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djaan
New Member
i have paid 40 % and i will not pay more untill they link payment to construction as it is nowadays the only choice left.
djaan
djaan
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djaan
New Member
Dear Gents,
we have made a" The Elite Buyers/Investors" group and we are dealing with Triplanet to push them to link payment to construction as well as all our other interests including quality of work
so if you want to join us please email us
[email protected]
with regards
Djaan
we have made a" The Elite Buyers/Investors" group and we are dealing with Triplanet to push them to link payment to construction as well as all our other interests including quality of work
so if you want to join us please email us
[email protected]
with regards
Djaan
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financier888
New Member
withholding payments
Mr Khan has started a investor group and I think this is a good idea and investors involved with this project should participate as to increase your bargaining position with the developer. At the least, this may force the developer to be more transparant. The real estate agent telling you NOT to make the next payment is not a good sign. he may know they are in trouble and as it stands now, it's easy for these developers to go to the airport never to been seen again. You can also check with the bank that manages the escrow account and have them verify your funds in escrow...
In regard to Mr Khan's investment group - you (collectively) should consider consolidating your holdings - meaning - if you all have units in different phases of the project- start to convert them to other buildings so the develoepr had a higher amount of sold units and with the payments can finish the building. (as opposed to have several towers with 20-30% sold that in all likelyhood will never get completed...)
just a thought but be carefull when it comes to defaulting - do some more due diligence and it's a good idea to pursue this collectively as previoulsy stated
good luck!
Hi Sarah - you state that the 'estate' agent told you NOT to make the next installment - is this correct? Did the reale state agent tell you why you should not make the next installment? Does he have inside information about the status of this developer? I ask this, because contractually, if there are no terms and conditions that link your payments to contruction - you may trigger a default and possibly lose what you have already paid.. Do you have a SPA? or still making payments under the reservation form?
Mr Khan has started a investor group and I think this is a good idea and investors involved with this project should participate as to increase your bargaining position with the developer. At the least, this may force the developer to be more transparant. The real estate agent telling you NOT to make the next payment is not a good sign. he may know they are in trouble and as it stands now, it's easy for these developers to go to the airport never to been seen again. You can also check with the bank that manages the escrow account and have them verify your funds in escrow...
In regard to Mr Khan's investment group - you (collectively) should consider consolidating your holdings - meaning - if you all have units in different phases of the project- start to convert them to other buildings so the develoepr had a higher amount of sold units and with the payments can finish the building. (as opposed to have several towers with 20-30% sold that in all likelyhood will never get completed...)
just a thought but be carefull when it comes to defaulting - do some more due diligence and it's a good idea to pursue this collectively as previoulsy stated
good luck!
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vanityfair
Member
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financier888
New Member
You may have been told by your estate agent to NOT make any more payments pursuant to new a RERA regulation that ties payments to construction progress. If your developer has not started - then - no more payments are due till the construction progresses. Irespective of what your payment schedule calls for as this law supercedes the payment plan . This is the law.
It's good your apartment is registered with RERA - this is very important - you may also note that ONLY RERA can cancel your contract. If your developer feels you are in default - he must then submit the paperwork to RERA who would then inform you...
There are others on this thread whom are buyers and can update you on the project per se
I hope you found this helpful
good luck
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memo123
Member
all Elite units are not registered
The Developer has escrow account , he is rera registered but he has not registered any unit in any building. and you cant register without an noc letter from the developer, somthing he refused to provide
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financier888
New Member
Better contact RERA - the developer is obliged to register ALL sold units with RERA - contact them directly.. Sometimes the develop will not register the unit if less than 20% is sold but this is not your case.. ( I think....) Also - the escrow bank MUST disclose your escrow info - you contact the escrow bank - show them your documents, passport etc - and they HAVE TO TELL YOU the status.. When you open your escrow you must supply the bank with the unit number, name of owner etc...
you can try to email RERA or call early in the AM -
good luck
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vanityfair
Member
I have a payment due on March 15th. With the new RERA regulations, should I withheld until construction is further progressed. Do not want to be in situation where I am in default and lose all monies already paid.
I am confused over RERA regs, are they for new developments only or do they include already started developments like Elite 6. I understand Triplanet have not registered Elite 6 yet. Is this now a legal requirement. If so they need to be pushed into registering.
I am confused over RERA regs, are they for new developments only or do they include already started developments like Elite 6. I understand Triplanet have not registered Elite 6 yet. Is this now a legal requirement. If so they need to be pushed into registering.
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financier888
New Member
How much have you paid already? has construction started? Check with RERA to see if Elite 6 has been registered... If not, I think RERA will tell you to NOT make any more payments... You need to take this up with RERA and better to go in person... BEFORE you make any more payments
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vanityfair
Member
I understand from other users on this forum and others that Elite 6 has not been registered with RERA. I have paid around 60% of the purchase already with three payments left. If the property is not registered with RERA will this mean RERA has no control over the property. In which case if I do not make further payments until construction is further advanved will I be in default of contract and potentionally lose monies already paid?
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PropGuy
New Member
Project is registered with rera, you can see it on rera site. But units are not registered.
