City of Arabia Project

[mike.stewart]

We have no protection at all..

In Dubai, it is the law of the majority.
If the investors can get together in an organized manner and have a legal representation, then they can do a lot.

Get together, get a lawyer, build a group of about 20-25% of the investors in any development, and you are going to have a strong voice in the Dubai courts.

M

 

[FlipItFast]

In Dubai, it is the law of the majority.
If the investors can get together in an organized manner and have a legal representation, then they can do a lot.

Get together, get a lawyer, build a group of about 20-25% of the investors in any development, and you are going to have a strong voice in the Dubai courts.

M

Sorry mate, this is completely incorrect.

 

[FlipItFast]

An update on this issue from DubaiEye 103.8:

https://audioboom.com/boos/3279999-property-panel-14-06-2015

"The Property Panel talked about the 4% fee on cancelled projects. Mario Volpi, Mike Small and Ludmila Yamalova were in the Dubai Eye studio with Jason and Zahra"

 

[mike.stewart]

An update on this issue from DubaiEye 103.8:

https://audioboom.com/boos/3279999-property-panel-14-06-2015

"The Property Panel talked about the 4% fee on cancelled projects. Mario Volpi, Mike Small and Ludmila Yamalova were in the Dubai Eye studio with Jason and Zahra"

Thanks for the link. Nice discussion by (at least one) property agent - Mario.
-Dubai ranks 2nd worse in the world in terms of property investment, according to the panel. It is 2-tier market. Off-plan might implode.
-Dubai had already two property bubbles.
-Average life-span of a development is 15-20 years. (may be up to 50?)
-There is a fall in Russian tourism, but Chinese are increasing.
-Tips about how to use an agent (buy/sell). Good-looking agent - 'Halo affect'

(Nothing about reliability of Dubai courts in regards to arbitration, which was my point above)

At the end of the day, I like to see returns during my lifetime. The panes discusses the issues as though they are all in their teens and willing to wait 10-15 more years.

Regards
M

 

[FlipItFast]

Thanks for the link. Nice discussion by (at least one) property agent - Mario.
-Dubai ranks 2nd worse in the world in terms of property investment, according to the panel. It is 2-tier market. Off-plan might implode.
-Dubai had already two property bubbles.
-Average life-span of a development is 15-20 years. (may be up to 50?)
-There is a fall in Russian tourism, but Chinese are increasing.
-Tips about how to use an agent (buy/sell). Good-looking agent - 'Halo affect'

(Nothing about reliability of Dubai courts in regards to arbitration, which was my point above)

At the end of the day, I like to see returns during my lifetime. The panes discusses the issues as though they are all in their teens and willing to wait 10-15 more years.

Regards
M

Thanks for taking the trouble to summarise the podcast.

The main topic of the panel was supposed to be the 4% fee, but they were very reticent to give opinions. Basically they said that you are legally bound to pay it, even though it may be throwing good money after bad.

I suspect that the panelists would be more candid in private. They had to censor their comments because they were afraid of the repercussions of telling the truth.

 

[Bernard M.A. Doff]

Pay up suckers!

The deadline given for registration is 30th June, any idea if this Registration rule applies to the projects under cancellation?

Should I pay 4% registration fee? i personally dont want to spend another penny on this project. And whats the point of registration when nothing exists at the site

Of course you have to pay. You are a foreign devil to be milked by the locals! Who do you think you are dealing with?

Ilyas Galadari is a fraudster.
Mustafa Galadari is a crook.
Their compatriots in government are accomplices in the crime. The perps go untouched because of their nationality.

Don't forget this is the country that jailed a rape victim because she had sex outside marriage! It is the victim who is persecuted while the villain goes scot free.

That is the reality my friend. Good luck to you and God Bless.

 

[TCU LUX]

Locals helping locals once again. We have no protection.

I got a request of 4% for Wadi Tower.

For which other protects are investors getting these requests?

 

[TCU LUX]

Of course you have to pay. You are a foreign devil to be milked by the locals! Who do you think you are dealing with?

Ilyas Galadari is a fraudster.
Mustafa Galadari is a crook.
Their compatriots in government are accomplices in the crime. The perps go untouched because of their nationality.

Don't forget this is the country that jailed a rape victim because she had sex outside marriage! It is the victim who is persecuted while the villain goes scot free.

That is the reality my friend. Good luck to you and God Bless.

Hi Bernard,

You are correct in your assessment of these locals.

Quite simply the Dubai government needs some cash so they change the rules to suit themselves. They don't care about investors or their protection.

Do you mind to tell me which projects you invested in? What do you intend to do about this 4% payment.

I have investments in both WT & MT but only received a request for the 4% payment of WT.

Thanks for any comment

TCU

 

[TCU LUX]

I have been told by a local person familiar with the property market in Dubai that:

Once these properties are actually registered in our name that IMG will then be in a position to apply to the DLD to cancel the contracts for any of those investors late with payments.

i.e. the next letter you would expect , if you did go ahead with the registration, would be a letter from IMG demanding all payments due (regardless of stage of completion). If the payments are not made then IMG can cancel the contract and 'officially' keep our money :banghead:

 

[Amj]

I got the registration notice for I&M Tower.

