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icon tower 1 Gowealthy vs Vakson

Discussion in 'Dubai property' started by jags, Aug 27, 2008.

  1. jags

    jags New Member

    hi all

    i bought apt in icon 1 from GW in 2005 on the terms 40% down payment and 60%

    on completion. friend A also bought on the same term from GW. frienf B bought on

    the same term directly from Vakson. when contract arrived after we made the 40%

    payment it stated 10% payment evry 3 months. on asking GW said it is a

    standard contract they have sent to all the buyers. we must not worry. we were

    new to the market. we signed in good faith. friend B received the contract in 2007.

    she was also made to sign by Vakson saying the same thing. there was no

    demand for any money from any party. 4 months ago while inquring abt the

    completion date with Vakson i was told there was no apt on my name. same

    was the story with friend A. Vakson said there was no morgage available and

    they had received only 10% of our payment. infact they had a meeting with GW

    owner for retaining huge sum. on asking GW they will soon make all the

    payments and there will be finance options nearer the time. apts will be

    transfered on our name very soon. we must trust a big company like them.

    meanwhile friend B was demanded for balance of 50% and 10% on completion.

    she insisted that she was promised morgage on completion and sent the proof of

    e mail to the manager Mr. Joseph of Vakson. they went quiet for a while. friend A

    meanwhile went to Dubai and got his apt transfered on his name. he also got in

    writing from GW that there will be finance available on completion. i could not do

    that. 4 days ago i spoke with GW and was told my apt was transfered on my

    name in May and there will be finance available. today we are served notice by

    Vakson to pay the balance and 15% fine by 16th sept. or our apts will be


    friend A has bought on the terms stated in e mail by Vakson in 2005.Vakson

    says contract will stand which was sent in 2007.they will not honour their own e mail because it is not signed.

    but she has bought on the basis of e mail.

    i was never demanded with any money.Vakson says i have to fullfil the terms of

    contract. how can i be expected to pay when apt was not on my name until 4

    months ago.

    Vakson has not kept promise in the contract to deliver in Dec 2007.

    we have learnt that developer has not been able to tie up with any the

    problems.i learnet that till today only 31% og my 40% has been transfered. there

    seem to be problems between between GW and Vakson and we have become

    scapgoat. what did GW do with our money for 3 years? where can we obtained

    60% plus 15% fine in 3 weeks?

    is there anyone out there in this situation? then pm me.

    has anyone got any solution?


    Last edited: Aug 27, 2008
  2. jayee

    jayee New Member

    Please take up the matter legally asap. You really need to exercise caution at this stage. Let your lawyers file a complain with RERA as well.
  3. dr_property

    dr_property New Member

    Gw & vakson


    First of all I apologise for the delay as I joined today and found this thread, i guess, a bit late.

    I am also a victim of the clash between GW and VAKSON. There seems to be an internal issue of non payments of commission to GW from VAKSON thereby holding our payments and releasing only when their commission is released. On the other hand VAKSON sends out these disturbing emails directly to the owners so that they would pressurise GW and get their money across.

    As for the finance, back then almost every developer sold their property with finance but eventually they couldn't tie up with banks. Secondly, VAKSON realised that they had sold this tower at a very low premium and the market was really shooting up.

    Anyhow, I have managed to control the situation somehow but there is still 10% of our with GW. They have done the same thing with our other tower as well.

    If your matter is solved...good for you...otherwise send me a mail at dr_property at mcbdubai dot com and we can discuss.

    Thanks :)
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