Elite in sports city

[fws]

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.

Have you any more details about the payment schedule being delayed?

Thanks

 

[vanityfair]

Co Blimey.* I haven't read this forum since beginning of December, what a change.* Spent the last hour catching up. I didn't realise there to be such an issue with payments.* I hope RERA push forward there regulation to link site progress to payment plans.* I can't understand why developers like Triplanet do not endorse this immediately.* It would give all considered confidence without the threat of with-held payments, etc.* With-held payments is the last thing developers need.* Too many will cause cash flow issues.* I will remain patient, however my next payment is due end of March.* I hope payment plan to be revised in line with RERA regulations and construction to be much more advanced.2009 looks set to be a very testing year.* Good luck to all.

 

[memo123]

what happened?

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.

you have not updated us on what happened in RERA and what type of legal action proposed by them . have you seen any lawyers in Dubai , and what are the prospects . Have you spoken to the developer?
I don't believe that registration of units in the air is the right solution now . No one sane will sign their SPA , where by they have given themselves all the rights and stripped us of any right ,they have no specifications for anything .
I really do believe that the whole project of 7 buildings should be scrapped . HUNDREDS OF PROJECTS ARE SCRAPPED BY GOVERNMENT ENTITIES BECAUSE OF CREDIT CRUNCH , Added to this A huge list of delayed and canceled project have been published by Zawya and gulf news by other developers . Since There is nothing on the site yet and the idea of having the developer setting on the money for another 2 years , if not more , is not acceptable .
I believe that the developer is not AAA rated and hence no bank will lend them money ,in these conditions . So unless they put their own money into the project , all will gain confidence in the developer's intentions , other wise we are walking into a quick sand .

 

[ijaz2008]

Hi

So the construction updates provided on Triplanet website are meaningless? They are posting pics on their site..

Do you have any confirmation in writing that they will allow delays in payments till construction progresses?

 

[vanityfair]

Hi,

I have just returned from Dubai (on Sunday 22nd Feb) as I had to see for myself what progress is being made on my studio investment in Elite 2. I refused to pay a penny until I was satisfied that construction was progressing. I was horrified to see that Triplanet has not built anything whatsoever. I have paid 56% of the total value and as per RERA, construction progress should reflect payments made. Elite 2 is literally a hole in the ground - thats it. I took many pictures of Elite 1 and 2 and also made a few videos. Elite 2 had no work going on at all. Same story for pretty much the rest of the Elites. I then visited the Triplanet office in Deira and was told to delay payments until I saw progress. To be frank, I do not trust them one bit hence I would like to pursue legal action. I am interested in knowing who the 18 investors are so that we can take some collective action and get our money back.

Alternatively, if there is anyway of getting my money back (at least some of it),then please advise. As far as I'm concerned, Triplanet is in breach of their contract as they will not meet their deadline and construction is not happening. Furthermore, I had to go all the way to Dubai myself as all I got on the phone were lies from the incompetent and powerless employees of Triplanet.

I was under the impression construction had started.
Triplanet are given monthly updates on the web site.

 

[ijaz2008]

I was under the impression construction had started.
Triplanet are given monthly updates on the web site.

Agreed vanity fair - hence my confusion about J Qazi's post..

 

[J Qazi]

I will put pictures up soon so you can see for yourself. Technically construction has begun (they have marked out where the buildings will be),but physically there is not even one completed floor. I made the first payment for Elite 2 in Jan 2008. Over a year later they have managed to mark out the outline of the building and make a small hole in the ground in the middle - this clearly is not what I call progression. I'm no building expert, but that is not what I call 56% complete.

 

[vanityfair]

I have invested in Elite 6 May 2008, made around 60% payment with three quarter payments left, i.e December 2009 will have paid in full. Building progress just started. It is difficult at this stage to establish whether there is an issue or not. Obviously Elite 1 and 2 are well behind. This will not necessarily effect timescale on Elite 6. Completion date Sept 2010 looks unlikely. There seems to be a lot of unhappy people out there from this forum and others. Some are suggusting defaulting on payment. I feel this is extreme and at this stage not necessary. Triplanet to date have been giving regular updates. Anyone else have other expriences with other Elite projects on timescale and updates.

 

[jags]

hi all

i have just arrived from Dubai.i went to TP office in Daira.we were taken to SC site.i was very disappointed with the progress.few people were working at Elit 1.other projects were only hole in the ground. we were told workers were at lunch. i don't think any of this will be finished if at all before 3 years.SC itself will not be fully fuctioning community before 2012.it is a major construction site though some villas are handed over and some sport facilities are ready.i could see most of the projects did not have any workers.may be it was afternoon and they were at lunch.

as regard TP they are financially ok but playing wait and watch game.i doubt now that they will finish all the project or they will be delayd for a long time. in today's circumstances most of the projects are on hold and next 2 years will be very difficult. one of my JLT property is ready for past 3 months. DEWA is connected but still handover has been slipping for past 3 months.looks like supply is being controlled.

as about my unit in Elite 5 which was 100% paid and impossible to sell i was able to sell it at 25% loss. i covered the loss in favourable exchange rate. i was lucky to get a call from an agent who was given my details from a friendly TP employee.
he had a client ready with cash.we met at Deira city centre.the deal was done at 25% less OP. next day we went to TP office.they were very helpful and transfer was done in 15 minutes. i am happy to be out.

 

[mpat]

jags,
how u felt tht they r financially OK? i mean could u elaborate with some reasons ????

