Damac Properties

[shazy]

Has anyone any idea hat Damac is upto?? I have 4 units in Tuscany 2 and I'm been inadated with offers to transfer!!! do you think if i dont transfer i could get my money back? Is there any one out there who still cares about those who have lost in the dubai property crash??!!!

 

[revolutionary]

Has anyone any idea hat Damac is upto?? I have 4 units in Tuscany 2 and I'm been inadated with offers to transfer!!! do you think if i dont transfer i could get my money back? Is there any one out there who still cares about those who have lost in the dubai property crash??!!!

They want you to transfer because if they are forced to cancel the project they have to hand the money back. All their sales people have been put on pushing transfers since no-one is actually buying offplan properties and no-one in their right mind would at the prices they are offering for on transfers. maybe it might be worth a transfer if you could get market rate price for the new property but you won't.

If your original property ever gets built it will be a sure sign that the market has improved. Otherwise they will have to cancel and hand your money back.

 

[shazy]

So if i don't transfer does that mean i could get my money back? cause i don't have any money to continue if i transfer( we were supposed to flip,then things turned sour!!)
How long do they get before a project has to cancel if no progress is being made?any idea?

 

[revolutionary]

So if i don't transfer does that mean i could get my money back? cause i don't have any money to continue if i transfer( we were supposed to flip,then things turned sour!!)
How long do they get before a project has to cancel if no progress is being made?any idea?

Think you should expect a long wait but if you can't afford extra instalments on a transfer property you are doing the right thing. It may be worth registering a complaint with RERA on their website stating that your developer is making no effort in starting the development and that they should cancel and repay the investors. Check your contract carefully and see what get-out clauses there are - you may be able to go through the courts but that will not be easy and will be expensive. Damac won't give the money back out of the goodness of their hearts.

 

[shazy]

we already met with rera in august instead of registering our complaint they insisted we go and meet with damac they phoned through and set it up!! But Damac couldn't careless they said it was not in their policy to give refunds and they would never cancel projects it was in our best interest to transfer at a ridiculous price when they knew themselves people were selling the same projects at half their price!!!! when i mentioned this they said it was my choice.(what choice loose all or loose all and more!!!!)
We then went back to rera only to find only one person at their desk not bothering to serve anyone. So the next day we went again to be told whats your problem damac is a reputable company! (ha ha) its not like they are asking you to give money on the original project!!! so we said that is because it has not started to which he checked his computer and said yes they have the ground work, which i pointed out was a year ago since then nothing, I was to have patience and he got up and left!!!!
I cant afford lawyers so i think its a case of waiting and praying.!!

 

[revolutionary]

My guess is that Damac have blown their reputation and now need to consolidate as many people into developments that will get built. You may like to try a different approach with RERA and start asking questions about Escrow accounts. Theoretically your money should be sitting in Escrow and RERA should be policing that. However originally Damac were given a dispensation to avoid Escrow accounts but Escrow Officer has said that every development should now have an Escrow.

 

[Adeel Memon]

I have a client for DAMAC CREDIT NOTES please send me your property details...

 

[Sixgun]

Hi Shazy,

Which developments are they trying to re-locate you too, do you have a choice?

I see their IMPZ area buildings, like Lago vista are about complete.
there was huge interest from companies in that area, pre-crisis of course, but it was always a good business model for the future.

any idea what they're asking p. sq,ft there?

 

[Adeel Memon]

i need that Damac property which were cancelled. you can say credit note..

 

[shazy]

I have a client for DAMAC CREDIT NOTES please send me your property details...

i haven't been given a credit note. just an option to transfer.

 

[Yahya Mughal]

Any Body has any News of GreenPark in JVS by Damac Properties....
What does they plan to do about it???

 

[liveon]

I have a client for DAMAC CREDIT NOTES please send me your property details...

which DAMAC property is cancelled? do you have any idea about PARKSIDE JabelAli, by DAMAC?