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I am also in the same boat and has invested in 2008 as second buyer in unit with 1205 gross sq. Finally I just have received this new SPA and I have never in my life seen such a vague SPA in favor of developer!! Absolutely not acceptable terms and if you also have these conditions DO NOT SIGN SPA and let us stick bad credit installment loan direct lender together. I have a good legal advisor I can recommend to run our case in common??
If you know any other investor in Tamani Arts, please invite him to join the group. We are all facing the same problem and we need to work together as a team bad credit installment loan direct lender to achieve our common goal. Of course your contact with a legal adviser is certainly a plus to the group, because we might need his legal opinion very soon, and share payday cash advance online the cost for his legal fees.
I have contacted 4 different real estate agents bad credit installment loan direct lender to get info as a potential buyer on the Tamani offices available for sale. All four have stated that Developer Properties LLC is related to the government that came to rescue some stalled project in Dubai... As I mentioned before, I could not find anything about that topic on the internet, and the developer is NOT in the list of approved developers on Rera website.
HOWEVER, one of the real estate agents contacted Rera vie email and got a confirmation on that the developer is approved, plus he provided a couple of names and contact phones for them..
Anyway there was no mention about government origin, nor why they are not in the list of approved ones.... I think it is necessary a personal visit to Rera by someone in this group living in Dubai, as we need to know for sure whether or not we are to discuss our concerns with a government sponsored group..
Obviously our odds of getting any change to the unacceptable new terms would be very different. I can understand your concerns get fast cash and the dilemma we are facing with Tamani Arts investment. The owner of the Developer Properties LLC is not only related to the Government i. In the West this could be a conflict of interest situation, but here in our region it is a common practice to see royal family members holding governmental as well as business positions at the same time. I believe there is nothing wrong in consulting an experienced real estate lawyer and getting his legal opinion.
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Work has resumed at very slow pace on stalled projects taken over by IAH from KM Properties. At present, brokers are selling off units located in B2b, Tamani Arts and Park Lane at low price based on net area.
Further, revised SPA is Developer friendly and comes with rigid clauses. I represent investor and follow up closely with Dubai Land Department on projects of KM Properties.
Note from moderators: No direct advertising or contact information is allowed on the forum as this will only attract spam.
I am advised by someone who is working in real estate in Dubai, that I must go to Dubai Land authority and open a case.
They will look into the dispute and give their decision. We are open to the idea of hiring legal counsel to address the issue. We all have written to them and there has been no replies. As I said in my last post, I have been advised to open a case in courts in Dubai, and they will look into it. But it seems that we should not sign the new contract. My net area is actually less than half of the gross!! I am meeting AMLAK next week and will ask them not to sign the SPA.. New Developer cannot waive off obligations of Old Developer towards investors. Please inform how many of you have received Oqood registration document from Dubai Land Department. Normally investors were not even aware regarding such huge difference between gross and net area.
I was called by the new developer today and basically was told they will carry on with the areas as they are. I am also ready to get a lawyer if all of us can join in. New Developer cannot waive off payday loans in michigan obligations of Old Developer towards investors. Please inform how many of you have received Oqood registration document from Dubai Land Department. Normally investors were not even aware regarding such huge difference between gross and net area. New Developer cannot waive off obligations of Old Developer towards investors. Please inform how many of you have received Oqood registration document from Dubai Land Department.
Normally investors were not even aware regarding such huge difference between gross and net area.
Opening a case in the court may require solid evidence of apply for cash advance loan irregularities and may be the last resort by a lawyer on a point of law. Simplicity of the matter is that we all have original contracts and those contracts have been breached hence we are entitle for a full refund plus compensation. On Sunday, we have bad credit installment loan direct lender meeting with person in charge at Dubai Land Department to discuss this matter on behalf of our Client. However, legally going through Arbitration is not advisable, as this property no longer belongs to KM.
Three major issues- size difference, unacceptable delay in construction work and quality of construction work (it is grade b). If group approaches us, we will provide full assistance and solution. A group action is effective with individual power of attorney by each member in the group is given to a lawyer will fetch results. Opening a case in the court may require solid evidence of irregularities and may be the last resort by a lawyer on a point of law. Simplicity of the matter is that we all have original contracts and those contracts have been breached hence we are entitle for a full refund plus compensation. It might be easier for you to get in touch with me. I live in Manchester which is not very far from bad credit installment loan direct lender Stoke. Guys, Please encourage all the investors in Tamani Arts, Park Lane and B2B Tower, to participate on this forum as we all have a common objective to achieve. Although payday loans salt lake city utah it is a new standard but some developers is using as a (BAD) tool to convince investors to accept reduced net areas. I think we all should join together and take a legal action as soon as we can. Because I believe the more we bad credit installment loan direct lender delay it gives the right to the developer to cancel our units for defaulting payments.
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There is high possibility of getting favorable ruling and executing it provided immediate action is taken. In all three projects taken over by Developer Properties construction work has degraded, offices at present are sold at AED 850 per sq ft on net area basis and many unreasonable clauses in revised SPA. I would like to draw your attention to the fact that you are entitled to compensation if a developer decides to reduce the area of the unit that you were purchasing. I have had a similar issue in the past with a property in Dubai Marina and when the new developer sent me a revised SPA, I approached a lawyer and understood the ramifications of it. Find yourself a good attorney who specialises in real estate. If you want I would be happy to refer you to the good people that helped me. Send me a message and I will forward them details to you. I would like to draw your attention to the fact that you are entitled to compensation if a developer decides to reduce the area of the unit that you were purchasing.