 

[TCU LUX]

I got the registration notice for I&M Tower.

This project is 'under cancellation' according to the DLD Project status tracker :hmmmm2:

What do you intend to do? Are you living in Dubai? Do you intent to visit the DLD?

 

[Amj]

This project is 'under cancellation' according to the DLD Project status tracker :hmmmm2:

What do you intend to do? Are you living in Dubai? Do you intent to visit the DLD?

I am in Abu Dhabi, still confused about what to do about this registration bull****.
As for visiting DLD, i dont think so. it will be a waste of time trying to talk to anyone over here :banghead:

What are u planning on doing?

 

[TCU LUX]

I am in Abu Dhabi, still confused about what to do about this registration bull****.
As for visiting DLD, i dont think so. it will be a waste of time trying to talk to anyone over here :banghead:

What are u planning on doing?

Hey Amj,

I'm in Dubai.

Also not sure what to do. I think I will go DLD with a letter stating the reason I will not make the 4% fee. But what a waste of a day that would be - especially as now is Ramadan and they will be working less hours.

I feel this will be a waste of more good money as if the projects are cancelled we will not get this money back.

So at the moment I will not pay and wait to see what will follow.

Regards

 

[TCU LUX]

BTY,

Have any of you noticed that the Master Developer for COA is no longer IMG

According to the project status tracker on the DLD website it is now Dubai Properties - a subsidiary of the Dubai Properties Group - whose parent is Dubai Holdings - an entity who is majority owed by HH Sheikh Mohammed bin Rashid Al Maktoum.

I don't know about the rest of you but my contracts for all properties in COA state that IMG are the 'Master Developer'. Have any of you been notified about the change of the Master Developer. Not to mention the fact that the Master Plan has been changed beyond recognition :dontknow:

Any comments?

 

[Amj]

Hey Amj,

I'm in Dubai.

Also not sure what to do. I think I will go DLD with a letter stating the reason I will not make the 4% fee. But what a waste of a day that would be - especially as now is Ramadan and they will be working less hours.

I feel this will be a waste of more good money as if the projects are cancelled we will not get this money back.

So at the moment I will not pay and wait to see what will follow.

Regards

If you do go to DLD, keep us posted and Good Luck with that.

Ya this registration is a waste if the project gets cancelled. Plus their is no guarantee of full refund of the paid installments even if the project gets cancelled.

Any idea whats the penalty of not registering before the deadline?

 

[TCU LUX]

If you do go to DLD, keep us posted and Good Luck with that.

Ya this registration is a waste if the project gets cancelled. Plus their is no guarantee of full refund of the paid installments even if the project gets cancelled.

Any idea whats the penalty of not registering before the deadline?

I've been told that it's 8%

I'm not sure what that means - weather it means the new registration fee is 8% or the penalty is 8% with the 4% still payable!

The fact is that there is no information about this change. Even on the DLD/RERA website.

I think we should all hold steady and not pay. I'm sure there will be many thousands of investors in a similar situation who are either unable or unwilling to pay.

Good luck and be sure to post any information you have - so that we can all try to get a better idea of what is going on.

 

[Amj]

I've been told that it's 8%

I'm not sure what that means - weather it means the new registration fee is 8% or the penalty is 8% with the 4% still payable!

The fact is that there is no information about this change. Even on the DLD/RERA website.

I think we should all hold steady and not pay. I'm sure there will be many thousands of investors in a similar situation who are either unable or unwilling to pay.

Good luck and be sure to post any information you have - so that we can all try to get a better idea of what is going on.

Ya, that must be it. I read somewhere too that after 4%, the registration fee will increase just like how it got increased from 2% to 4%.

Also, i read in this forum something about OQOOD registration, i checked my documents and well i dont think i have got my unit registered under that. Shall i get this registration done? or directly go to 4% if in case i do decide to pay the amount.

I am gonna contact the real estate agent today through which i got stuck with COA. Lets see what he has to say about this.

 

[mike.stewart]

Do you mind to tell me which projects you invested in? What do you intend to do about this 4% payment.

I have received the 4% payment notice, but currently do not intend to pay.
I have invested with another developer (called MED),in Sports City


Regards
Mike

 

[TCU LUX]

I have received the 4% payment notice, but currently do not intend to pay.
I have invested with another developer (called MED),in Sports City


Regards
Mike

Hi Mike,

For which building in COA did you receive the 4% notification? Or do you mean that you only have investments in Sports City. Is it late? When did you purchase?

Today I got a second notification - this time for MT, also 'under cancellation' with RERA (for the second time :thumpdown

They're all criminals and will steal every Dirham they can.

 

[TCU LUX]

I agree its all gone very quiet.
I did write an email to Noureen (customer services) at IMG about documentation for OQOOD and she replied the next day with copies of the registration of my property in Metro Tower.


Norman

Hi Norman,

Are you still there? I get the impression that you're living abroad so i’m wondering if you're aware of what's going on? Did you also get these notifications.

Regards,

TCU