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First Remraam Investor Meeting - Zabeel Park Friday 13th March

Discussion in 'Dubai property' started by really_true, Mar 11, 2009.

  1. really_true

    really_true New Member

    Dear Remraam Investors,

    We have decided to have the first meeting in Zabeel Park this weekend (Friday 13th 4 p.m.) to discuss and finalize the letter and select a few people to represent the interests of the group.

    Please call any other investors who are not on the list.

    I have attached the map showing directions to Zabeel Park. Zabeel Park is close to the Trade Centre and is on the road towards Bur Dubai (Bur Juman Centre).

    Location: Zabeel Park (Parking Lot A - Entrance)
    Date & Time: March 13th, Friday, 4 p.m.

    [email protected]

  2. ngn97141

    ngn97141 New Member

  3. really_true

    really_true New Member

  4. ngn97141

    ngn97141 New Member

    I am at Zabeelpark right now. Where are you guys ? Pls call me Navin. 0 5 0 6 5 5 3 6 5 4
  5. remraamer

    remraamer New Member

    Legal Advise

    Hi Guys,

    I got some legal advise and here is what we should do:

    1- Invite all investors to one Facebook Group "Remraam online" (tinyurl. com/remraam)
    2- Once we have enough owners of 100 units we will issue a legal petition to mizin.

    i have already put together the group and will upload recent project progress pictures soon.

    also you should know that amlak/ tamweel havent paid since dec installment for phase 2 which means the time is right to apply pressure to get something out of this whole mess.

    other developers are either canceling or have changed their pricing.

    we need to know the earliest to claim our money back and maybe invest in something else or just get out of the mess.

    hope to see you all on facebook group "Remraam Online" and i will shortly add a recent communication from Tamweel a friend of mine just received regarding delayed payments to mizin.

    lets get this done as no one else will do it for us.
  6. raakeshchawla

    raakeshchawla New Member

    Dear Remraamer
    Can you advise...I had bought two bed unit (phase I) at the rate of 1200psf ...op was 760psf third phase was launched at 1065psf...rates went up and tamweel readily financed. Now if the project is xxld where do I stand ....tamweel paid to the seller and mizin an seller is now gone and enjoying somewhere with me in a thick soup....can you help?
  7. Direct2Dxb

    Direct2Dxb New Member


    We have started a Remraam Group about a month ago and initially did not have many responses, however more emails are coming through as we get closer to the next due payment.

    We should merge our groups - I will be in contact shortly.

  8. Zerokoool

    Zerokoool New Member


    I am interested in getting my money back as per the contract and letting go of 10% ....anyone else on the forum has tried or actually go it?

  9. really_true

    really_true New Member

    HE he he he ..sorry but dream on................... WAKE UP WAKE UP

    REad the contracts for Partial refunds in my lingo as i understood what it says

    YOU sell the unit back to us -- u are no more the OWNER -- u cant sell it to any one .
    we cut 10% we give you the rest back WHEN we sell it off to the next owner
    WHO WILL BUY IT when the so called market is BURNT to cinders ..
    WHEN Will some one buy it
    WHAT rate will it be sold :)

    dude this is deep

    and understand you are single individual against a system that is why these guys are forming a forum to get a PRESENCE and some strength .

    by the way if u can sustain it my opinion is KEEP paying for it .
  10. really_true

    really_true New Member

    You Said it ... U BOUGHT at 1200 "BUYER BE AWARE" .Mizin will never declaer that it is cancelling the project . You just have an agreement with tamweel to pay so keep paying your installments etc if they have started . Wait for the project to come up when it does 2015 or whenever they deliver your building and you will take all the losses while the managers of the comapnies have enjoyed and got paid for DELAYING their work .

    If u delay u pay a penalty of 100 aed per day ;) see how it goes .....

    Join the cause ...welcome
    LAY back and might as well ENJOY IT
    even if it meant that you are getting RA*ed

    my 2 c
    keep paying ur liabilities and let the market pik up
  11. Zerokoool

    Zerokoool New Member

    Thanks for been my Coffee Cup

    Now that you have woken me up .....I see no value in the property that is over priced, middle of no where and all the infrastrucutue around it delayed or cancelled!

