Elite in sports city

[asif sharif]

Elite II

Hi

I have an apartment in Elite II and have paid in 50%. Please count me in on hiring a lawyer if this is the next step.

It makes sense if we can club together for a lawyer and share the costs.

 

[Stephendxb]

Only my opinion

If Tri-planet had ceased all work and pulled out of the project, then yes I would agree that a lawyer is required. My own personal opinion is that they have every intention of continuing construction on all Elite towers; however the start on all projects has been extremely slow and this has had very negative connotations and has certainly not instilled much confidence with the investors, regardless of which Elite tower.

I believe the main concern for many is the current payment schedule. Rera has told developers that buyers should pay no more than 20% of the cost of a property as an initial installment. The remainder would then be paid in installments that are linked to the progress of the construction of the project and are commensurate with how far advanced the building is. Therefore if you have already paid 20% or more no further payments should currently be taken by the developers until construction is “started”. It is rumored this 20% will now be increased to 30%, again I am sure many of you have already paid this amount. What was not clear from Rera was the definition of “construction started”.

I believe Rera will come out with guidelines very soon regarding payment schedules, i.e they will have to be linked to construction by law. This will help the market as a whole, in the meantime Tri-planet would be wise to review their own payment schedule and be more pro-active in terms of working with its investors.

 

[wadshae]

Stephen i hear what you are saying but look at their own progress reports..

i work in the field of construction. please note: the developer is the contractor (triplanet) for all buildings.

also all buildings are almost on the same stage of construction. this means they have enough equipment and manpower to work on 7 buildings all at the same stage at the same time. this my friend can be only done if he is one of the big contractors in UAE.

is he subletting the works to a big contractor? if that is the case then why the name of that Contractor not appearing anywhere? it is easy to go round the laws, (just dump and excavator and a couple of laborers on site and claim to have started construction.... good for him now he can legally claim money from escrow accounts)

in one of the projects he claimed to have submitted meps shop drawings for foundation for approval (no other work going on that site). do you know what are the mep drawings for foundation? they are electrical and mechanical works at the foundation - this is a very small work. a couple of electrical conduits and drainage pipes. is he telling us that he is going to stop works at every approval from the consultant? why they have not been approved before? my friend contractors do not stop works. they are always doing something and never claim submitting of drawings to the consultant as works to count towards progress).

this rise another question to my mind, where is the consultant? how can the consultant accept that the works stop for such a small thing?

we want a construction schedule

they only started construction because of that law you are talking about, they started because they are forced to. he has taken over 40% from all of us. and he is trying to take more now.

we need triplanet to show the status of escrow. we paid money to them we have the right to know how much he has taken out of the money.

why is it they do not want to accept to give the investors (no objection letter) so they can register the units? why triplanet are not registering the units? we are not protected by RERA. even if we sign the contract, the contract has to be stamped by RERA. we want our units registered in our names like they are supposed to be, it is our right. we should not be begging him to do it. he can not corner us with "sign the contract as it is or else". i want clauses in the contract that protect me.

how much did the people of elite1 pay so far? is it 90% by now? their building did not even reach ground level. when do they expect their building to be completed? did triplanet inform them of the delays?

it is not in our interest to bring the developer down, he has our money. we only want him to level with us.

we want:

- construction schedule
- progress based payment plans.
- all amounts we pay to be considered as "installments of the total purchase price" rather than " reduce the total purchase price by that amount"
- units to be registered on the names of their rightful owners. if they can not do it then give us the no objection letter.
- specifications of the project to be part of the contract. (tiles, windows, doors, exct. ) none of us have a clue about the quality of the building nor the units we are buying.

is that too much to ask? it is my lawful right. triplanet is refusing to do any of the above. what can we do? if we just simply refuse to pay installments then the developer will go down and all the projects will go on a halt and our money is lost.

so we are not interested in bringing him down. we just want to force him to follow the law. how can we do this? we asked they refused.
the only way i see is to get someone who knows the laws and rules to deal with him in our behalf.

 

[memo123]

How can he appoint himself as the contractor ?
Huge conflict of interest .

