Met Lofts Viable Option?
Guys,
It's great to see that this thread has come back to life again, thanks to you all.
A few points I thought worthy of mention.
1. I got a 'Metropois Lofts Update' email from customer services, which mentioned what has happened so far on the site. I am sure you must have received it a couple of days back. It says that the enabling works package has been tendered and they will appoint one of the bidders 'shortly'. I think this is all a load of nonsense. They were supposed to start enabling works in November and they are YET to appoint a bidder. The email mentions everything but the new completion date. And by the way, a friend of mine recently visited the site (he went to Dubai from UK) and he said that there was nothing on the site. So basically, these are all delaying tactics and I think that the project is on hold. Furthermore, they give an escrow account in the email and ask us to make all outstanding payments, though they don't specify the payment plan or even give a hint of the new payment plan. How can it all be so vague, as in, asking us to 'make all outstanding payments'? Do they really think that the investors are stupid enough to part with their hard earned/saved money to give it away for no progress?
2. Secondly, I have been told that RERA has asked all developers, who haven't started construction to put their poject on hold. This makes sense because there is already a big exodus from Dubai, and the government can't afford mass supply unless the conditions stabilise in the next couple of people and Dubai starts getting people back. I own a completed apartment and I know that rents have already plummeted. More supply in this market is detrimental to the already falling market, in view of the fact that Dubai population will fall by 17% this year. So all projects will be further delayed and most of them, which haven't started will be cancelled.
3. Thirdly, have you guys seen the latest law by RERA, per which the investors can get 70% of the paid money back if they default and the developer hasn't started construction. This is a clarification of an earlier law issued in Oct/Nov last year and the earlier interpretation was that the developer can keep 30% of the total purchase price rather than the paid price. But the latest law bases the figure on the progress of the project.
Please don't think that I am being pessimistic by saying the above, as I just lay down the facts as I see them. A lot of my savings are invested in Dubai (and partly Met Lofts) and I want it to prosper. But on an honest note, there is a lot of uncertainity and whilst I intend to keep my completed property, I don't want to progress with Met Lofts. Can anyone please let me know if he/she is thinking of pulling out of the project. I don't feel comfortable putting in more funds in something that hasn't even started and has practically no completion date. Please confirm if anyone else has thought about, or progressed with, getting his/her money back from Met Lofts in view of their abysmal performance and progress?
Regards
