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Yet another case of greed.

Discussion in 'UAE Property' started by Chandan, Feb 2, 2009.

  1. Chandan

    Chandan New Member

    Hi ,

    My investment in Bus. Bay , has left me with a booking form and receipt for
    the first 10%, and not even that for the second 10% paid.I started following
    up for SPA, and went crazy in the process.

    After a lot of meetings , we finally sent even a legal notice no avail.

    The money has been transferred to the Escrow account as per the developer.
    Is there any way to ascertain this? In case he has not registered my name
    with Escrow Manager/RERA, is there any hope of getting my money back( even though the rate I paid is still lesser than today's crashed prices) ?

    Developer says that you cannot get anything back..or sell the office.

    Please advise,

  2. Sean@Phuket

    [email protected] New Member

    I feel sorry for you. Unfortunately this has happened all over Dubai.

    If you want my advice I would suggest investing in a market not built upon credit. You should check out Phuket, built upon cash, where you can still get properties from as little as 100k USD
  3. financier888

    financier888 New Member

    Hi Chandon - you can check your escrow balance directly with the bank. You need to bring your passport and they are required to provide you with a print out and account balance refelcting your payments. If you are the registered to owner - and the developer claims to have transferred your payments - the bank will have this on record... Whatever you do - ANY AND ALL future payments should be PAID DIRECTLY into the escrow acct,.

    good luck!
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