 

[wadshae]

How can he appoint himself as the contractor ?
Huge conflict of interest .

i got this information from the progress photographs which he is posting on his site.

you can see the sign post, it says the name of the project and name of contractor.

the developer is : triplanet international

and the contractor is :triplanet contracting


also if you notice the progress report is a letter from: triplanet contracting--- to triplanet international.

oh they did not even bother to change the logo
lol


Wait a minute- i can not read the name of the consultant from the sign post.( it is not clear enough to read from the picture) can any one see who is the consultant? and why the reports are not signed & stamped by the consultant isn't that the standard procedure?

for every bodies information the consultant of the project is the one who can give clearance to the developer to withdraw money from the escrow account.

 

[ALIYA]

1 Bed in Elite 4 for urgent sale

I have a client selling 1 bed 1060 sq ft in Elite 4 on 11th floor over looking golf course.

OP 954,000 AED, selling now at only 858,600 net (yes that is correct, below the original price) for a quick sale 45% paid and completion in 2010.

As this is a distress sale it is only open to serious cash buyers.

For details of floor plans etc, please contact me at [email protected]

 

[wadshae]

I have a client selling 1 bed 1060 sq ft in Elite 4 on 11th floor over looking golf course.

OP 954,000 AED, selling now at only 858,600 net (yes that is correct, below the original price) for a quick sale 45% paid and completion in 2010.

good luck finding a buying client for Elite in this forum, would you be able to find some one to take my units at cost price?

 

[PropGuy]

good luck finding a buying client for Elite in this forum, would you be able to find some one to take my units at cost price?

lol, I'm selling 10% below OP

 

[PropGuy]

If Tri-planet had ceased all work and pulled out of the project, then yes I would agree that a lawyer is required. My own personal opinion is that they have every intention of continuing construction on all Elite towers; however the start on all projects has been extremely slow and this has had very negative connotations and has certainly not instilled much confidence with the investors, regardless of which Elite tower.

I believe the main concern for many is the current payment schedule. Rera has told developers that buyers should pay no more than 20% of the cost of a property as an initial installment. The remainder would then be paid in installments that are linked to the progress of the construction of the project and are commensurate with how far advanced the building is. Therefore if you have already paid 20% or more no further payments should currently be taken by the developers until construction is “started”. It is rumored this 20% will now be increased to 30%, again I am sure many of you have already paid this amount. What was not clear from Rera was the definition of “construction started”.

I believe Rera will come out with guidelines very soon regarding payment schedules, i.e they will have to be linked to construction by law. This will help the market as a whole, in the meantime Tri-planet would be wise to review their own payment schedule and be more pro-active in terms of working with its investors.

I wish it was that simple, for example, Emaar didn't change their payment to progress based. We need something binding that developer has linked payment to progress.

 

[loai]

yes i have issues there my self

 

[Stephendxb]

Dear Wadshae,

You make some very good points in your post above. I certainly agree that transparency is needed for the Escrow accounts. ( From all developers )

Payments should be linked to construction (Refer to my post on page 5 regarding Construction linked payment plan)

As for unit registration, as per Law 13 issued on the 14th August 2008, article 3, item 2. It is the developer’s responsibility to use the Interim Real Estate Register:
1. The Interim Real Estate Register is used to record all disposals of Real Estate Units off plan. Any sale or other disposition that transfers or restricts title or any ancillary rights shall be void if not recorded on that Register.
2. Any developer who made a sale or other disposition that transferred or restricted title prior to the coming into force of this Law should approach the Department to get it registered in the Real Estate Register or the Interim Real Estate Register, as applicable, within 60 days after the date on which this Law came into force.
Rera needs to push forward with the proposed amendments and implement existing ones to protect investors. Tri-planet should have already registered the units.
I also concur with you that it is in our best interest that Tri-planet moves forward…albeit a lot quicker.

 

[wadshae]

stephan,

now we know that the developer is in clear violation of the law. does it state what happens if he did not register the units within 60 days?


quoting from the law you stated: "sale or other disposition that transfers or restricts title or any ancillary rights shall be void if not recorded on that Register."

does that mean all of our contracts are void now? does that mean we gave him money as charity or what? if we want our money back does that mean we have to go to court? or is there another procedure to follow? we want to avoid the court.

because if we raise a court case it will take for ever, and our losses will be great.

i am only asking this, because i have a feeling that our developer does not intend to register the units any time in the near future, i do not know what are his reasons but it is very fishy if you ask me.

