Ajman plans to establish regulator on the lines of RERA

I have received a message from worried investors regarding the off plan free hold projects in Ajman, saying that: the payment plans till the start of the construction and confirmation of the ARERA is cancelled will you please send me your comments regarding this news?
I have paid 20% to BL properties the Developer of few projects in New Emirates City on the emirates Road. They are asking me to continue paying although they have not started the construction. Due to the cancellation and putting on hold of many projects we feel sceptical!!?? Please let us have your comment.

I share your scepticism, Cyrus. I would advise you to contact ARERA, as they have recently begun tightening land regulations and should therefore have better control on the situation.

From what we have seen earlier, developers have threatened investors with cancellation if payment is not made. Investor groups are usually a good way to get in touch with other investors on the same project, sharing thoughts and even attorneys on the subject.

Hi every one,
I have the same problem then u…we both(we r croupe of friends)8 Apts in emirates road/marmouka city, we already payed 3 inst. each 4 months/21.000,00dhs plus the 5000dhs for booking without the agrement..as they taled as we will receive it in Dec/2008..but unfortunately nothing is done till now so we decide to hold our mony all together…even they ask us to pay….we r thinking to start the process with our lawyer to get back our mony since they dont even get yet the land and start construction…???
Thanks for any advise…

I booked an apartment Apt in Ajman during June, 2008. According to clause of the Agreement, in the event of cancellation at any time after the signing of the Agreement shall result in the forfeiture of the reservation amount. Non refundable Booking / Token money was Dhs.5,000/-. Due to some unforeseen circumstances I want to cancel the reservation but the Developers (having projects in Dubai, Ajman) have earlier informed that 10% of total cost will be deducted and remaining amount will be paid after the unit is sold to some other buyer. But now they have informed that according to UAE rules 20% will be forfeited that means whatever I have paid will not be refunded. Total cost of the unit is Dhs.394,405.00. I have paid Dhs. 59670.00 so far.

I thank you in advance for your assistance and co-operation in the matter.

Why dont we all coolectively confrom Hunaid Lakhani of BL

I am an investor of one of the property in ajman.I paid 20% and i dont want to continue with the payment since the construction has not yet started. Now i want to cancel the investment.But developers are not refunding the money. Can you advice regarding the possible course of action for the refund of money

thanking you

santhosh

My issues are no different with yours. There was no explanation in the Agreement (for the Apt. Chapal Dunes, Ajman) signed with the developers Chapal World LLC about the Reservation amount and therefore, they are saying that Booking amount is different and whatever I have so far paid falls under the category of Reservation amount. They are referring about Sale Contract which was never mentioned any where in the Agreement which I had signed. That means developers have deliberately kept secret conditions and did not disclose relevant information to take advantage. Now according to their version upto 30% is considered Reservation amount and is non refendable. What is the solution? My letter/email to ARERA remained unanswered. I have no idea about the status of the project,if there is any progress /construction? Is there any authority who would monitor progress as Developers keep asking installments, impose penalty on late payments but on ground there is no building. Can the developers forfeit amount while the amount is placed in Escrow Account?

i paid into Chapal Dunes apartments. contruction stopped some time ago now. how do i get a refund of my money paid?

I was last advised by Chapal representative to enquire from ARERA as the amount is reportedly lying with them in an Escrow account. How to get in touch with ARERA and get refund is a million Dollar question.

Peter

Chapalworld are crooks. YOU WILL NEED TO TAKE THE MATTER UP LEGALLY. The london office is forcing investors of the dunes project to take another project or risk losing your money. we need to form a group and take chapalworld to court. Or to file a case with rera through a solicitors. we will get an answer in groups rather than trying to reslove/ get the money back singly.

Any news about refund policy where projects in Ajman are stopped or indefinitely delayed and there is no hope of construction / completion. One such project is Chapal Dunes but they are not in a mood to refund amount paid by investors. What is the remedy, how to get back amount paid to crooks? Please share information, thanks

Please inform status and procedure for refund of delayed / abandoned project named “Chapal Dunes” Ajman.

Abid