Eden Gardens, Dubai Sports City

[Bigman]

Hi All

I have a friend here in the United Kingdom who is a barister and has a few ties in Dubai.

i have spoken to him about my situation (I invested in this project back in 2006 and have paid the full amount for my 1 B/R apartment, i am still on the old contract and refused to accept the new one)

he told me he will be travelling to Dubai soon and is willing to take Lokhandwala to court. he has asked me to try and get as many people as possible that have invested in this project and would like him and his colleagues there to act on our behalf.

he advised me that there will be no court costs on me and they would be claiming their legal fees from the third party ie Lokhandwala.

if your interested, please PM me or email me azeemazam24 at hotmail dot com the system would not allow me to put my email address in.

regards

Bigman

[cpt29]

Hi:

Check with the land government, they will advise if you need to go to court. Watch what lawyers charge. Your embassy will have good advice aswell. Be careful, courts in dubai are developer friendly thats why no-one will invest and there is the 40% complete rule.

'40% complete' rule may cost property defaulters - Emirates 24/7

Facing off-plan property consolidation issues? - Emirates 24/7

Lots of other investors on skyscrapercity, list and facebook.

Form a committee likes these investors below. Good luck... Be careful what developers say when it comes to saying they need 100% investment b/c a recent developer said they only need 50% investment to complete in Dubai Sports City.

Half of buyers default on Dubai Sports City project - The National

The Cube Investors Group - Unite investors of The Cube, Dubai Sports City

Welcome to www.ConcernedDubaiSportsCityInvestors.com

[nictt]

Hi all,

If this project is now officially on hold, then based on what I've read on other forums and on the RERA website, If RERA decide that the project is no longer viaible for whatever reason and decide to cancel it, the developer 'Lokhandwala' has to pay EVERYONE who has invested the FULL amount they have paid within 14 days?!...

[cpt29]

If RERA cancel it, the developer will challenge it. You'll probably have to go to court, to get a refund though.

There's no property boom in Dubai. There's oversupply and prices are falling.

Dubai's financial crisis laid bare as 217 new properties axed - Telegraph

[Sportsman]

We'll be lucky to recieve any monies I'm afraid. I have another apt in DSC that has fallen into the same disasterous situation. DSC is a mixure of partially completed buildings with a dry canal. Time to start again, and not in Dubai.

Nictt, a project on hold is the worst situation. A complete impasse. Nothing moves, no monies are exchanged, and no refund. A cancelled project, you might have a chance.... this will not happen with a partially completed building. I doubt Lokhandwala has any money left. They were trying to extract anything possible in the last few years. As an example they charged my 5k for this Qgood land registeration. Looking back it was just another cash grab from a desperate and greedy developer. Half the building is not sold and none of the investors are willing to proceed, or continue with any payments. It's essentially folded. Sorry folks. I've lost faith. Until they have some bankrupty laws, and mechanism for selling foreclosed projects, nothing will change.

[nictt]

This is the link to the info re Rera Cancelling projects and the procedure that should follow..

What happens to an investor if the project is cancelled? - Real Estate - Zawya

[Sportsman]

Sounds great in theory Nictt and I really wish that were to happen but...

Eden will not be cancelled at this stage, as it has been partially built and is on hold. I don't see this changing anytime soon.

As an example, I have another officially cancelled project, in which the developer did not even dig a hole and I am still unable to receive any money. I'll have to spend money to fight for the deposit and even if I win a judgement, who is to say they will pay it? They could just claim bankrupty or flee the country... believe me, I thought it was an absolute given that this money would be refunded to me. A cancelled project that never moved a grain of sand ! I put a large 30% deposit and haven't received a dirham !! It's unbelievable but true. The developer claims he spent the investors money on the land and now the land is tied up with the master developer and cannot be currently sold. In Dubai, anything is possible ! Frustrating beyond belief....

Sorry about the rant. I really do hope there is some re-course to Eden but I am skeptical with it being a independant developer that does not communicate or even offer any kind of solution. I haven't heard a word from them. Has anyone? The front end philipino girls have no clue has to what is going on or how to help.

[Bigman]

Hi All

I have spoken to Lokhandwala this morning and they advised that the project is going to re-commence soon. They claim to have contractors onsite clearing up and getting ready to build the next slab.
I am still sceptical of these comments because the RERA website has not yet been updated however, I have been advised that we should receive an email from Lokhandwala confirming this along with photos.

regards

[nictt]

Hi all.

Has anyone heard anything from Lokhandwala recently?

It must be about a year now since they have contacted me, but then to be fair I think in the last email to them I told them to 'Eff Off'! :-)
Is anyone going to make any further payments to them, I have paid 40%..

[Sportsman]

All very quiet here for Eden and DSC as a whole. Still a disaster...

I think I'll wave the white flag and move on. Luck and timing did not work out very well for this investment. I was close to buying in the Marina instead of DSC 6 years ago.... what a mistake.

Best of luck to all.