Dubai Lagoon on Hold! Schon Properties Delaying with no reasons

[daflanger]

Hi All,

If anyone is considering Dubai Lagoon as an investment... then think again! Alot of us unfortunate investors are having serious trouble with Schon Properties as the project has come to a complete stand still with no solution apparent in the near future. The sad part is Schon cannot offer any of us a delivery schedule and all they ask for is the payments???

We are forced to continue our payments against nothing!!! No delivery dates, no updates, no info... absolutely nothing!

The project if completed will not be ready before 2011 and yet we are being forced to continue with our payments!

Is anyone else stuck in this project?

Daf

[MMSM]

take it up with RERA

[georgihh]

Originally Posted by daflanger

Hi All,

If anyone is considering Dubai Lagoon as an investment... then think again! Alot of us unfortunate investors are having serious trouble with Schon Properties as the project has come to a complete stand still with no solution apparent in the near future. The sad part is Schon cannot offer any of us a delivery schedule and all they ask for is the payments???

We are forced to continue our payments against nothing!!! No delivery dates, no updates, no info... absolutely nothing!

The project if completed will not be ready before 2011 and yet we are being forced to continue with our payments!

Is anyone else stuck in this project?

Daf

Unfortunately the project will be cancelled. No one is going to start constriction in such a prime location for such a small amount. Probably you will be compensated with 6% per year interest.

[Roshan]

Originally Posted by georgihh

Unfortunately the project will be cancelled. No one is going to start constriction in such a prime location for such a small amount. Probably you will be compensated with 6% per year interest.

Cancelled I don't think so. Delayed could be probable. Which project is not delayed in Dubai.

Hope it's sorted out for the investors sake.

Regards

Roshan

[daflanger]

If the project gets cancelled.... Schon Properties is up for a collective Law Suit!!!

We have already approached RERA and they said they are no longer accepting complaints on developers and that we have to take it up with Dubai Court!!!!! This is crazy!!!

We are being forced to pay!!! What the hell????

[georgihh]

Originally Posted by daflanger

If the project gets cancelled.... Schon Properties is up for a collective Law Suit!!!

We have already approached RERA and they said they are no longer accepting complaints on developers and that we have to take it up with Dubai Court!!!!! This is crazy!!!

We are being forced to pay!!! What the hell????

Check your contract properly they always put a note that they can terminate the agreement and return your money.
But don’t worry we will have the priority to buy from the multi billion development being design around the creek

[Sixgun]

Originally Posted by daflanger

If the project gets cancelled.... Schon Properties is up for a collective Law Suit!!!

We have already approached RERA and they said they are no longer accepting complaints on developers and that we have to take it up with Dubai Court!!!!! This is crazy!!!

We are being forced to pay!!! What the hell????

How do you mean, forced to pay? if you don't pay the next installment, what?
I assume you already have 30-40% invested? but is it worth putting more into a dead project?
I'm not advising, just genuinely intereted in this plight and what are the possible 'out' stratergies?

The more i hear about RERA the more I think they have absolutely no actual powers, just an advisory body or something, which is a real blow to investors.
Anyone , anything positive to say? please?

[daflanger]

Originally Posted by Sixgun

How do you mean, forced to pay? if you don't pay the next installment, what?
I assume you already have 30-40% invested? but is it worth putting more into a dead project?
I'm not advising, just genuinely intereted in this plight and what are the possible 'out' stratergies?

The more i hear about RERA the more I think they have absolutely no actual powers, just an advisory body or something, which is a real blow to investors.
Anyone , anything positive to say? please?

They have PDC Cheques from us and they refuse to return them. They also refused to stop depositing the cheques even though there is no construction.

For other investors who are not paying they are sending them warning letters from their lawyers.

We have asked for help from everywhere but no one is helping. I am guessing the only thing left to do is go to the Press and Media

[Roshan]

Originally Posted by Sixgun

How do you mean, forced to pay? if you don't pay the next installment, what?
I assume you already have 30-40% invested? but is it worth putting more into a dead project?
I'm not advising, just genuinely intereted in this plight and what are the possible 'out' stratergies?

The more i hear about RERA the more I think they have absolutely no actual powers, just an advisory body or something, which is a real blow to investors.
Anyone , anything positive to say? please?

All the investors form a group and file a law suit - OR - a court order stopping all payments. Sounds difficult but not impossible.

I had a similar case with Omniyat where the land was not handed over by Dubai properties to the developer in Business bay. They were decent enough to stop all payments until further notice. They could have collected payments as per the contract but they decided otherwise.

Regards

Roshan

[daflanger]

Originally Posted by Roshan

All the investors form a group and file a law suit - OR - a court order stopping all payments. Sounds difficult but not impossible.

I had a similar case with Omniyat where the land was not handed over by Dubai properties to the developer in Business bay. They were decent enough to stop all payments until further notice. They could have collected payments as per the contract but they decided otherwise.

Regards

Roshan

Well in our situation the land has been with them lloooonnngggg ago. The construction started MAY 2007!!! And it is on hold now... yet they are still collecting our payments and stating completion is Feb 2009 and July 2009 when it seems nothing will finish if ever before mid to end of 2011