Damac Development

[Sunnyb]

I have a property in the Lakeside development and the development has over run by 2 years +.
Is there any way I could sell this property, get my money back or get compensation for the over run?

[jac2]

Hi sunnyb. I also have investments with Damac in the Lakeside development. I am being emailed regularly to make next payments and feel we should have some comeback with how they have let us down. Dubailand is not happening now and that was the sole reason I invested in Lakeside. I have been trying to find others in our situation in the forums, I feel isolated and unsure what move to make next.

[miniclip09]

Hi Sunnyb & Jac,

I also have a property in Lakeside and have informed Damac that I will no longer be paying the due instalments( 2 currently due).

I am hopefully going to be speaking to a lawyer based in Dubai tomorrow.

Get in touch with me at kaftanmiah at irmsolutions dot co dot uk

Maybe we can put together a group action.

regards

[jac2]

Hi miniclip 09

I have replied to your email and hope you receive hopeful news or information from the lawyer. I hope others who have invested in Damac Lakeside Development make contact with us so that we may form a group.

[miniclip09]

Hi all,

I spoke to a lawyer based in Dubai - Firm KBH Kaanuun.

The first thing that needs to be done is to get a technical report from RERA through the courts. Cost around AED 5000 (can be shared amongst investors).

Will need to give Power of Attorney. Cost around AED 2000.
Will need to translate Sales/Purchase agreement into Arabic. cost AED 100 per page, on average 20 pages = AED 2000.
Then there will be the legal cost of AED 10,000(for advice and going to court)

All cases will have to be taken to court individually. There is no thing as a "class action" in UAE.

If anyone is interested in sharing the cost of technical report and legal advice let me know.

[James Greg]

Originally Posted by Sunnyb

I have a property in the Lakeside development and the development has over run by 2 years +.
Is there any way I could sell this property, get my money back or get compensation for the over run?

You have chosen nice place to advertise your property. It is very useful forum for property sale and purchase because most of the professionals come over here to find property. Can you tell us something more about your property that what is different in it and why we should purchase it? What is the exact place where it is situated?