City of Arabia

[Meztri]

GET LOCAL & INDEPENDANT LAWYERS TO CHECK THE OFFICIAL STATUS OF YOUR PROJECTS AND INVESTMENTS, AND EXPLAIN TO YOU WHAT ARE YOUR RIGHTS AND OPTIONS VIS A VIS DEVELOPPERS.

Do not wait, act quickly!!!

[dave_in_OZ]

Interesting to read your comments. In Australia we do not encounter these scenes where no communication is received from the developers.
Projects require a 10% deposit, and the project funders require a certain number of pre-sales until funding for construction begins and pre-sales must be reached in a pre-determined time limit.
Read my thread in Property to let and let me know your comments by reply or PM

[John Alexander]

Originally Posted by dave_in_OZ

Interesting to read your comments. In Australia we do not encounter these scenes where no communication is received from the developers.
Projects require a 10% deposit, and the project funders require a certain number of pre-sales until funding for construction begins and pre-sales must be reached in a pre-determined time limit.
Read my thread in Property to let and let me know your comments by reply or PM

Hi Dave,
Are you a real estate agent in Queensland? If so can you provide me your contact details?

[Meztri]

I'm amazed how lightly are people taking this 3YEARS delay! 3 years delay already without any work being started! that is a massive breach of contract. Do you know what interest you are missing on your money? Do you know the credit spread of real estate companies these days? do you know that the credit spread of EMAAR, the biggest developper in Dubai, is close to 300bps! you are basically lending your money to IMG in these times for 0% interest!
How can you trust such counterparty after such ridiculous delay? How can you take them seriously when they delay delivery by 3yrs minimum and don't even bother to communicate and offer compensation? You should panic, there are all reasons to panic, one must be naive not to.

[Meztri]

In addition, none of you has paid into an escrow account held by a Notary or an independant legal entity... Act quickly and stop dreaming...

[georgihh]

Originally Posted by Meztri

In addition, none of you has paid into an escrow account held by a Notary or an independant legal entity... Act quickly and stop dreaming...

How can we act as we have no power?
If the government wants to help us they will if not money gone
Galadari brothers are one of the richest (cash) people in the world.

[chiquita]

John,
Can you give me your email add? I have questions for you.

Originally Posted by John Alexander

Hi Dave,
Are you a real estate agent in Queensland? If so can you provide me your contact details?

[John Alexander]

Originally Posted by chiquita

John,
Can you give me your email add? I have questions for you.

Hi Chiquita, You will find it in one of my posts to the forum.

[John Alexander]

Does anyone know about this new Rera Laws where any off plan property has to be pre registered with the Land Department as an off plan property before it can be marketed by any agent as a resale. These are coming into force from tomorrow, I have been informed.
Without this one cannot transfer their off plan property to another buyer.
I have sent an email to MED today asking about this pre-registeration and am waiting for their reply.

Also with the new Rera rules. the seller and buyer both pay 1% transfer fees.
It does not end here, the seller will now have to pay the agents fees instead of the buyer.

[Meztri]

Spot on John, That needs to be adressed... why aren't those projects registred?