Liquidated project

[shazy]

I have invested in a project back in 2008, the project Sanali towers was cancelled and monies I paid in the escrow moved to the land departments account, we never received a contract but only have sales agreement and payment advices of transfers.

I have been emailing the rera dubai courts etc and the actual liquidatin department and have never had a reply apart from an auto response that they will get back to me twice !!!

I am in the UK and due to family commitments cannot go out there. the project was cancelled in 2010 -2011.

Can someone please help ???

 

[Noureldin]

The land department along with Dubai courts have formed a committee to resole all the issues related to liquidated projects, I don't recall reading "Sanalli,s" name among them but however , the current list of the liquidated projects is the second one and you may check it yourself through Dubai courts website. I tryed to post the link but it seems that I am just a freshman
I can provide the previous lust as well but it will be much easier if you can tell me the developers name.

P.S by resolving I mean conceliate

 

[shazy]

Thank you the project is definitely cancelled and when my husband went to the land department in 2011 he was told it was under liquidation ... but since then nothing they ignore all my emails nothing not even automated replies nothing. I just need the right person to send my email to as I have tried the Dubai courts and the land department I get nothing not even a acknowledgement . we are so frustrated with the whole Dubai system!! Please if some one can help we are willing to pay, the project definitely cancelled and was supposed to be in liquidation

 

[shazy]

H Noruldin
the developer was Sanali Holdings FZE master developer Mizin project number 292 I already have conformation that it is cancelled with liquidation but no one from there ever respond or any other official department

 

[Noureldin]

Hi Mrs. Shazy
There are too many cancelled projects in Dubai and the investors were left in the dark but due to the great pressure the legal system had to interfere and time couldnt heal what some developers have done, so, the steps now are as followes
1- the court formed a committee to conceliate/ sole such issues but due to the load they had to do it in sections, they made several lists with a deadline i.e. that if the project you invested in is in the list then you have to file complaine (inroll) with in the period given to you.
2- waite for the committee to do its job which can be selling the plot or making a new developer takeover the project or refund from the escrow account if it has any money

The current list is as followes and I am copying from the courts website

""The Committee for the liquidation of cancelled real estate projects in the Emirate of Dubai and settlement of rights related thereof, specializes in liquidation of real estate projects , by which a final decision of cancellation has been issued by Real Estate Regulatory Agency (RERA),Whereas the judgments, orders and decisions issued by the Committee shall be final, peremptory and unappealable by all means of a regular appeal , and shall be executed by the implement Department Dubai Courts "

The Committee will resume the first stage of its agenda in following cancelled projects :

REMAH HOLDING LIMITED
High Rise Properties LLC
ALTERNATIVE CAPITAL INVEST GMBH (BRANCH)
Khyool Investment LLC
MAKASEB PROPERTIES
MERWESS ABDULAZIZ
Bux Holdings Limited
DUJAN PROPERTIES LTD
Cliff Dwellings Enterprises LTD
Parshwa Holdings Limited
Galadari Investment Office Limited
Escan Real Estate PJS
M E Development LLC
I.R.Investments Holding Company Limited
Orbit Holdings LTD
Al Zahra Properties
HAMPSTEAD & MAYFAIR DEVELOPMENT LIMITED
Zenith Real Estate Development LLC

You can register manually by paying a visit to Dubai Courts in the evenings from 02:30 pm to 07:30 pm on the main building "Central Services Hall on the first floor" or electronically by clicking on the name of your project and then fill in the required data, however the last date for submission the manual or electronic applications on Sunday, 31/08/2014 .""
_________________________________________________________

Incase you need more help or someone to keep you updated or follow the situation just inform me.

Kind regards

 

[totallyproperty]

I would be very interested to hear how successful investors are in obtaining any form of compensation for failed Dubai projects.

Regards,


Mark

 

[Noureldin]

Dear Mark

I believe that they will be very successful in that, but the problem is that their success will vary between them, for in most cases the outcome will be distributed proportinally among them which can be unfaire.

 

[totallyproperty]

Thanks for the update.

I was thinking about this today and it is easy to forget how out of control the market was, especially towards the end. The authorities really did let investors down with a lack of regulations and little (if any) protection.

It looks as though they have learned their lesson but time will tell.

Regards,

Mark

 

[shazy]

Thanks for the update.

I was thinking about this today and it is easy to forget how out of control the market was, especially towards the end. The authorities really did let investors down with a lack of regulations and little (if any) protection.

It looks as though they have learned their lesson but time will tell.

Regards,

Mark

I am still not convinced , when we went to RERA a few years Back we were treated awfully they just didn't seem to realise that investors from UK were taking loans remortgaging using pensions etc.

they made us jump through hoops and sent from pillar to post only to be told project is cancelled and under liquidation we will contact you 3 years and nothing!!!
They are planing an Exhibition in London in February next year I'm definitely going to tell people how all dubai companies want your money and nothing else...Dubai government doesn't care about investors at all.

Dubai is not for the small investor thinking it will come in handy in old age or for the kids.

 

[Noureldin]

Almost all you said is true but keep in mind that its very hard to be faire when you are aiming for the title of "safe environment for investments", its very expected to take the developers side.
The game changing is the Expo 2020 for the runaway developers snd the stopped ones are looking for a chance to go back and resume business which is great for you.

In the future try to secure yourself by modifying the SPA and by having a secure financing plane that suits you nit to mention the site seeing of the oroject.

 

[shazy]

Hi Noureldin

please check your private message as I wish to give you more details as I'm hoping you can help me out . thanks

 

[shazy]

Almost all you said is true but keep in mind that its very hard to be faire when you are aiming for the title of "safe environment for investments", its very expected to take the developers side.
The game changing is the Expo 2020 for the runaway developers snd the stopped ones are looking for a chance to go back and resume business which is great for you.

In the future try to secure yourself by modifying the SPA and by having a secure financing plane that suits you nit to mention the site seeing of the oroject.

Thats just the point you cant modify the SPA I have found dubai developers do not negotiate and the bigger the company the worst the attitude, it never ceases to amaze me how even after all the mess investors are in there are people who defend rera or the developers.

 

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