No extensions or refunds from emaar

[NewLook]

I just received an email from Emaar Customer Care rejecting my request for an extension of payment, and also rejecting my request for a cancellation of contract. They said they are under NO obligation to comply with Law 13 as a result of a customer's request for cancellation of contract (which is required to get a 70% refund, and that there is NO extension of payment offered for my project ('M' Burj Dubai). The only option offered was to downgrade to a cheaper unit and pay according to a different payment plan. Are these guys above the law or what?

[daflanger]

Seems like Emaar, Nakheel and many other developers are not going to follow LAW no. 13. I am telling you now, RERA cannot help any investors. We have to work things out ourselves or suffer

[MMSM]

according to the law, you will only get repayment by the developer if you've paid over 30%. the repayment will be made to the original buyer once the developer has sold the unit.

its the law set by RERA, not emaar or nakheel

[NewLook]

Regardless of the particulars, I think its unethical for Emaar to announce one thing in the newspapers and do another thing when you write their customer care center. The newspapers are saying that Emaar is being flexible with respect to extending payment schedules. The truth is that Emaaar is NOT providing extension options to everyone, and they are not intending to refund 70% of your money if you default. Whether you pay 5% or 30% is besides the point. This is not right. I thought Emaar was a reputable company, and that's why I invested with them in the first place. I am very disappointed.

[kamadenu]

Originally Posted by NewLook

Regardless of the particulars, I think its unethical for Emaar to announce one thing in the newspapers and do another thing when you write their customer care center. The newspapers are saying that Emaar is being flexible with respect to extending payment schedules. The truth is that Emaaar is NOT providing extension options to everyone, and they are not intending to refund 70% of your money if you default. Whether you pay 5% or 30% is besides the point. This is not right. I thought Emaar was a reputable company, and that's why I invested with them in the first place. I am very disappointed.

Greed and fear do not spare any one. First it was greed of everyone involved including the developers who kept announcing price increases to be able to boost the market prices which were not true and now the fear.........good lessons for everyone

[poorwoman]

I too owe a unit in "M Burj' and unable to pay the next installment and they asked me to go for a downgrade. I opted for "rent to own " scheme which they have newly introduced but they rejected that. If they are asking everyone to downgrade then what is the future of this project?

[TommyC]

Originally Posted by daflanger

Seems like Emaar, Nakheel and many other developers are not going to follow LAW no. 13. I am telling you now, RERA cannot help any investors. We have to work things out ourselves or suffer

investorslaw13 @ hotmail.com <<----- sign up! were closing in on one hundred already and almost 1 BILLION invested. It's a effort to bring the voice of the investors to the public, and do what we can to improve our situation. And spread the word to everyone you guys know that have any money whatsoever invested!

Attach some brief details about yourself, invested money and properties, and optionally some more contact details besides your email-adress. Thanks!

[Roshan]

Originally Posted by daflanger

Seems like Emaar, Nakheel and many other developers are not going to follow LAW no. 13. I am telling you now, RERA cannot help any investors. We have to work things out ourselves or suffer

RERA cannot do anything. Let them clear the internal mess before they actually start helping.

Regards

Roshan

[georgihh]

Originally Posted by MMSM

you are out of your ****ing mind. the developer is only charging a 1% penalty for downgrade. be grateful you're getting the option of a downgrade, others arent even offering this.

they could easily take all your payments and show you the door, but they're making an effort. and in any case, investors/flippers like yourself should be punished for ruining the market.

This time they can’t take your payment as they will spoil the name Emaar.
The old days are gone.
They have to pay the money back and start again otherwise they need to close.
Too many people have burnt or are about to burn and in this part of the world the rumor is spreading very quickly.
If the people around the world find out that Emaar are working on 500% profit - what do you think is going to happen?
UAE is not Singapore or Hong Kong the foundations are very thin and can collapse anytime.
Too much to quick, no regulation – the property business is dead.

Emaar market share has lost 80% of the value this year I wonder why!

[MMSM]

Originally Posted by georgihh

This time they can’t take your payment as they will spoil the name Emaar.
The old days are gone.
They have to pay the money back and start again otherwise they need to close.
Too many people have burnt or are about to burn and in this part of the world the rumor is spreading very quickly.
If the people around the world find out that Emaar are working on 500% profit - what do you think is going to happen?
UAE is not Singapore or Hong Kong the foundations are very thin and can collapse anytime.
Too much to quick, no regulation – the property business is dead.

Emaar market share has lost 80% of the value this year I wonder why!

Emaar does not operate on a 500% profit margin, and even if it did, 'people around the world' would find out as it is a publicly listed company that has to by law disclose all of its accounts

Why has Emaar's share gone down? It has nothing to do with company fundamentals. In fact, none of the listed stocks are trading based on fundamentals. For e.g. DP World, one of the safest stocks in the world, is trading at a 77% discount to its IPO price.

As for collapsing, the UAE is probably better capitalized than Singpore and Hong Kong. Oil revenues which they have been earning for the last year at record prices ensure this constant stream of money.

In case you didnt know, Abu Dhabi's sovereign wealth funds (ADIA) are close to a trillion dollars, several hundred billion dollars above any other SWF in the world!

Have faith in the market. YES, prices were high and developers made a killing, but so did investors, banks, contractors, suppliers, and everyone else. For the first time in nearly 7 years, the market is correcting itself and investors are loosing money.

Investment in real estate in international markets is done not on 5% downpayments with a chance to flip, it is done on total purchase price. People unable to afford the properties were buying here by just putting the 5% down, and when they couldnt sell due to several factors, they got burnt.

I say whats happening is good. I've personally lost a **** load of money in the market. Put 5 - 10% down on several properties not being afford the next payments. Now that there's no demand for these, I cant sell and stand to lose a significant sum of money. It is not the developer's mistake, it is my own. Greed was driving me, and i've learnt my lesson. Back to investing in low return mutual funds and government bonds for me.