Sell unfinished off plan property investment

Discussion in 'UAE Property' started by marisa, Aug 16, 2014.

  1. marisa

    marisa New Member

    Hi
    I have invested in a off plan property in UAE since 2008, (KENSINGTON MANOR, with ACW HOLDINGS). This development has been started, but not completed, and we have had many delays along the way. This project should have been completed in late 2010, but no sign of that. My money have been assigned to a Escrow account, but now after waiting so long I wish to get my money back. Can anyone help with how I can get my money back as my circumstances have now changed and I would really like to get my money back soon.

    :hello::hello::hello:
     
  2. Sherif

    Sherif New Member

    During That period the market had a crise which was because of the goverment law that time
    right now there's RERA which protect the property buyers Rights
     
  3. yes first search rera certified.
     
  4. Saad Arif

    Saad Arif New Member

    There are few things that you can do.

    1 - Try and sell the property to someone
    For this, you will have to get in touch with some real estate agency and once they find a suitable buyer for you, an NOC has to be issued by the developer in order to sell the unit. Also keep in mind, there are certain Government fee that you will have to pay e.g. 4% registration fee etc.

    2- Visit Developer and reach some settlement
    I would highly advise you to sit with developer and negotiate with them regarding giving your money back to you. It will not be a piece of cake and they will tell you that the money is in escrow and they can't remove it but money will only be in escrow if you paid it there? If you paid them in cash or gave them cheques, most probably the money has already been used for different other reasons and its not there in escrow.
    Tell them your situation and ask for a refund, if things don't workout then go for 3rd option.

    3 - Approach Dubai Land Department (RERA)
    Go to Dubai Land Department with all the supporting documents and communication from Developer promising to complete the project over and over again but failing every time. They will contact Developer and ask to resolve the issue.

    If none of the above works, you will have to file a legal case against the developer which will take a long time to complete and it will burn your resources as well. However, you will surely get your money back.
     
  5. Realtor1001

    Realtor1001 New Member

    Unfortunately Kingston Manor doesn't have a good selling clientele and interest. However, u can register with some estates to help u sell it. Or u can msg me, I can guideu well. I have my own property in motor city. Zero five two nine two five eight one two eight
     
  6. Mark.Taylor

    Mark.Taylor New Member

    i will advise you to go with the legal solution, also the comment mentioned above can be useful, but my fiend had tried these but no luck, after he became hopeless he went to a law firm, and his legal consultant solved the matter for him in a very logical time and money, if you need his contact details let me know.
    wish you the best of luck
     
  7. muqtada123

    muqtada123 Banned

    what your contract says, i m sure there must be a clause in your favor as you had waited for a long time for nothing.
     
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