UAE Property Investment Forum

Jumeirah Village Jumeirah Village is a freehold residential development that will contain over 6,000 villas and townhouses, set amidst luscious landscaping and unsurpassed leisure and lifestyle amenities. Another masterplan by Nakheel, all villas were sold out on the day of the launch. So, what investment returns have investors seen on this project? Has there really been a resale market for Jumeirah Village, and if so, have people made money? What problems have there been with the development? Discuss the issues here.

View Poll Results: DID U KNOW AB LAW CONCERNING GUARANTEE ACCOUNTS OF REAL ESTATE DEVELOPMENTS IN DUBAI
Own property in dubai and already making payments into the Guarantee account 0 0%
Own property in dubai but not paying in the Guarantee account. Will carry on paying like that. 0 0%
Own property in dubai but not paying in the Guar account but now I will only pay in G 1 100.00%
I dont own any property in dubai but find this info useful 0 0%
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sheikh90 Offline
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Default Re: Law Concerning Guarantee Accounts Of Real Estate Developments In The Emirate Of D - 12-07-2008, 10:53 PM

Skycom has informed me today that Nakheel (Master developer) is likely to allow ACW Holdings to commence construction which was stopped due to upgrading of the external development by Master developers (They say).
Lets wait for 2 weeks and see what happens. I wish Skycom and ACW Holdings keep their customers informed. Most customers will support ACW Holdings if the delay is caused by Nakheel. We may even put pressure on Nakheel to speed up the upgrading.
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desperado Offline
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Default Re: Law Concerning Guarantee Accounts Of Real Estate Developments In The Emirate Of D - 14-07-2008, 10:38 PM

here is the contact details for RERA/DLD from their website.

Contact Us:

Fax : + 971 - 4 - 222 - 2251, Phone No : + 971 - 4 - 222 - 2253
Dubai Land Department, Real Estate Regulatory Agency.

or you can leave comments at
http://www.rpdubai.com/rpdubai/jsp/t...=10105&&lang=0

If you think you can push dubai govt than this is what you need. atleast they may tell you something.
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sheikh90 Offline
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Default Re: Law Concerning Guarantee Accounts Of Real Estate Developments In The Emirate Of D - 19-07-2008, 10:10 PM

Desperado seem to have good knowledge of Dubai Law. Can Desperado tell us if Developer can continue to collect the money as per schedule in the contract.
According to ACW Holdings contract you we are supposed to pay 80% regardless of any progress in construction, I argued with them that the payments are always related to construction but sometimes they are to be made at specific stages of construction. If the contract does link the payments to specific stages, even then you can not expect buyers to keep paying when contruction is not even started. In my opinion ACW Holdings acts non-ethical.
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desperado Offline
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Default Re: Law Concerning Guarantee Accounts Of Real Estate Developments In The Emirate Of D - 21-07-2008, 10:20 PM

i think unethical explains this best but the key is what is the motive behind this. hope all suspicions are wrong but skycom have managed to make them look cheats unless they stop collecting money on a project they have failed to progress even an inch.
I think it is time to take legal advice and share findings for everyone benefit.
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True Offline
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Default Re: Law Concerning Guarantee Accounts Of Real Estate Developments In The Emirate Of D - 09-08-2008, 11:19 AM

Any update on this guys??!

I also have a 1 bedroom apartment in hanover square and 50% paid, they are asking for another payment at the end of this month!! What should I do??
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