Property | UAE
UAE investors: 'Compensate us for cancelled projects'
Judicial committee called for to help oversee liquidation of cancelled projects
I am strugling since 3 years to get back my money or other option for the payment made in AJMAN Emirates City project which is on hold or cancelled since long but no any refund or way forward is available until now. It is very Good initiative from Dubai Govt and strongly recommend to establish in AJMAN also to resolve the issues of investments in cancelled projects.
Ahmed, Abu Dhabi, United Arab Emirates
Please take some action so investments made in Ajman with Chapal Builders can be recovered. It is a total loss. The support from government to individuals who suffered is so much needed. A move to help investors will win hearts and show the wisdom, the concern with their citizens that UAE rulers have.
Yasar Mansoor, Dubai, United Arab Emirates
ARRA has been working to help compensate investors that have lost money through cancelled projects. So far we didn't cancel any projects which clearly means it's a no cancellation no refund policy and that's why none of the projects are cancelled yet even if the developer has disappeared. Can they tell us what help they have provided to any of the investor in last couple of years apart from just registering the complaint and sitting on it.
Waseem, Dubai, United Arab Emirates
ARRA is quoted by you as saying that it has not cancelled any Ajman projects, despite many developers having not even built the ground floor after 5 years at Emirates City. If that is the case, ARRA is unable to return any funds to the buyers from the escrow accounts. Ajman should consider issuing a similar decree to Dubai. That is to set up a judicial committee to liquidate cancelled real estate projects in Ajman, including the Emirates City development. This should provide settlements, resolve grievances and address procedural issues. Otherwise, the disputes regarding Emirates City in Ajman may go unresolved for years and years, which is not a good public relations image for Ajman as a place to invest.
leo, amsterdam, Netherlands
Any One Have Idea Hydra Tower in Business Bay Got Cancelled ? If yes how i can approach for my money and to whom !! Thanks
IRFAN SHEIKH, DUBAI, United Arab Emirates
When the project in Emirates City (Ajman) had started, there was no Escrow account for most of the projects. Instalments were being paid directly to the developer. Now there is only the vacant PLOT or deserted half constructed buildings only. The developer/contractor has closed their office and there is no any trace of them. Please advise , whom to approach/contact to recover the money which the investor/apartment owners who have already paid.
Anonymous, Sharjah, United Arab Emirates
please let us know on the fate of the suppliers of this uncompleted or stopped project, the authoriity has to protect them too, As lot of them are suffering due to this.
shaji joseph, dubai, United Arab Emirates
Settling cancelled projects is a good approach and great step but delayed projects also required immediate action. How long an investor can wait hearing from developer "Your project is delayed"?
Kamiar, Dubai, United Arab Emirates
Has anybody heard of any EC property buyer actually getting any money sent back to them or getting any refund of their money through ARRA? You said ARRA have NOT cancelled any projects. But if the projects are not cancelled, money cannot be returned back to the buyer. So what ARRA is saying here does not make sense. And why have not they cancelled any EC projects despite many of them not even out of the ground despite 4 to 5 years waiting!!
faisal, Sharjah, United Arab Emirates
I strongly believe that ARRA has a very effective role to play. However, my personal experience having paid a visit to the ARRA office in June this year was very disappointing, as the gentleman at the counter mentioned that ARRA does not have any influence between the investor and the contractor. I mentioned that I am ready to pay the difference for my property to be transferred to another project which is completed or near completion, as my current property in Emirates City which was due to be delivered in 2008, is yet to be completed and the contruction work is moving extremely slow. There is very little support coming forward from ARRA to investors.
Hamayoon Mubtakir, Ajman, United Arab Emirates
More from Property
More from Business
Popular in Property
Popular in Business
Business Editor's choice
Dubai-based carrier stopped perating third service after extension from Philippine authorities expired
Operating profits climbed 54 per cent to 4 billion euros
States and cities posted a primary budget deficit of 7.8 billion reals ($2.7 billion) in 2014, the first since 1998