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Advise please!!!!!!!

Discussion in 'Dubai property' started by aligoldy, Jan 14, 2009.

  1. aligoldy

    aligoldy New Member

    I signed a reservation agreement for a property in Dubai in the maritime city.
    I paid the 7.5% however du to the current financial climate my bank are refusing to send over any further funds (for which I have documental proof).
    The developer have terminated my contract and are referring the problem to RERA.

    What is the likelihood I get my initial reservation money back?

    As the developer will re-sell the units at a higher price.

    What are my legal rights??

    Someone please advise!!!!

  2. Doctor Robert

    Doctor Robert New Member

    Who did you sign with? What does the contract say happens in case of payment default?
    Who is the bank?
    If you have documented proof that they will no longer send you the required funds, then take it up with RERA immediately. My advice to you: they are getting a lot of call from a lot of angry people, so keep pressuring them like none other.

  3. aligoldy

    aligoldy New Member

    Thank you for response!!!

    Our bank is Yorkshire Bank and they have refused to provide any further funds. I have a written copy to prove this fact and I have sent this to Al Faraa properties.

    The problem with the Bellatora residence development is that you are not allowed to sell the units until you have paid 15%. And of course I'm unable to pay 15% because the bank will not release any more funds.

    I believe in the contract it says you are not allowed to get a refund on the reservation money.

    I could understand their position if someone is refusing to pay the next installment. However we are unable to make the next installment because of the economic melt down.

    I even asked if it was possible to buy one unit or re-address the payment plan; but they refused

    Alfaraa properties have got back to me and said they are taking termination proceedings. And have referred the matter to RERA. I have not received any response from RERA over the last two- three weeks.

    I have tried to contact them several times via email and telephone but have had no success.

    Have you heard of many cases like these?

    Do you think it is possible to get my reservation money back?
  4. natpudan

    natpudan New Member

    I am also in a similar situation. It's Hydra Twin Tower. I have paid 15% till now & unable to pay further as the mortgage rules have changed. I contacted the developer but they refused a refund. Could any one advise me too.
  5. Roshan

    Roshan New Member

    RERA will give you 30 days to honor your obligations. Don't waste your breath calling an emailing RERA, it's a total mess out there.

  6. aligoldy

    aligoldy New Member

    Hi Roshan,

    Have you had a similar situation?

    What is the point in RERA if they issue the same notice?

    Aren't RERA supposed to be a legal judicial body?

    What do you think is the most appropriate thing to do?

    Advise appreciated
  7. financier888

    financier888 New Member

    Ali -if you sent emails to RERA and placed phone calls - and didnt get a response yet, I'd send a registered letter to RERA to establish proof of notification - which you may need for a legal action / case... RERA may still be trying to assess the facts, thus the delay until they can get a handle on it... Keep records and make hard copies of your sent emails and and a phone call log - as you may need this in the event of court case
  8. Roshan

    Roshan New Member

    Fortunately no.

    I had visited RERA to see if I cross swords with the developer and stop payments. I had a bad experience and decided to reason out with the developers which worked better. Going there did not help me at all.

    RERA gives you 30 days to pay at which time you can fight it and reason out with them.

    RERA is not a judicial body, they will tell you to go to the property court.

    I suggest you speak to the developer. Probably he is just threatening you and might not go to RERA.

    Trying contacting the owner of Al Faraa. Pointless talking to agents as they just want payments to be made.

    A serious plea to the owners would help I feel.

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