Thread Status:
Not open for further replies.

IRIS MIST dubai maritime city INVESTORS UNION

Discussion in 'Dubai property' started by varunous, Mar 24, 2009.

  1. varunous

    varunous New Member

    This is a forum for investors who have invested in iris mist dubai maritime. This is a time when we need to get togather to put our terms to developer. i just got the SPA today and and the price is exactly the same as reservation form signd 9 months back. We as investors need to get togather

    We are tring to get togather investors invested in iris mist so that we can make our stratergy from here onward how to deal with developer and try to put some pressure on them. They were suppose to provide the SPA within 30 days of the reservation form which I just got today 9 months after the reservation form was signed.


    I think we will have to go the legal way now. They had to provide the SPA within 30 days and not 9 months.

    Argument is if you decide to buy a comodity ( let's say milk) from a supplier, and he says he will be providing it at a specific rate within a specific time period ( let's say a month). He can't come after one year with the item and say now you have to buy it at the same rate, ageed on earlier, when the market price of the comodity is reduced darasticaly.

    so lets meet up and take it further from there. If you guys are in touch with anyone else invested in iris mist, lets involve them as well


    if you want to join the group of investors, please mail back at varunkalr at gmail dot com or text at 050,5046623. As there is always more negotation power in more numbers and if there has to be any legal procedings we can share the expences.

    regards

    varun

















    DISREGARD THE INFORMATION BELOW THAT,S JUST FOR GOOGLE TO SEARCH THE PAGE......




    Introduction
    Iris Mist is resplendent with the glory of sea views from both sides of your home.

    Coming up in the prestigious Dubai Maritime City - The World's first purpose-built maritime centre, Iris Mist is envisioned to be a unique piece of architecture on Dubai shores, a dynamic glass and aluminum landmark of pride, status and distinction, that also offers retail and office spaces along with residential apartments.

    At A Glance
    48 residential storey with 1,2 and 3 BHK apartments
    6 podium levels for car parking, apartments and offices
    Ground floor for offices and retail
    Basement for car parking




    Iris Mist is resplendent with the glory of sea views from both sides of your home. Coming up in the prestigious Dubai Maritime City - The World's first purpose-built maritime centre, Iris Mist is envisioned to be a unique piece of architecture on Dubai shores, a dynamic glass and aluminum landmark of pride, status and distinction, that also offers retail and office spaces along with residential apartments. 48 residential storey with 1,2 and 3 BHK apartments, 6 podium levels for car parking, apartments and offices, Ground floor for offices and retail, Basement for car parking. Living areas, Imported marble in living room and passages, Enhanced security with a solid entrance door, semi solid interior doors and view peephole, Tiled balconies, Intercom facility through EPABX and video door phone, Bedrooms and study / guest room, Generous walk-in closets and Jacuzzi in the master bedroom's bathroom, Wooden flooring, Premium enameled doorframes, with premium door shutters, Premium hardware fittings including modular switches, Bathrooms, Designer bathroom, Porcelain tiled flooring and dado, High-end ceramic sanitary ware with matching accessories, mirrors and lighting manufactured by Ideal Standard or equivalent make Secure glass shower enclosures.

    Superior quality mixer taps by Hans Grohe or equivalent make Refined kitchen cabinetry, Porcelain tiled floors, Porcelain tiled splash backs, Polished granite tops in select areas, Double bowl sink with premium quality mixer taps unit, central exhaust and range hood with filters, dishwasher and complements of upper range Siemens make or its equivalent. 24-hour security and maintenance Opulent entrance lobby, Broadband connectivity in all units, Facility for standby generator in elevators and lobbies in case of emergencies, Opulently designed lobbies and elevators, Advanced indoor gym, Temperature controlled adult and children infinity swimming pool, Ample car parking, Home Automation & Security System. Lighting, air-conditioning and provision of curtain control through Neo Key Pad, Touch screen, mobile phone and Internet Motion sensor in passage and lift lobby for control of lighting load Security system, Colour video door phone, EPABX and intercom, CCTV (optional)
     
    Last edited: Mar 24, 2009
  2. kiranthaokar

    kiranthaokar New Member

    iris mist dubai

    This is forum for investors who have invested in iris mist dubai maritime. This is a time when we need to get togather to put our terms to developer.

    We are tring to get togather investors invested in iris mist so that we can make our stratergy from here onward how to deal with developer and try to put some pressure on them. They were suppose to provide the SPA within 30 days of the reservation form which I got 9 months after the reservation form was signed.


    I think we will have to go the legal way now. They had to provide the SPA within 30 days and not 9 months.


    so lets meet up and take it further from there. If you guys are in touch with anyone else invested in iris mist, lets involve them as well


    if you want to join the group of investors, please mail back at varunkalr at gmail dot com or text at 050,5046623. As there is always more negotation power in more numbers and if there has to be any legal procedings we can share the expences.

    regards

    varun
     
  3. financier888

    financier888 New Member

    Delay in SPA issuance

    Hi Varun - I will tell you right-off - you don't have much of a claim- if any - based on the fact that your SPA arrived 9 months after you purchased. In fact, this was a standard procedure in Dubai. SPA's have NEVER been issued within 30 days of a signed reservation and the reasons were several:

    1) In the eyes of a developer, just receiving a token deposit on a reservation form did not necessarily constitute a 'bone-fide' buyer as many 'flipped' their unit within weeks !

    2) Usually, the developer would wait till 20% or 30% had been paid and THEN issue the SPA's = again - this was due to the frequent turn-over of units within the first six months.

    3) BEFORE a developer gets approved to launch and market a project - they had to submit their SPA to the Master Developer for approval - so in essence, it was prepared and filed of record. - If not - the Dubai Land Dept would not authorize the sale and marketing of the project. SO the SPA was prepared BEFORE the project was launched. It was not issued until such time the buyer proved to be bona-fide, for as previously mentioned, the unit tended to turn over many times. In fact, it was not uncommon that one broker would be holding several units or a floor and over the course of 2-3 months - resell them.

    SO - it was indeed a common practice for the reasons outlined.

    NOW, if your main motivation to fight the developer is based on the fact on that you have gotten your SPA 9 months after you purchased - you don't have case. A judge will throw it out - if there are other issues, such as, 'wanting a price reduction' because the market has changed, - that's a separate issue but realize - you are bound by the reservation form and prices quoted - that you agreed to pay! AND - if you have made several payments - your case is weaker - you' ll be wasting your money to litigate.

    However, if you feel that the prices need to be adjusted (down) based on current market conditions, you need to organize and 'calmly' sit down with the developer and discuss it. NOT threaten with capricious lawsuits that are baseless.

    Just some advice having worked in a legal dept.

    good luck !
     
Loading...
Thread Status:
Not open for further replies.

Share This Page