 

[memo123]

Dear All
why dont we all write to RERA about this developer , and voice our fears and concerns .
inform them of what is going on , address our concerns to Marwan bin Ghalita the chief engineer in RERA , as a formal compliant . Every investor does it separately.
emails do not work with RERA and they never respond but I believe a formal registered complaint letter will work .
the address and phone number for RERA on their site.
Most importantly we have to mention that the developer has appointed himself as the contractor for the project . And add all the articles that were breached plus the progress report and pictures of the site .
Having said that , it is a standard practice for the developer to appoint Eng. consultant to design and supervise the construction work .
Role of consultant
1- design buildings to the developer ,
2-insure quality to the standard
3- specify building material to be used
4- supervise the constructions work executed to standards
5-certify progress and completion of work
There should also exit , cost consultant who would
1- prepare bill if quantities and project cost
2- certify contractor invoices for payments
3-monitor cost variations
4-Finalize contractor's claim if any
In normal circumstances , the contractor submits his monthly valuation to the cost consultant . when it is checked and payment certificates are issued and sent to the developer to make payments . the developer goes to rera for approval and get it approved then debit escrow .
IN THIS CASE THE DEVELOPER IS THE CONTRACTOR , SO CONFLICT OF INTEREST MAY ARISE .
As the contractor may submit valuation for payments not related to the progress , further he may choose to change the specification and use inferior building material and practice bad workmanship without penalties or rejecting the work .
the contractor will come up with any excuse as there is no independent provisional team supervising his work and certifying payments .
please read article 7.2 in the SPA , and that is why he included it in the SPA .
Yet didnt include any material specifications as you all have mentioned befor , why?

BEST bet now for all of us is RERA ,
Must add here that the Chairman of the company , Faisal is a great man , very cooperative and respectful . But at the end of the day this does not offer any protection for the investors

good luck to all

 

[wadshae]

I agree memo in all,


we are contacting a lawyer and RERA right now as we speak,

to summarize the conclusion so far:

- he is in a big preach of the law
- RERA can not do any thing for the investors until he registers the units.

the answer we got is go to court.

we need to force the developer to Register the units, then RERA will be at our service or go to court.

what we are trying to do now, is to see if RERA will force him to register the units or no.

this is what we got so far, i will confirm to you tomorrow about all of this if true or not, because we managed to arrange a meeting with someone from RERA. also he will advice us of what to do.

as for the letter you are talking about i am sure it will raise the fuss which will be a good thing.

 

[tin2080]

Hi,

I have spoken with Tri planet today via phone call.
They have told me that one of my payments has not been made(another story).

They basically said that payment schedules are now been delayed ( I wondered why they have not been chasing me for my missed November payment).

anyway I asked the guy if these buildings elite 1 -8 were actually going to be real his answer was "yes of course they are just delayed at the moment".

I am not panicking at the moment I will sit this out until they ask for another payment.

 

[ALIYA]

Caution about late payments

I would be careful about missing payments. You will most likely get penalised and be charged late payment fees. Best bet is to agree an extension of payment instalments and get them to revise their existing payment schedule to one which is more realistic given the change in the economy and exchange rates etc.

You will probably find late payment charge are added on handover when you have to pay the final instalment.

 

[tin2080]

Hi,

Thanks for the info re late payments, I guess that I am in the same boat as a load of other investors who have purchased through CASA DUBAI.

It appears that they have failed to pass on our most recent November payment just before going into liquidation.

I am now in the process of chasing receivers at CASA to recoup the payment I have also informed TRI PLANET of the situation therefore they should be some sort of grace from TRI to allow me time to retrieve funds.

tin2080

 

[ijaz2008]

Hi tin2080

i am in a similar position and have been stung by casa dubai.

i am a UK based investor living in london

would be happy to talk with you about this my email is

jazmalikathotmaildotcodotuk

 

[mpat]

This is really sad. . . u guys need to chase casa or might flee off with money . . .

 

[ALIYA]

Thinking aloud, maybe you should ensure that you keep Triplanet informed of what has happened. I mean if you have documents to prove that you transferred the money over such as the Nov payment to Casa Dubai but they failed to hand it to Triplanet, then you should try to fight that payment has been made as far as you are concerned. Hopefully, Triplanet may sympathise and accept payment as being made at their expense. If you do not ask you do not get!