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financier888
New Member
How far has the construction advanced? Are they close to completion? - In spite of that - there is NO excuse as to why they have not registered the project with RERA which THEY MUST DO BY LAW! - Better visit RERA and get their take on it and you can pose this question to the ESCROW_OFFICER on the Escrow thread - he's very knowledgable and quite gracious in assiting investors - a god send considering the changing laws, confusion and the often difficult times you may have trying to get a response from RERA - because they are so backed-up...
When you ask them why they haven't registered the development - what do they say? something is off with this - this has been law for months already.. It is critical you have your unit registered - made clear in various articles...
good luck
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lisap70
New Member
Hi all
I have been following the points raised on this forum closely for the past couple of days as I likely many have also invested my life savings in a studio apartment in Elite 6. I have contacted Triplanet in which I post their response. I have asked them again today to provide me with a timeframe on when they are to have the units registered. I will update accordingly.
Received from Triplanet 01/03/09
'All our clients are greatly valued to Triplanet.
Triplanet have all the independent escrow account for all projects. Please find attached escrow account certificates for all Elites. To have escrow account is a must for any developer to have off plan sales. All the monies have to be accounted to the escrow bank and the RERA. RERA audits the developer acconts to have a track of the money received and spent.
Triplanet have registered all the developments with RERA. Please find attached document for your reference. Unit Registration is under process. Our legal consultants are working on it.'
The client should feel safe about its investment because we have started the construction and have all legal documentation for the projects as per RERA rules.'
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djaan
New Member
i really dont believe them anymore because we have recieved such letter from Triplanet 3 months ago and i have personally talked with Mr Nasir the owner and he reassured me that the construction of pilling and shoring will be completed till March 2009 and i said to him that is it a promise he said yes now there is still a hole in the ground so my freind dont believe him anything till you dont see any progress on site.
and secondly elite 6 and 7 are sold very expensive can i ask you how much
per sqft did you buy it.
with regards
djaan
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lisap70
New Member
Hi Djaan
I have invested in a type c 510sq.ft for 646200AED (10th floor) with an additional 40000AED for parking.
Kind regards
Lisa
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ijaz2008
New Member
hi lisa
what are you planning to do about your next payment ?
what are you planning to do about your next payment ?
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vanityfair
Member
My next instalment is due end of next week. Have paid around 60% already. Can not really see a reason not to forward. Construction has started. Triplanet are a cash positive company. KEEP POSITIVE.
I have not heard of anyone defaulting on payments. This will cause problems if investors default.
I have not heard of anyone defaulting on payments. This will cause problems if investors default.
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ijaz2008
New Member
ok i accept what you are saying, but RERA say that developers should not be taking money from investors as follows -
Starting from January 1, 2009, developers and banks have been ordered to stop taking payments more than 20 per cent of the cost of properties from buyers or investors until construction begins, a Real Estate Regulatory Agency (Rera) official has revealed.
"We have sent out letters to 100 developers – as well as having meetings with them and lending banks and institutions – telling them to take payments from buyers worth only up to 20 per cent of the contract value," Essa Saeed Ahmed Al Mansoori, Head of the Trust Accounts Section at Rera's Real Estate Development Trust Account Department,
Welcome to the Official Dubai Real Estate Community
it would be useful to get your view on the above link..
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vanityfair
Member
What a great site, thanks for the link.
The problem I find is that in Dubai decrees are updated and laws changed to suit the circumstances. Dubai is a very young city with grand ambitions. Unfortunately in a world downturn investments suffer.
It is not known if REFA will support defering payments from a contracted schedule. According to REFA no more than 20% should be paid until construction has started. Elite 6 has started, but nowhere near the 60% completed I have already paid. We are buying offplan, so I am expecting some delays.
My only reservation is that the building is completed but other projects are halted and delayed further leaving Elite 6 completed in the middle of a building site. No chance of renting out?
The problem I find is that in Dubai decrees are updated and laws changed to suit the circumstances. Dubai is a very young city with grand ambitions. Unfortunately in a world downturn investments suffer.
It is not known if REFA will support defering payments from a contracted schedule. According to REFA no more than 20% should be paid until construction has started. Elite 6 has started, but nowhere near the 60% completed I have already paid. We are buying offplan, so I am expecting some delays.
My only reservation is that the building is completed but other projects are halted and delayed further leaving Elite 6 completed in the middle of a building site. No chance of renting out?
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dubainvestor
New Member
Update anyone!!!
Hi,
We are new members and have read these posts with interest. We too have invested in Elite 6 and are wondering if anyone has actually been out to the site, or is going out the site shortly. I have spoken to our real estate agent today and he has also noticed that the pictures on the developers website seem to be the same each month. Has anybody got any 'real' pictures of the development. Is anything actually happening, does anyone know if construction HAS actually started? We are concerned about our investment!!!
Any info would be much appreciated.
Thanks.
Hi,
We are new members and have read these posts with interest. We too have invested in Elite 6 and are wondering if anyone has actually been out to the site, or is going out the site shortly. I have spoken to our real estate agent today and he has also noticed that the pictures on the developers website seem to be the same each month. Has anybody got any 'real' pictures of the development. Is anything actually happening, does anyone know if construction HAS actually started? We are concerned about our investment!!!
Any info would be much appreciated.
Thanks.
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