    This was not the story when the launch happened and lets not go their.....

    If your suggestion of fighting the system is by paying more money to them on the outrageous price....then I would rather spend that same amount on lawyer fees... I do understand that their are loop holes in the contract and Mizin is positioned better then us when it comes to refund but still the fact of the matter is that if we have enough investor that stop paying then the cash flow towards Mizin is screwed and with Dubai running out of cash .... Rescuing Remraam would be last on government list....

    Or they should change the contracted companies, give it to Chinese and bring the cost down and pass it onto us....Green 1BR is now 800K AED with a developed community whereas Remraam phase 3 is 1.1 Mill....does it make sense????

  12. really_true

    really_true New Member

    For the project invetsors is a double edged sword to pay or not pay either way there is a loss for them . If they pay they are paying to hold up a sinking ship. If they dont pay they are themselves sinking their own ship as the developer is not going to put his money to devlop the project.

    My basic issues with the devlopers are
    1) transperancy
    2) Immediate RE start of work
    3) earlier completion of the project not after 2 years that is not acceptable
    4) If they deliver after 2 years the project should be re priced as prices have come down drastically in the market

    all those who agree say YAY
  13. Zerokoool

    Zerokoool New Member

    Types of Remraam investors

    rakcha on this forums answer your questions in much better way #ON HOLD: REMRAAM - Page 9 - SkyscraperCity

    The problem I see as following

    1. Some investor are hoping the project gets completed and they get the apartment thinking the value might be sustained. They have cash flow issue as banks have stopped financing the properties including Remraam

    2. Some investor are hoping for the cancellation of the project so they can get the money back thinking their is no value left in project after all the projects around Mizin are delayed or canceled

    3. Some investor just want to stop the relationship with Mizin and end the contract at any cost.....

    I am sure we can place all the investor in these categories...either way is a Negative Equity for all the investor now....the prices will not peak to the one we had in early 2008

  14. raakeshchawla

    raakeshchawla New Member

    Guys do you know if Tamweel is not paying to Mizin for the mortgages? My friend who has invested with me in Remraam, got a call from Mizin saying the payment is due?
  15. really_true

    really_true New Member

    Mizin --Just calls owners asa reminder for payment and it must have been an oversight
    I PRESUME . even i got calls from mizin for payment reminder.

    This doesnt mean that tamweel is not paying or vice versa. Your doubts are very legitimate.
    You/friend have an agreement with tamweel so its their headache how when they pay Mizin.

    But i would ask you to review your rights on the loan mortgage if and ONLY if Tamweel is HOLDING back payments of Mizin and you are pretty sure of it that the payment has not been made .You can easily find this from MIZIN callcenter quoting your unit number.
  16. Ayyan

    Ayyan New Member

    guys I brought a studio for 458k , think it was 950psq

    I am paying on the 50-50% installment plan

    I dont know anymore if it is value for money anymore when its ready i think it will only achieve a rent of 45k like intl city if there is anymore left here to rent !!

    what are yor thoughts

  17. PropGuy

    PropGuy New Member

    That is a tough question. Who is the developer and when is the expected completion?
  18. Ayyan

    Ayyan New Member

    mizin is the delevolper and comp is anyones guess maybe 2011
  19. PropGuy

    PropGuy New Member

    I don't know much about mizin or about this project. How much you have paid so far?
  20. InvestDXB

    InvestDXB New Member

    Any official news reagrding remraam cancellation?

    Last week, I have received an email from Mizin with construction updates on the Remraam project.I have just come across this forum and after reading realize that the general consensus out here is that this project is being canceled. Is there any official news regarding this? I have a property in phase 2, so like all of you, am quite concerned as well.

    Edited to Add- The next payment is due on 1st April'09. How are you all handling that? Should we be making it or just hold back for a while until some more clarity is given to us by the Developer on the future of this project.
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