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What stage is it to late to look for refund

Discussion in 'Dubai property' started by romail, Mar 20, 2009.

  1. romail

    romail New Member

    What stage is it to late to look for refund ?

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    Hi I have signed reservation form and paid 20%. on a 2 bed room appartment .
    Location:internation city ,
    Cluster:spain cluster,
    Developer:prescott,
    Project name : prime residence ii.
    Is it possible to look for refund?My four installments are due from november 2008
    All advice welcome !!!
     
  2. georgihh

    georgihh New Member

    The project is frozen could be cancelled. You should ask them why is not moving and demand the money back or compensation.
     
  3. nictt

    nictt New Member

    I have an apartment in Sports city that i bought 3 years ago and should have been delivered last year.. Still a hole in the ground so far with Shoring and Piling being finished over the next couple of months but no main contractor instructed to build the damn thing yet!. Ive paid them 40% with another installment due in July.
    Are you aware of any developers that are backing down and giving people their money back in this situation?. Im not asking/wanting/expecting compensation on top, would just be happy to have my investment back.
    What could i quote to my developer to try and 'persuade' them to give my money back?
    Any help or advice would be greatly received...
     
  4. pisandre

    pisandre New Member

    Nictt, I only heard about developers cancelling contracts (and keeping the 30%) or rescheduling. Who's your developer?
     
  5. nictt

    nictt New Member

    Hi pisandre,

    My Developer is Lokhandwala, ive seen a few people amoungst the threads on this forum who have managed to get their full investment back, they must have been very persuassive!. Have the people you know of been losing 30% of what they paid or 30% of their contract value?, I beleive that because i bought so long ago that in relation to breaking my contract i have to refer to the contract terms. My contract stats that i forfeit 25% of contract value which would mean i would only get 15% back of the 40% i have paid which i am not prepared to do considering they have had my money for 3 years and will probably be AT LEAST another 3 years until the place would be finished!
     
  6. mpat

    mpat New Member



    I think it depends on what is mentioned in your conrtact, My contract (in Sports city also) mentions that if the unit is not delivered after 6 months of the scheduled completion date , I can ask for a refund of my original amount... Let s hope that they recognise this when time comes. . . .
     
  7. romail

    romail New Member

    @ geogihh
    The project is frozen could be cancelled. You should ask them why is not moving and demand the money back or compensation.

    Dear sir!
    If the prescott developer scheme prime residence is frozen then why they are not giving me my installments back .I am consistantly asking the developer to refund me from august 2008 & they are giving me lame excuses sometimes they said will give u 10 % sometimes they said wait & now they are saying your all payment fortfeit what should i do now,is there any legal way so i can get my money back ?and how u know its frozen? all advice welcome
     
  8. nictt

    nictt New Member

    Hmmmm... Im pretty certain that my contract says something similar, so if the original completion date was July 2008 do you think i could force them to give me my money based on this?.
     
  9. mpat

    mpat New Member


    Yes, u should try and get your money back. I m also planning the same after Jun as that s the time when 6 additional months will be finished as per my contracts . . .

    Wish u all the best.

    Bye
     
  10. georgihh

    georgihh New Member

    I know the place and nothing is happening on site.
    They fenced the project last year, made a big hole and left about six months ago.
    When is your completion date and is your contract stating compensation if not delivered on time?
    How much have you paid per sqft and when?
     
  11. romail

    romail New Member



    Dear Sir!

    I bought in 2008 february
    My op is 740 aed pqft
    i have paid 20% upto august and my 4 installments is due upto now/
    Total appartment size is 1268.20
    My completion date is august 2010
    In contract it is not written anywhere that if we stop building the project we will compensate with you?Now tell me what should i do all help's appreciated.
     
  12. georgihh

    georgihh New Member

    Ok,

    They can start the constriction any time if they find a cheap builder, so you cant say much as your hand over is dated 2010.

    The price of your property is close to 1 million. Currently the price for 2 bedrooms in IC is less than 800k.

    Your situation as you have already paid 20% is very difficult.

    If you have cash buy ready one for less than 800k and try to get something back from this one.
    If you have no cash – anything you do you lose – catch 22.

    Welcome to Dubai!!!!!!!!!
     
  13. romail

    romail New Member


    Dear georgihh

    SIR I WANT SOLUTION CAN I GO TO PROPERTY COURT SO THAT MY INSTALLMENTS CAN BE REFUNDED BECAUSE U ALREADY KNOW THAT THEY HAVE NOT STARTED THEIR PROJECT RIGHT NOW.
    SIR U ARE SAYING MY POSITION IS DIFFICULT WHY IS IT SO?
    SIR i don't have cash now for more investments?
    WHATS THE EASY SOLUTION SO I CAN GET ME CASH BACK PLZZZ


    SOURCE EXPRESS 4 ME SAYS:AS U KNOW COURT ASKS DEVELOPER TO PAY 7.5 MILLION TO INVESTORS
    CAN IT WILL HELP TO RECOVER MY CASE?
     
  14. PropGuy

    PropGuy New Member

    Refund was forced on developer because developer failed to register units with the land department. If your developer didn't either then you can ask for refund.
     
  15. nictt

    nictt New Member

    Hi propguy,

    If got a few questions that i would be vary greatful if you are able to answer for me...

    How can you easlily and quickly find out if your unit has been registered?.
    Do all units in the development have to be registered individually in each of the purchasers individual names?.
    Didnt this have to been done within 60days of the law being enforced?
    If i find out that my unit has not been registered in my name do you think it would be hard for my develper to refuse me a refund?

    Many thanks for your help...
     
  16. PropGuy

    PropGuy New Member

    Well I'm not lawyer.

    Finding out unit is registered: I don't know the exact procedure, but I believe it is our right to know. So ask developer to give proof, if they make lame excuses then something is wrong.

    According to my information, all units are supposed to be registered with land department by the developer.

    Yup it was supposed to be done in 60 days that the reason court asked Mizin to refund, because they didn't register within the given time.

    Mizin has re-appealed the case and trying to get out of this ruling. So we wait for the new results. But I think by law it can come down to that if developer failed to register units then refund the payment. Or RERA can give them another chance to register.
     
  17. nictt

    nictt New Member

    Many Thanks for your help.. I will contact my Developer and see what they say..
     
  18. Pint of Guinness

    Pint of Guinness New Member

    nictt,

    I am in the same position as you. I bought in 2006 with a completion date of september 2008 - and as you know, so far, they haven`t even started the damn thing! My biggest worry is that now the pound has dropped in value, the whole thing is going to cost me round £20,000 more , aswell as interest lost on the 30% that they`ve already got of mine (plus minimum 3 years lost rent). Do you think we should approach the developers together and demand a refund. Lokhandwala have a history of messing people about on this development (just google Lokhandwala and better homes), so I don`t know if we would get any joy. They are like robots when you speak to them - all saying that something will be happening in the next month. Do you think we can get a full refund - what is our legal position? The contract is not very clear - plus all they have given me is the old leasehold contract - not the freehold one that we should have by now. Is yours leasehold?

    PM me if you want.

    Thanks
     
  19. romail

    romail New Member

    Dear fellows!

    I am going to court can they refund my money?
    all advice welcome..................
     
  20. cascades

    cascades New Member

    i have already written off the deposit paid for my property. Whether it is master developer, developer, rera, property court and even the laws - they are all the same - hand in glove created to steal peoples money. Dubai was a mistake it is time to move on.
     
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