EMERALD TOWER - Marmooka CityWhat are the current price in Marmooka City Apartments. PSF Price
im afraid i have no new information on your question. however see below about trust management accounts/Escrow in Ajman.Thanks. Any idea what price in Memon Ajman Tower 2 in Marmooka City. How secure is its Developer Memon Investments?
there are no escrow accounts in Ajman. the Ajman land department has issued TRUST MANAGEMENT ACCOUNTS linked to the central bank.I am Canadian Citizen and live in America.
We see that as the responsibility of the Ajman Government to make investigations about the developers and find out whom we can trust and who is not OK. We only ask the Government to protect us, If they late Ajman property go down and Overseas investor does not trust any more in Ajman. I think ajman governments sotp sell property who selling without escaw account.
I purchase 5 month ago apartments in Marmooka City, Ajman. When Developer told me they open escaw account, but now six month they did not open escaw and ask me send another payment. I all ready paid 1m dirham. next payment 500K dirham. I dont know where I stand now. pay them without escaw or stop payment? but my deposit 1m dirham ?
Please please advice me.
Hi McVelvetI recommend Lake Signature in Emirates Lake Towers. I just got a studio for 32K, and with a great payment plan over 3 years. There are only a few agents selling them but they are offering cheaper rates than the developer.
HI VINNYsorry to add to the confusion but i have a 1 bed in lake signature in emirate lake towers in ajman that i am looking to sell for AED 550 per sq ft if anyone is interested. Its full lake view on 27th floor. i can send you more details if you are interested.
In regard to a developer claiming to open an 'Escrow' acct in Ajman - this is meaningless and merely a marketing ploy. An Esrcow account must have 'terms and conditions' - other wise it is simply a 'name' to a bank account. In Dubai - there are terms and conditions related the escrow account and managed by the Bank and third party - the trustee. This does not exsist currently in Ajman - so a developer may say they have an 'escrow' acct - but the fact remains - they have full control over the account the proceeds thereof WITHOUT and accountability. it's more for marketing purposes..there are no escrow accounts in Ajman. the Ajman land department has issued TRUST MANAGEMENT ACCOUNTS linked to the central bank.
however, the new laws do state that Ajman will be getting Escrow accounts...
The new Ajman Development and Investment Authority is preparing freehold laws and will impose escrow accounts and strata regulations similar to those adopted in Dubai.
see link...
http://www.zawya.com/Story.cfm/sidZAWYA20080310033130
here is a more up to date article from the national paper...
Ajman developers welcome regulator - The National Newspaper
the only developers i know for a fact ho have set up trust management accounts which will be converted to ESCROW accounts when set up by the Ajman development authority are -KONIG TOWER & EMERALD HOLDINGS. both in Marmooka City. i have there official documents from the Badl Il Islamic bank with me.
all i can advise is if you stop paying into the contract i feel the developers will cancel your contract (even if not issued yet) and re-sell your apartment.
you can contact RERA in Dubai who will help you further.
Welcome to the Official Dubai Real Estate Community
Dear Canadian - you are very correct. To date, anyone that could put down the minimal amount of funds on a plot and file a plan could be a 'developer' and most had no prior experience.. The thought being - 'the money will come from the sales to build - no worries' - Now that the market has changed, and sale are slow - most of these developers don't have tha back-up funds OR the experience..I am Canadian Citizen and live in America.
We see that as the responsibility of the Ajman Government to make investigations about the developers and find out whom we can trust and who is not OK. We only ask the Government to protect us, If they late Ajman property go down and Overseas investor does not trust any more in Ajman. I think ajman governments sotp sell property who selling without escaw account.
I purchase 5 month ago apartments in Marmooka City, Ajman. When Developer told me they open escaw account, but now six month they did not open escaw and ask me send another payment. I all ready paid 1m dirham. next payment 500K dirham. I dont know where I stand now. pay them without escaw or stop payment? but my deposit 1m dirham ?
Please please advice me.
