Fakhruddin Properties

[Roshan]

Has anyone heard of Maimoon Towers? I hear the developer is Fakhruddin Properties. Are they reliable? The construction is supposed to start anytime now in JV. I plan to invest there, so any valuable advice is most welcome.
Thanks.

Yes they are reliable, when I say reliable is that they will not cheat you. Fakhrudin have been in the property market for over 40 years. They have delivered a few bldgs in International city. Could check these bldgs for quality.

Maimoon was launched probably before the last city scape. They sell on gross area and not nett, which is the case with most of the developers leaving a few out.

Regards

Roshan

 

[petelles12]

They are currently building four towers: Coral Hotel Apts in Sports City, Lake Center in Business Bay, Oasis Towers in Silicon Oasis and Maimoon Towers. What I do not understand is that how 2 Beds can be sold from 2.1 million in secondary market (Maimoon Towers) which is already under construction. I would rather prefer Greens and start collecting 190 K rent.

 

[Roshan]

Hello Roshan. Just one query, when u say gross area and not net, does this mean Super Built up area including the common area? As far as my knowledge goes, this is how it is done normally, when they calculate the square foot area for an apartment?

Secondly, I see that the psf is mentioned as around 900dhs in JVS, but in Maimoon, it is around 1200dhs. Is this price too high? The facilities in the twin towers are really good, with water park, restaurants, etc. Is it worth investing then?

You are right.

Nett is carpet area : That's the area one would get if you put a carpet area.

Gross area : Is the area which includes the the common passages, service areas, balconies which is called built up in some markets like Dubai and super built up like places in India. When my friend bought a property in India, he was at daggers with the developer just because of this change in terminology.

You have to get your numbers right. Use the mortgage calculator which is posted in the first three posts of the forum. Feed in the figures and you get the output. It will tell you whether your rent will cover the mortgage - OR - whether the EMI will be more than the rent. Access Sunil's site, the link is on the mortgage calculator sheet to learn how to invest in property.

Find out what is the going rate in JVS ( Dhs 1100 psf, correct me if I am wrong ). Research how much other developers are charging and presto you have the answers.

Regards

Roshan

 

[Roshan]

They are currently building four towers: Coral Hotel Apts in Sports City, Lake Center in Business Bay, Oasis Towers in Silicon Oasis and Maimoon Towers. What I do not understand is that how 2 Beds can be sold from 2.1 million in secondary market (Maimoon Towers) which is already under construction. I would rather prefer Greens and start collecting 190 K rent.

How very true, well said. 2.1 million for a 2 BDR is a nonsensical price. How would one ever sell such developments or pay mortgages for such prices.

Regards

Roshan