WINGS OF ARABIA by ACI

[djaan]

Is anyone out there who bought in Wings of Arabia (Dubailand)
by ACI because today i recieved an email that they are going to cancel my
Unit if i dont pay till 13.01.09. I have paid 10% no contract sighned so if sombody else also affected then please write your opinion how to proceed?

[zhouguoyaogeorge]

Originally Posted by djaan

Is anyone out there who bought in Wings of Arabia (Dubailand)
by ACI because today i recieved an email that they are going to cancel my
Unit if i dont pay till 13.01.09. I have paid 10% no contract sighned so if sombody else also affected then please write your opinion how to proceed?

I bought 2 br in wings of arabia . i have paid 25% for total amount.
I think your should be pay next 10% to escow account.


Rera sets payment rule

Starting from January 1, 2009, developers and banks have been ordered to stop taking payments more than 20 per cent of the cost of properties from buyers or investors until construction begins, a Real Estate Regulatory Agency (Rera) official has revealed.

"We have sent out letters to 100 developers – as well as having meetings with them and lending banks and institutions – telling them to take payments from buyers worth only up to 20 per cent of the contract value," Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department, told Emirates Business.

"With properties that are already being built, developers who have collected more than 20 per cent of the contract value from buyers will immediately have to stop asking for further payments until they correlate the escrow amounts already collected to construction progress."

Rera has set up an 11-member Real Estate Development Trust Account Department that will supervise and monitor the construction process and ensure the escrow amounts are collected in accordance with the agreed schedule.

"We have all the figures in our database and are asking developers to stop collecting money from buyers," said Al Mansoori.

Rera Chief Executive Marwan bin Ghalita said developers could protect their rights by referring disputes to the Property Court where contractual agreements would be enforced. "The message we want to send out to the developers and lending banks is to consider the situation of the investor before they take action," he said. "In this time of crisis, everyone should work together and everybody's rights will be protected."

Meanwhile, Rera has announced that a revision of Law No 8 is being considered by Dubai Land Department.

"For new sales and purchase agreements the booking amount has been set at a fixed amount rather than the previous rate of five to 10 per cent of the contract value," said Al Mansoori . "In January, Rera will set up a technical audit team. The new system will enable stricter auditing of the escrow account, the developer and the trustee."

He added that Rera was introducing regulatory procedures covering Law No 13, which established the Interim Real Estate Register.

A land department spokesman said 100,000 units had already been registered.

[escrow_officer]

Originally Posted by zhouguoyaogeorge

Rera sets payment rule

Starting from January 1, 2009, developers and banks have been ordered to stop taking payments more than 20 per cent of the cost of properties from buyers or investors until construction begins, a Real Estate Regulatory Agency (Rera) official has revealed.

I have confirmed with RERA today. Its 30% for sure. If u have paid 30% and no construction has been started for that project then investor can refuse to pay the next installment.

Regards

[WOA]

Well I have paid 55% and the minimum you had to have paid was 35% before no further payments were required for now. Once the tenth floor is completed, then I have to pay another 10%. Once the 20th floor is completed then I have to pay the last of the 10% payments. The last 25% is due when the building is complete and I take the keys in - 2011????? Maybe Inshallah ...

If anyone has another version I am keen to hear it. The delay is suppose to be the fault of the municipality and approvals for preconstruction work. I was told all that had been finalised last year and now there is another approval they are waiting for - the FINAL one so they say again! Their lies are tiresome. There have not been 2 years in delays from the municipality so the building should be completed in the later half of 2010 not 11. supposedly the global crisis has nothing to do with the delay of this project so I smell effluent.

Anyone care to comment or tell me where I am wrong?

Cheers

[fred2002]

Originally Posted by WOA

Well I have paid 55% and the minimum you had to have paid was 35% before no further payments were required for now. Once the tenth floor is completed, then I have to pay another 10%. Once the 20th floor is completed then I have to pay the last of the 10% payments. The last 25% is due when the building is complete and I take the keys in - 2011????? Maybe Inshallah ...

If anyone has another version I am keen to hear it. The delay is suppose to be the fault of the municipality and approvals for preconstruction work. I was told all that had been finalised last year and now there is another approval they are waiting for - the FINAL one so they say again! Their lies are tiresome. There have not been 2 years in delays from the municipality so the building should be completed in the later half of 2010 not 11. supposedly the global crisis has nothing to do with the delay of this project so I smell effluent.

Anyone care to comment or tell me where I am wrong? ;)

Cheers

I hear you!

These people have been telling misleading statements to say the least :mad:.

By Aug 08 I have paid 35% of my one bedroom apartment. They insisted on paying the due 10% according to the old schedule (was due in Nov 08) despite my requests to reschedule the payments due to the undisputable fact that they are more than 18 months late!

Anyways, I paid the 10% & now my paymouts total to a 45%. They rescheduled by linking the next payment to the start of basements, which i believe is too early for me to start paying again. Frankly I lost trust in ACI & i will be visiting their offices soon to better understand what their future plans are.:mad:

My belief is that unless we buyers unite & confront them this project will never see the light & all of our hard earned investment money will go down the drains....

suggestions?

[immmi79]

guys, lets actually go and meet them one of these days... as per the contract they were supposed to start construction. I dont think this project will ever take off.
we should actually start asking for our money back

[Arno Salzl]

Originally Posted by immmi79

guys, lets actually go and meet them one of these days... as per the contract they were supposed to start construction. I dont think this project will ever take off.
we should actually start asking for our money back

You'll find further information about ACI's ways of doing business here:
Dubai7Stars: ACI
#PREP: NIKI LAUDA TWIN TOWERS, 33F+30F Com - Page 14 - SkyscraperCity

Moreover, father and son Lohman are out of the country since weeks and some staff think, they'll never come back.

[ouardiri]

If anyone get information from RERA on ACI about our payment breakdown or maybe any gesture from ACI (lol)
Please help me I'investeg t last march 2008 I'm paying every 4 month and I'm on france and it's a lil b difficult to get informations
Do i have to get my money back or you think that we will get our investment within 24 month

[raakeshchawla]

Originally Posted by djaan

Is anyone out there who bought in Wings of Arabia (Dubailand)
by ACI because today i recieved an email that they are going to cancel my
Unit if i dont pay till 13.01.09. I have paid 10% no contract sighned so if sombody else also affected then please write your opinion how to proceed?

I think it is better to loose 10% than to have a headache for life. The choice is yours ...yu wanna loose some and relax or you wanna put more and bes stressed rest of the life.....think well

[russwilson100]

Hi, I too invested in Wings of Arabia and am interested to know if anybody has any success with refunds from this project. I have confronted ACI and had many arguments in their office to try and get my money back but no joy. I have also been to RERA and the Land Department countless times and explained the whole situation of no construction and too much money being demanded. The sheikh who i spoke to knows ACI very well and confirmed that the plot had been handed over and they have no excuses not to have started construction. This entitles us to 100% of our money back. We need to file a complaint at the property courts.