TAMANI ARTS Offices Business Bay: Change of Developer!

Discussion in 'Dubai property' started by paparulo, Jul 15, 2014.

  1. paparulo

    paparulo Member

    Dear Investors in TAMANI ARTS Offices at Business Bay:

    Are you one of us? As you know, a new developer (IAH) has taken over the project from the original one (KM Properties). Now they are sending out NEW contracts to investors where they change areas, payment plans, etc, adding new clauses, etc....

    It is important that we as a group review the changes and negotiate what is best to our interests. Please join the discussion and see how we can accomplish this!
    Thanks,
    paparulo
     
    Last edited: Aug 18, 2014
  2. farshid

    farshid New Member

    tamani

    I am an investor in Tamani Arts Offices. I received my new contract, but don't know if I should sign this. My original office area was 575 sqf which they increased to 717, but news developers are saying that the net area is like 334 which is less than half of total gross.
    They are saying that KM Properties cheated us by increasing the common area, but the new developers are carrying on with the cheat!!. I think they should revert it back to 575 which was the original area. I only know one other investor, otherwise if we knew a few, we could employ a lawyer to act on our behalf and advise us as to sign the new contract or not.
    Any suggestions??
    farshid
     
  3. paparulo

    paparulo Member

    Let´s join efforts

    Dear Farshid,

    If you know one, and I know another one, we are already 4 investors with the same concerns: changes in the area, new additional terms like the right to increase the price (!), etc,etc.

    Lets keep this forum running until we have a decent number so we hire a lawyer to have a look at our contracts.

    Please write to my private email (moderated) for more info that I have to share.

    Regards.
     
    Last edited by a moderator: Aug 17, 2014
  4. Oshkosh

    Oshkosh New Member

    Tamani Arts Bldg

    Hi Paparulo,

    This is just to let you know that I have registered with the property forum and I saw your messages on Tamani Arts Bldg. I am with you 100% all the way and I will provide more feedback later. Thanks - Mohammad
     
  5. farshid

    farshid New Member

    Tamani

    Dear Oshkosh,
    Nice to hear from you. What is your experience with Tamani?
    I have written to them asking why they want to charge us so much more area when they know that KM cheated us by increasing the common area e.g. my net area is 45% of my total area charged. No answers yet.
    Farshid
     
  6. Oshkosh

    Oshkosh New Member

    Bad experience with Tamani Arts

    Dear Farshid,

    Thank you for sharing your experience on Tamani Arts. My experience with them is so bad since the time of the old developer, KM Properties. They were not just cheating on floor areas; they were in fact stealing money. There is a major discrepancy of over half a million AED between the amount of money I paid and the amount received and shown under the escrow account of the project. I told KM Properties from 2008 that I will not make any further payment and I will not sign any contract until this issue is resolved. However, since then no action was taken from their side. Now, IAH have inherited this problem and I am not sure how they are going to deal with it.
    I can send you more details on your email if you like.

    Regards
     
  7. kalu

    kalu New Member

    Hi

    Just found you guys after a long search.

    I have had similar issues with my revised SPA. please note my mobile number is
    and email address (moderated)
     
    Last edited by a moderator: Aug 17, 2014
  8. kalu

    kalu New Member

    Agreed.

    Has anyone contacted RERA yet, to file a complain?
     
  9. farshid

    farshid New Member

    tamani

    I have written to IAH asking questions, but they have not replied.
    Farshid
     
  10. kalu

    kalu New Member

    IAH is using Oqood filed at land registry by KM properties.
    In these Oqoods (initial contracts) sizes of units have been
    changed.
    These Oqoods are not signed by the unit holders and classed as uncertified.

    I have been advised to contact the RERA office and NOT to sign the new
    revised SPA and hold IAH to the original sold sizes or Demand full
    payment with compensation.

    I ll post more after a visit to RERA office soon.
     
  11. farshid

    farshid New Member

    tamani

    Please let all of us know what Rera has replied. I will also post if I get any information.
    Thanks
    Farshid
     
  12. paparulo

    paparulo Member

    Join efforts

    Dear all,

    As I said originally, it is important to get as many dissapointed investors as possible in order to get our voice heard when we complain.

