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RERA say they will meet investors who sent the petition

Discussion in 'Dubai property' started by Datum1m, Feb 13, 2009.

  1. Datum1m

    Datum1m New Member

    A petition as been sent to RERA by worried investors, but the CEO of RERA is denying receiving it.

    Since these articles were published the CEO, is now saying that he didn’t personally receive it. However he would be happy to meet some of the investors who are members of the group to discuss the petition, with a view to working together to help sort out the situation we all find ourselves in.

    I am therefore looking for suggestions to add to the ones we already have, that will act as solutions to restore confidence and stability to the Dubai property market.

    The main problem with the market is liquidity and over supply, approximately 70% of off plan sales are to investors, which means once built their will not be the demand for end users of tenants.

    Three of the main suggestions so far are consolidation a bit like TIME SHARE where you own a percentage of a unit based on how mush money you put in to the total cost of the property.

    The second idea is government backed credits that can be spent on other development whether off plan or completed units. These would be based on the amount you have paid the developer. This idea is assuming the development you have bought into will no longer go ahead, the benefit to the Dubai government is your money stays in the country and helps the banks liquidity.

    The third idea is nationalisation of the property sector where again unviable developments are cancelled and your money is transferred to another development which is funded by the government and the provide government backed mortgages
     
  2. Wannaberich

    Wannaberich New Member

    I dont know what suggestion you already have but I would think one or two that could be implemented quickly are vital such as visas.Visas especially for those ex-pats losing their jobs so as they dont have to return home straightaway.
    Pumping money into the banks immediatley also.
    Some measures may take months to implement,we need action now.
     
  3. memo123

    memo123 Member

    Yes, I have quit few:

    1- If the developer is paying for the land from our money, then all the investors are owners of the land and not only built up area.

    2- If the developer has barely done anything on the ground and he is expected to be 2 to 3 years late, after cashing an average of 40-75 % installments on his project, yet not one brick on the ground, why don't they tell these developers to scrap the project all together and return the money to the investors, we can do better job with our money than .......... developer setting on it for the next 3 years.

    3-If the developer admitted that he cant finance himself and also admitted to using escrow money for the land , and that there is hardly anything in the escrow , why let him start what he cant finish

    4- why don't they enforce transparency and disclosure , make it compulsory for any project, the developer have to show that if 40% of the buyers default , he can still build from his own money , or has the ability to finance himself. Why allow Developers, from the start to come with zero fund, any developer have to show the land deed, permit to build, and at least 30-40 % of the value of the project. Other wise he should go and play somewhere else.

    5- Why should we be the defaulters? If the developer is stalling and not building, why wait for us to default so he can keep our money and come after 3 years, when and if the market is better to resell the units again and then start building.

    6- Why are all the SPAs in Dubai are all written one way, protecting the developers only? Yet like in my contract, there is not one clause showing any specifications of material used, tiles, flooring, toilets ... sizes ... etc? Why wait until the damage is done. All it says look at the picture! What picture! He can draw anything; show me the material you are going to use.

    7- isn't having two courts for same property issues a big joke , why , if a new law is declared and is to be implemented it should automatically scrap the old law , so we all go to the same court , why the double standard , it just does not make any sense even for the most ................... Just Imagine setting in the court, and the first question you are asked,
    “Are you before or after august 31?"

    8- why aren't the authorities going after local and foreign runway developers, why do they just put their projects on hold instead of calling it canceled, yesterday we saw a new list for on hold projects, 3 towers in that list belong to one developer, that is no where to be found since 5 months, and he is Emirati and yet we see the projects on hold! Call it canceled. The government has to take charge of all these projects, appoint an auditor and see what he has done with the money, and return the investor's money.

    8- Why should I loose one penny or 1 cent, for something I bought with my hard earned cash, and the a failure developer that knows nothing about building has a chance and the right to keep 30% of my money plus 30% of what ever I paid on top of that, delivered nothing, yet gets to keep all this money! Give me break this would be pure robbery, let’s call it with its right name.

    9- every day we wake up to see more frauds and more scams , why aren't the authorities , pursuing these people instead of the investors , The authorities licensed them to develop without checking their backgrounds , Allowed them to collect billions without imposing on them reserves to keep investor's money intact for just in-case . Escrow was supposed to do this, yet there is no protection for the investors in this country and every investor on top of all his losses have to, appoints a lawyers and go to court, pay a hell of a lot of money because of authorities' leniency in dealing with these criminals( at least that is what i have seen so far ), the public money has to be sacred and protected and this is the government's job. To make thing worse, you cannot have class action against the culprit.
    How do they propose dealing with all these victims? How is the poor investor going to ever see his money again?

    10- more stringent rules and regulations are to be imposed on escrow trustees and escrow accounts and who ever is allowing , money to be taken out without proper and authenticated papers has to be jailed.

    11- Criminals that have defrauded people of their own savings have to get no less than life sentence in jail, so no one will ever think of defrauding investors any more in Dubai.
    Only this way trust will come back into this market and people will feel safe with their investment otherwise, bye bye Dubai.

    These are my humble suggestions , and I am a victim.
     
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