I recommend you make an official written complaint to RERA asap. The simple fact is they have ran out of money and are looking for a new investor. If enough people make an official complaint to RERA then they will source as suitable investor to take over the project.
I spoke to Abyaar today and it was the same conversation as last time. Apparently they are having a meeting (again) on Sunday to discuss the future of the project and potentially re-tender! How long the re-tendering process takes, building contractor appointed and project completed, who knows....
really surprised about the laws in dubai. there seems to be no recourse for innocent investors who are incurring costs on their investments and the builder simply takes their money and stops the project when they want with no penalties!
Running out of patience..
I'm also not sure what logging a complaint with RERA will achieve. Have they actually taken any action against any builder as yet?
Hi Rera are quite active and strong dependent on the circumstances they have taken over quite a few projects. The issue with Pier 8 is that it is more than 40% finished so they cannot take over as such. What they can and will do if they get enough official complaints is force Abyaar to sign up with one of their listed investors to complete the project and Abyaar will have to foot the bill of any loss.
I strongly advise you to send a written complaint to Rera
I have now got two other buyers contacted so you make three and there is also an agent ( Flash properties) who have reserved a bunch of apartments
I understood that the rules in place RERA registration etc. of the agents at the RERA license registry was preventing agents from being corrupt, so this is not the case. How can it be checked that they are entitled to sell units from the developer? If the licensed one do not stick to the rules there are consequences or not?
Rera can only enforce the rules if they are informed of an infringement, many people don't make an official complaint to Rera for some unknown reason !!, in the past some agents were taking reservation deposits, issuing their own reservation receipt and then negotiating with the developers. The only way to avoid this is to insist that you see the agreement between the agent and the developer ( in this case Abyaar) authorizing the agent to sell the unit he says he is. And then insisting on a written time limit for the developers reservation receipt to be issued or full money has to be returned. The reservation deposit has then to be handed over to the developer and placed in escrow, again insist on knowing the escrow details of the developer. In some cases this has not been done.
In the case of Pier 8 construction is extremely delayed so insist on a written completion date, imo its going to be early 2017 before handover and that's if they get restarted within the next month which is also questionable.
Hi Iceton, thanks for your help and advise in the matter. It seems to be a beautiful building. As you are an expert in the Marina area would you in case you would not be owner of a to be finished unit in the Pier 8 tower, consider buying one at this point in time or you would consider it to risky and not be finished before 2017 or at all? There are actually loads of agents offering units and one particular one has very big bulk sales available. Regs, Peter
Hi all I have been to pier 8 many times and let me tell you that the construction works are done 100% you can check it out yourself, but the over all complition ratio is about 70% which includes the painting and all the finishing. It should take only 4 to 6 monthes but since so many investors stopped paying due to the financial crisis which affected Abyaar also and made them restrain the funds to save what can be saved, but anyway I closed so many deals with them and they have been very cooperative but scared.
The unites shall be ready before June 2015 but they must give themeselves some grace period, incase they did mention the aforementioned date.