    I offer myself to collect and coordinate info, but we need the invaluable help of investors residing in Dubai, as many of us are abroad and therefore contacts with RERA and others are not so easy.

    You can write to me to (note how I write it in order not to get deleted by forum rule): (moderated)
    Regards,
    paparulo
     
    Last edited by a moderator: Aug 18, 2014
  13. Veronica

    Veronica Administrator

    The whole point of forums such as this are for people to exchange infomation and views openly. If everything is done by private message or email this forum would be dead.
    Please use private messaging and email each other only if the information is confidential or delicate. That way EVERYONE can benefit from the information.

    Thank you
     
    Last edited: Aug 18, 2014
  14. paparulo

    paparulo Member

    IAH and new developer

    Please note the following facts when contacting RERA:

    a) IAH is only the project manager. The developer is a company called "The Developer Properties LLC", as it shows in the new PSA contract you must have received.

    b) When checking at the land dept website, on

    :: eServices ::

    --->Tamani Arts offices are indeed listed and is showing the developer name indicated above.

    c) When you check the list of "approved developers" on
    :: Real Estate Licenses ::

    ---> the named developer is NOT in the list.

    d) When asked about this fact, many real estate agents replied that this developer is "related to the government" and that is why they are not in the list (...??). "They have crated this company to conclude stalled projects and ensure completion" (interesting enough, they have only engaged in the 2-3 projects that KM properties did not conclude..dont they have many more stalled projects all over Dubai??)

    e) If indeed The Developer Properties is related to the ruler of the emirate, then we know for sure that the project will be completed but we also know our odds related with our claims..

    Lets keep showing our findings here, so we can decide on our next steps.

    Regards,
    paparulo
     
  15. farshid

    farshid New Member

    Tamani

    Hi
    I just heard that there is no work being done on the Tamani building. Can someone who lives in Dubai check it out.
    Thanks
    Farshid
     
  16. kalu

    kalu New Member

    Rera visit

    Went to RERA.

    The chap at the registration section was already aware of the problem.
    More from B2B Tower than the Tamani Arts, both initially launched by
    KM Properties in Business Bay.

    However, in NUTSHELL:

    DO NOT sign the revised SPA at all if not acceptable.

    One can ask for the full refund of the funds paid OR
    if one accept the reduced area then ask for the difference
    in price.

    RERA will only intervene when the project is completed.

    Make sure stick to the original SPA and keep it safe along with
    all the payment receipts.

    The developer can only allow 0.10% of the gross area to the
    common hold property as my original SPA states.

    The above were the core of the suggestions given to me.

    I will post more as I find but we need more unit holders to come on
    the forum. One can encourage the selling agents to reveal
    other unit holders identity they sold units to and ask them to join
    the forum.

    For construction update/progress report see Dubai Land registry/rera site.
     
  17. Emad

    Emad New Member

    Dear Paparulo, Glad to find out about this forum. I have one unit and received the new contract that I will never sign. I have other two friends who have 5 units. Size cut has no formula since each investor got different size cut using the excuse of common area. Interestingly enough discount is also given with different figures to each unit, just randomly I guess. I have no intention to sign whatsoever and will seek a group to join for legal claim against original developer since new developer has no credible status even in RERA.
     
  18. farshid

    farshid New Member

    Tamani

    Hi
    It seems there are about 160 unfinished developements and IAH has been given these 3 and if they do a good job, then more will be given to them.

    Regards
    Farshid
     
  19. paparulo

    paparulo Member

    Dear Farshid,

    Please note that IAH is just a project manager, while the developer´s name is "The Developer Porperties LLC", of unknown origin, as I explain in a previous post.

    paparulo
     
  20. paparulo

    paparulo Member

    Dear Kalu,

    Thank you for sharing your findings. Regarding the 0.10% you mentioned: shouldn´t it be 10%? I think you are referring to the ratio gross to net area, right? Please confirm.

    paparulo
     
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