NEED TO CONTACT THE GOVERNMENT AUTHORiTIES IN AJMAN

[Green_age]

Originally Posted by memo123

i have contacted RERA through their site for two cases but no use
we all should go in thousands , bombard them with our cases
there has to be be a law in place to cover all fraud issues and protect the investor from greedy develops and not greedy investors , as they claim.
we should assign one day where all go with banners , in a civilized manner and demand that we see the big guys there and explain our ordeals in in all the Emirates after all so many of us bought in ajman and none is there to talk to.
it is a big market now for lawyers , not only we have been sk........................... buy the developers and who backs them , then each of us will loose alot to lawyers . we have to work collectively, each group, that have the same sort of case hire one lawyer to represent each group separately
but the government have to be the first to get its hands dirty and take charge of the situation ,
we have been hearing that they formed a committee to Handel the crises but so far all they have been doing is plotting against investors .
who is their to protect us? especially if we dont live in the UAE .

well said memo. For start, I suggest to ask someone who is good at official writing, to write down a draft here addressing to UAE authorities and pointing out to general problems caused for investors. Then after finalizing the text, put it on website (petitiononlineDOTcom), asking for investors through emails, to sign the petition. RERA also could be addressed. WE MUST LAUNCH A CIVIL CAMPAIGN TO DEFEND OUR RIGHTS. UAE IS BEING BUILT BY MONEY OF INVESTORS NOT DEVELOPERS! ANY PLOT AGAINST INVESTORS, WOULD RESULT IN LACK OF TRUST FOR FURTHER INVESTMENT.

[memo123]

with the current stand of the government of Dubai and the land authority no one will put a penny in the future an anthing in Dubai

Originally Posted by Green_age

well said memo. For start, I suggest to ask someone who is good at official writing, to write down a draft here addressing to UAE authorities and pointing out to general problems caused for investors. Then after finalizing the text, put it on website (petitiononlineDOTcom), asking for investors through emails, to sign the petition. RERA also could be addressed. WE MUST LAUNCH A CIVIL CAMPAIGN TO DEFEND OUR RIGHTS. UAE IS BEING BUILT BY MONEY OF INVESTORS NOT DEVELOPERS! ANY PLOT AGAINST INVESTORS, WOULD RESULT IN LACK OF TRUST FOR FURTHER INVESTMENT.

[Ajmanprop]

I haven't bought in DXB - so this is just my observation. I don't think RERA will help. Their definition of investor, seems to be the developer... not the end unit buyers.

I also saw someplace that RERA stopped mediating disputes, since there is a new court set up for the purpose, so you can imagine... the number of complainants.

See the URL below. Total of 59 pages... some of the posters on that forum seem to know people within RERA and have successfully set up meetings etc. but the developer games the system very well. RERA makes the right public statements...insists rogue developer's will be prosecuted etc. However, the same developer is free to keep launching new projects, sell within the same development... it is a soap opera.

Dubai Lagoon Message board - Dubailagoon

(Just search by RERA, maybe you'll find out how this has been playing in the press etc. and how refunds are promised for some, but the developer is stalling etc).

For Dubai buyers, there is a thread in the Dubai section - investorslaw13@homail.com - I think. Seems to have gained some momentum - you may want to start by signing that. I saw that the group was representing AED 1Billion of purchasing power. Should account for something.

I bought in Ajman - and now just trying to walk away after 35% paid... but cannot since I need to find a lawyer to get back the post dated cheques.... otherwise, the developer happily keeps cashing them.

[Ajmanprop]

By the way, the group behind investorslaw13, have sent a letter to RERA. It was in relation to a specific interpretation of the law, or rather re-interpretation of the law. The letter is posted online. Be good to see how they are received - they also had coverage in an Abu Dhabi newspaper.

[Green_age]

its quiet funny, CNN still airs ajman properties ads!
I've also paid 40% and there is nothing done, and developer acts like there is no global crisis and people are safe and sound! Ofcourse they must be happy to steal the money from people's pocket and the law is actualy protecting them!

[psychiatrist]

This just in. BREAKING NEWS

Police seek Al Barakah executive
By Nathalie Gillet

Last Updated: December 04. 2008 12:34AM UAE / December 3. 2008 8:34PM GMT
The developer lured homebuyers with a guarantee of a 50 per cent profit in six months. Photo / The National
Police and investors are trying to track down the chief executive of Al Barakah, a property developer, in connection with Dh14 million (US$3.8m) worth of bounced cheques.

Al Barakah, the group behind the development of the “tallest tower in Ajman”, as well as several projects in Dubai, enticed homebuyers with a guarantee of a 50 per cent profit in six months. To convince them, the company issued post-dated cheques for that time period.

Police say at least Dh14m worth of those cheques have bounced and the company’s chief executive, Imran Khan, has so far eluded investors and law enforcement officials looking for him.

Full story: Police seek Al Barakah executive - The National Newspaper

[Ajmanprop]

Good article, and good to see some form of justice. I believe it is the first of many on the run.

The irony is that they call the guys who bought 1 or 2 units, with the intention of flipping it - speculators.... when you have rogue developers, that are selling vapour ware buildings for a 50% upside....in 6 months.

One would think the cops would detain his assistant, seize the office, in order to get his whereabouts...quickly before he skips town.

[Green_age]

people who live in uae, they are undoubtedly aware of the extent of this terrbile market. is it getting worse in new year (like what happend in us) or the beat is different?
We know the AbuDhabi owns the wealth (oil) and the population in UAE is not high. so it is quiet possible that situation gets better soon.
But on the other side of story, properties in uae had reached to some dellusive level, and also its economic ties with countries impacted by the global recession(us and uk) is very strong, thus the tsunami is still to come?