you who ever bought in sports city is sk............, not only elite .
I dont know what RERA is doing but I am sure non of these developers can send any termination letter to rera becuase a representative will come to check the site, then the developer will get in trouble .