 

[jags]

jags,
how u felt tht they r financially OK? i mean could u elaborate with some reasons ????

we spoke to Masreq bank where TP have escrow account. they confirmed that the lands for all the projects are fully paid and they have not secured any loan on the project.we were told that company is cash rich.

unless bank is lieing i have no reason not to believe them.

jags

 

[memo123]

I was told by the owners that they are cash rich too

jags,
how u felt tht they r financially OK? i mean could u elaborate with some reasons ????

I have met with TP in Dubai and the chairman told me they are cash rich too.
and that they own all the plots and have sold every single unit in all 7 buildings.
An independent agent told me that TP owns 100% of all the plots .
Have not checked with the bank though.

 

[PropGuy]

hi all

i have just arrived from Dubai.i went to TP office in Daira.we were taken to SC site.i was very disappointed with the progress.few people were working at Elit 1.other projects were only hole in the ground. we were told workers were at lunch. i don't think any of this will be finished if at all before 3 years.SC itself will not be fully fuctioning community before 2012.it is a major construction site though some villas are handed over and some sport facilities are ready.i could see most of the projects did not have any workers.may be it was afternoon and they were at lunch.

as regard TP they are financially ok but playing wait and watch game.i doubt now that they will finish all the project or they will be delayd for a long time. in today's circumstances most of the projects are on hold and next 2 years will be very difficult. one of my JLT property is ready for past 3 months. DEWA is connected but still handover has been slipping for past 3 months.looks like supply is being controlled.

as about my unit in Elite 5 which was 100% paid and impossible to sell i was able to sell it at 25% loss. i covered the loss in favourable exchange rate. i was lucky to get a call from an agent who was given my details from a friendly TP employee.
he had a client ready with cash.we met at Deira city centre.the deal was done at 25% less OP. next day we went to TP office.they were very helpful and transfer was done in 15 minutes. i am happy to be out.

I want to be out too, I can sell my units at 25% loss.

 

[guidecca]

Oasis I Tower in Sports City

Does anyone know the status of Oasis I Tower in Sports City? I bought it in April 2007 from the original owner through BH real estate. The British real estate lady has since quit and gone back to England. I owe the last 15 percent and intend to get my apartment or my money back one way or the other. And by any means. If you have any news please PM me. I am new here and not sure if I can add my email address. It is guidecca @ h o t m a i l . c o m (take the spaces out please). What is Triplanet? Thank you so much.

 

[jags]

Does anyone know the status of Oasis I Tower in Sports City? I bought it in April 2007 from the original owner through BH real estate. The British real estate lady has since quit and gone back to England. I owe the last 15 percent and intend to get my apartment or my money back one way or the other. And by any means. If you have any news please PM me. I am new here and not sure if I can add my email address. It is guidecca @ h o t m a i l . c o m (take the spaces out please). What is Triplanet? Thank you so much.

construction update is on Dubai Real Estate Property Listings Dubai Properties Investment Value Condos.

 

[asif sharif]

Elite II

hi all

i have just arrived from Dubai.i went to TP office in Daira.we were taken to SC site.i was very disappointed with the progress.few people were working at Elit 1.other projects were only hole in the ground. we were told workers were at lunch. i don't think any of this will be finished if at all before 3 years.SC itself will not be fully fuctioning community before 2012.it is a major construction site though some villas are handed over and some sport facilities are ready.i could see most of the projects did not have any workers.may be it was afternoon and they were at lunch.

as regard TP they are financially ok but playing wait and watch game.i doubt now that they will finish all the project or they will be delayd for a long time. in today's circumstances most of the projects are on hold and next 2 years will be very difficult. one of my JLT property is ready for past 3 months. DEWA is connected but still handover has been slipping for past 3 months.looks like supply is being controlled.

as about my unit in Elite 5 which was 100% paid and impossible to sell i was able to sell it at 25% loss. i covered the loss in favourable exchange rate. i was lucky to get a call from an agent who was given my details from a friendly TP employee.
he had a client ready with cash.we met at Deira city centre.the deal was done at 25% less OP. next day we went to TP office.they were very helpful and transfer was done in 15 minutes. i am happy to be out.

Do you have contact details of the agent, I would like to sell mine.

I bought it in Elite II on 7th floor for 845Dh/Sqft. Want to sell this for about 800Dhiram/Sq ft.

 

[memo123]

You can say that again

Consider me with you .

Hi,
I have a STUDIO in Elite 1 for which I have paid almost 80% and two 1 Bedroom in Elite 3 for which almost 45% has been paid. The pace at which the project is going ahead is a matter of great concern as the developer was not sincere even in good times.
Other investors have raised some important issues like on site contract being awarded to a subsidiary of Triplanet. When they have already collected 80% of the payment , still the construction schedule is way off the mark.
On their website ,they are saying that ELITE 3 will be completed by April 2010. I would congratulate them even if they complete it by 2011.
Recently 2 developers have offered discount of upto 30% on properties bought during peak times. I feel that it is our right to demand compensation as we have lost money due to considerable delay in the project without any proper justification.
We all should look to file a joint complain against TriPlanet in RERA as well as in the property court so that atleast he knows that the investors are together and he cant take them for granted.
If we can get together some 50-60 investors or more , we should take it forward. If we can all meet on a specific day somewhere in Dubai by 20th of this month , it will be great. Kindly give your views on the above. Its High time we act and act fast.

 

[PropGuy]

Consider me with you .

me too



.

 

[amidhadli]

Consider me with you .

hi i also hve paid just as much as you elite 1 and elite 4 i am with you to

 

[showbiz]

I am sure there is already an Elite investors group maybe we could get together and join that???????