DEAR CANADIAN - Check with the municipality in Ajman - HAS THE LANDED BEEN HANDED OVER TO THE DEVELOPER IN MARMOOKA CITY ??? Unless the land is handover - no construction can take place. If it's not handed over, I'd demand my money back! and look into breach of contract...Dear Canadian - you are very correct. To date, anyone that could put down the minimal amount of funds on a plot and file a plan could be a 'developer' and most had no prior experience.. The thought being - 'the money will come from the sales to build - no worries' - Now that the market has changed, and sale are slow - most of these developers don't have tha back-up funds OR the experience..
ANyone touting an 'escrow' acct in Ajman - this is meaningless - unless you have 'terms and conditions' of escrow attached to your reservation form. Even then, there is no third party or law to oversee or enforce it.. merely words to instill investor confidence... However, ACTION is needed now to instill investor confidence.. not slick advertising gimmicks....
The buyers should organize - hire an atty in Ajman in inform the developer that they will deposit their future payments in escrow !! and you will allow the atty to release the funds from escrow when they see construction in progress!! After all, you are acting in good faith ! See how the developer will react to this!! if they balk - then clearly, they need YOUR money for other committments!
These developers in Ajman, many used the initial proceeds to fund thier office, buy more land, spend big bucks on trade shows to promote themself, etc. You have the right to know that your hard earned money is going INTO your project and to know if you are dealing with responsible people.
if projects in the center of the city of Ajman are not being handed-over because there is no electric hook-up - what does that portend for these projects on Emirates road? you get the point... If I am a Master developer and I have 200 plots to sell - and with those proceeds from the land sale, expected to fund the infrastructure - but only sell 50% of the land and now, many of the land payments will be defaulted - where will I get the money to build the infrastructure? You dont have that issue in Dubai because the developer can not offer a project for sale unless he has been handed over the project - meaning the infrastructure is in place... You dont have that in Ajman. Not yet...
The Ajman govt is now formulating these kinds of laws, (like RERA) but I am afraid, it's too little and too late. I fear many investors up there will lose it all. The money has dissapeared and soon, so will many of the developers..
good luck
In my personal experience, hiring attorney to serve notice on the developer does not really help. The developers do not even care to reply to their notices.Dear Canadian - you are very correct. To date, anyone that could put down the minimal amount of funds on a plot and file a plan could be a 'developer' and most had no prior experience.. The thought being - 'the money will come from the sales to build - no worries' - Now that the market has changed, and sale are slow - most of these developers don't have tha back-up funds OR the experience..
ANyone touting an 'escrow' acct in Ajman - this is meaningless - unless you have 'terms and conditions' of escrow attached to your reservation form. Even then, there is no third party or law to oversee or enforce it.. merely words to instill investor confidence... However, ACTION is needed now to instill investor confidence.. not slick advertising gimmicks....
The buyers should organize - hire an atty in Ajman in inform the developer that they will deposit their future payments in escrow !! and you will allow the atty to release the funds from escrow when they see construction in progress!! After all, you are acting in good faith ! See how the developer will react to this!! if they balk - then clearly, they need YOUR money for other committments!
These developers in Ajman, many used the initial proceeds to fund thier office, buy more land, spend big bucks on trade shows to promote themself, etc. You have the right to know that your hard earned money is going INTO your project and to know if you are dealing with responsible people.
if projects in the center of the city of Ajman are not being handed-over because there is no electric hook-up - what does that portend for these projects on Emirates road? you get the point... If I am a Master developer and I have 200 plots to sell - and with those proceeds from the land sale, expected to fund the infrastructure - but only sell 50% of the land and now, many of the land payments will be defaulted - where will I get the money to build the infrastructure? You dont have that issue in Dubai because the developer can not offer a project for sale unless he has been handed over the project - meaning the infrastructure is in place... You dont have that in Ajman. Not yet...
The Ajman govt is now formulating these kinds of laws, (like RERA) but I am afraid, it's too little and too late. I fear many investors up there will lose it all. The money has dissapeared and soon, so will many of the developers..
good luck
