Eden Gardens, Dubai Sports City

[houradt]

construction site update

[Sportsman]

I drove by the site at Eden Gardens very recently and it's all quiet. There is progress around the area and many sites are progressing, which should be good for DSC. But, I have bought into Eden thinking the location and plan look great, I just hope they can get their act together and actually start something....anyone know when they plan to start building?

I am hopeful but this project is unusually slow even for Dubai/ Any more insight ?

Thanks

[georgihh]

Originally Posted by Sportsman

I drove by the site at Eden Gardens very recently and it's all quiet. There is progress around the area and many sites are progressing, which should be good for DSC. But, I have bought into Eden thinking the location and plan look great, I just hope they can get their act together and actually start something....anyone know when they plan to start building?

I am hopeful but this project is unusually slow even for Dubai/ Any more insight ?

Thanks

Bad luck my friend, bad timing!
Next year will be even worst

[Sportsman]

G,

Your post is pretty much useless, care to explain what you mean? worst?

[Sportsman]

Does anyone have further info on Eden Gardens? Thinking of holding on this project due to the great location, site plan and outlook on Dubai Sports City, but concerned about further delay's....

Thanks

[Roshan]

Originally Posted by Sportsman

Does anyone have further info on Eden Gardens? Thinking of holding on this project due to the great location, site plan and outlook on Dubai Sports City, but concerned about further delay's....

Thanks

Everything depends on your investment strategy.

If you are thinking long term, then I guess you should be patient. Yes, delays do hurt.

For what price did you buy, if you intend renting and the rent covers the EMI, then I would not be worried.

As I said earlier on Lokandvalas are good developers and it could be worth the wait. I'm sure the delay is from some local regulations and not due to financial constraints. Lokandvalas are cash rich and there is no way the project will be scrapped.

Regards

Roshan

[Sportsman]

Thanks for your reply, much appreciated. I'm comfortable with the price at about 1150/sqft for a 1 bed and 1300/sqft for a studio. Rent will cover even with conservative numbers....

Like you said, have to be patient, but wish it was not so delayed. I'd really like my money serving me better elsewhere but cest la vie...I still really like the Dubai Sports City plan and am optimistic, I also didn't realize Lokhandwala was such a large builder in India. Make me feel better.

I see from the media the cricket stadium will be full of action next year.

Thanks

[nictt]

Hi all,
Has anyone else got any info about Eden Gardens and Lokhandwala (Sportsman we have already spoken via another thread)...
I, like many others i see on this thread, bought my apartment way back in mid 2006 with the promise that this building would be completed in june/july 2008!, Obviously this date has well and truely been and gone and my updated SPA that i had back approx 1 year ago had a 'new' anticipated completion date on July 2010!.. Again, i personnally think that IF this project is completed it is more likely to be the first or second quarter of 2011!..
Now i, as im sure others who have invested in Eden Gardens, am very concered about this project as apparently it turns out that Lokhandwala are not infact the people i beleived they were... I was told by my agent when i purchased that they were a HUGE Cash rich developer in India.. Sadly if you check out the below website it would appear that this is not the case?.. Or at least this website is making out that they are not the Lokhandwala builders that they say they are, see for yourself and draw your own conclusions on the issues within this blog ....

LOKHANDWALA Dot WORDPRESS Dot COM

As there have been numerous delays in the past i had managed to secure an extended payment shedule and i currently have paid them 40% with another 5% due at the end of this month ( i asked for this payment again to be moved a month or so ago based on the lack of progress on site but they declined!)... Anyway i have decided i am not going to pay based on a number of factors.. the most obvious one being that at the moment i have lost all confidence that i am going to ever see my little holiday apartment which i have worked hard to pay for me and my family to enjoy and would be my future pension (Im 30 but hey youve got to think about retirment and pensions at some time in your life i guess!)
Obviously there is a lot of talk on these threads at the moment about law 13 which at the moment doesnt apply toanyone who bought before august 2008, and the big thing which would benefit all at the moment is RERA saying that payment shedules will be linked to construction. Im reading differnet information at the moment saying that although nothing is on paper yet and this law isnt active yet, people who have been to RERA's offices have been told by staff there that they are already working to this rule... AARRGGHHH! Im Soooo confused at this moment and have no idea what is going on at all, as everytime i read these threads new information comes to light about this law and that law and if you dont pay on time you will loose whatever is stipulated on your contract if it is before august 2008 and if its after you will loose 30% of what youve paid, then its changed to 30% of total contract value, then RERA are saying they wont cancel peoples contracts if they havent got of the ground with the building, so does this apply to ALL contracts regardless of date signed!!????... And if they decide to cancel the project as it is still only at shoring and piling stage would i loose everything?, get everything back?, or just get back what is held in Escrow? (remember when this project was launched Escrow wasnt required so i beleive funds went straight into Lokhandwala's business account and according to the website above ((if it is factual information)) they have already spent that money buying other plots of land!)
So many questions......
Can ANYONE shed ANY light on ANY of them?, and are any of other Eden Gardens investors out there with the same concerns as me?....
What does everyone think about the website above about LOKHANDWALA?..
Again Sportsman and Escrow Officer your help has been great but im still hela confused!!

[jags]

Lokhandwalas were good in India 25 years ago.i was teaching in private school in Lokhandwala complex in Andheri 20 years ago.they were very aspiring at the time.
generation is changed.there is much to be said about quality of their project at present.don't forget developers are all flocked in to Dubai market for quick money as much as investors.what is the point of investments if you have to wait for 5 to 6 years after paying 50 to 60%.what about lost investment opportunity and interest. and there is no guarantee that prices will always rise as we have witnessed this crash.rental income is high on horizon.

this another one delayed project to the list i have mentioned in my Elits thread.can people take notice.

[nictt]

Originally Posted by jags

Lokhandwalas were good in India 25 years ago.i was teaching in private school in Lokhandwala complex in Andheri 20 years ago.they were very aspiring at the time.
generation is changed.there is much to be said about quality of their project at present.don't forget developers are all flocked in to Dubai market for quick money as much as investors.what is the point of investments if you have to wait for 5 to 6 years after paying 50 to 60%.what about lost investment opportunity and interest. and there is no guarantee that prices will always rise as we have witnessed this crash.rental income is high on horizon.

this another one delayed project to the list i have mentioned in my Elits thread.can people take notice.

Jags,

as per the website mentioned in my post the Lokhandwala that are 'building' Eden Gardens are not the same that you encountered 25 years ago, apparently they are 'posing' as the same company when they are indeed not.. My developer has since changed its name to 'LOKHANDWALA INFRASTRUCTURE' to try and avoid lawsuits from the original and Huge Indian based Lokhandwala...
It seems that most people are encountering minimum of 2 years delay across Sports city.. But with my building i dont think it will ever matialise as my confidence drops everyday the more i uncover new information


This quote was taken straight off the above wesite mentioned above.... Very Worrying...

''Moiz Lokhandwala came from India. Old Lokhandwala Builders International Dubai, now have changed their name to Lokhandwala Infrastructure . What happened that was that “Lokhandwala Builders” name used in Dubai was stolen brand of one of India’s real big name builder “Lokhandwala Construction”, they suid Moiz and Saifuddin in India, and lost in the court. Lokhandwala Infrastructure who started Eden Gardens project, are not real Lokhandwala, they are in essence just using other real Bombay based builders good name to dupe and misguide potential investors in Dubai".

Any comments on this anyone?...