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Dubai is considering cancelling 27 projects, the head of its real estate regulator said on Monday, as the emirate’s property market slumps in the global downturn.
7StarsDubai 
Monika said
RERA Luck transparancy, and professionalism
RERA Is weak, I have spend days in RERA, the size of the problem of buyer is growing and growing big, its going be a big mess and if not action is taken seriously
is going togenerate a chaos.
RERA need people with high charisma, people that love and believe on solving problems. People motivated, from new era, people with high qualifications and experiences, determined to come with solution and apply them, people that like challenges and conscious of the size of this problem, bring light in this unit, nice smiles and checking hands is not enough.
New professional need to be recruited, women and men that like challenge and tread all case and people equally, give time to desperate and confused people, helping equally, RERA need people that work with all there heart, mind and faith. Is the only office in Land department that is weak, un-organized, slow and doesn’t faithful the loads of work need people with concrete solution. Happy to help all people not small minority
I don’t think one person in this unit can solve problem with this size. Need a lawyer with a good experience and like challenges. Changes need to be made seriously
And who ever agree with me rise you voice for every single person rich or poor that are going trough this nightmare.
We are after our money that we worked hard for it. No one seems to care go and find lawyer loose more than you already lost, Shame really.
Joe said
Using lawyer in this stage is costly and time consuming process. Registration of case in Dubai Property court cost AED 31.000/ agreement. Process with appeals can last more than year. What will be developer financial condition in that time we can jusr speculate. How much will Lawyer take for process you can just imagine. Court will not recognize anything more than 9% of interest rate. They will recognize just AED 1000 for costs of Lawyers. When you will make simple calculation you will find this fight useless. Authority has decisive position in this mess. RERA and Land Department are responsible for keeping the property Law. If they will work in accordance with accepted law we should not have trouble. Every investor who invested in property that never commenced inside 6 months after pre launching started should get refund and RERA should cancel project (deleting developer from developer list) LAW No 8 article 17) . In accordance with Law No 8 our money should have to be on escrow account safe under control of Bank Escrow Agent.
RERA is not able to control whether developer register project or not what alone if money exist on escrow account. That’s the problem! We were convinced that law protects us and Developers are respecting the law but the truth revealed recently and there is a mess and most of projects has never been registered and many of sent money is illegally kept on accounts that were never registered with RERA.. Ignoring registration of escrow account means criminal offence for developer and in my opinion most of developer managers should finish in jail. But who stay behind Developers? Who are majority owners? Do you think that RERA has power to punish Developers and put managers in jail? Read again my contribution bellow and you will understand that investors are on the losing side. I am not telling that some of us will somehow find exit from this mess but in general we are going to be at losing side.
As announced RERA is going to disclose what projects will be cancelled. Be sure that majority of investor will not be satisfy with their decision. They will never punish own friends as can outside investors. If RERA should disclose the criteria they are going to use in canceling projects than we should have more transparency in this decision. But omitting to disclose criteria they have wide range for manipulations and I am sure on whose behalf.
One more point: Most of developers are threatening investors to pay or they will cancel agreement. They have no rights to do it far from April 2008 after Law no 8 was accepted. They have to do it through Land Department but if they did not register properly project as well as escrow account they cannot even knock on their doors. So if any of you experienced cancelation directly from developers this is VOID.
It will be very interesting to follow RERA decisions and post period.
Del said
I cannot not believe the impatience of the investors calling for projects to be cancelled. I am an investor with ACW and yes, there have been delays, but I am overall content with the way things are going. Did any of you not get the letter from Ian Pask?? things are finally progressing and yet some of you still show impatience. Its a lifetime investment, so a years or so’s delay will be very small in the grand scheme of things, give the moaning a break!
manuel said
I have an apartment which is 60% paid for in Platinum One, and have similar concerns to Shafiq.
Perhaps we should consult a property lawyer in Dubai , who could tell us definitively for a fee exactly what our rights are.
If anyone else in this email list is buying a property in Platinum One, please get in touch, and maybe we could share the cost of approaching a lawyer. I fancy talking to Holman Fenwick Williams, details on this site:
http://rpdubai.ae/rpdubai/professionals/lawyers.do?lang=0
I look forward to hearing from you.
john hill said
I have read in an article if the majority investors complain on a project then RERA could cancel the project and we get our full refund. I am planning to travel to UAE to check the progress for myself and if anybody who aint happy with the way things are going with ACW holding and skycom please join me to pressure RERA to either push for construction of our projects or cancel them.
Nass said
Do we know which 27 projects they are talking about? have u heard any cancelation related to water front??
Joe said
A tale of scorpion and the turtle
We all know the famous story about a scorpion asking a turtle to carry him across a river. The turtle is afraid of being stung, but the scorpion reassures him that if it stung the turtle, the turtle would sink and the scorpion would drown as well. The turtle then agrees; nevertheless, in mid-river, the scorpion stings him, dooming the two of them. When asked why, the scorpion explains, “I’m a scorpion; it’s my nature.”
Before investing in Dubai property market I have been warned about the ways and means of merchants and rulers from the Gulf. At the time I choose to ignore them, now I am not so sure I have made the right decision.
Dubai market has exploded in the past few years and attracted many foreign investors to participate in a very lucrative business based on off plan project model and huge potential profit. Most of the buyers were speculators who only wanted to invest in part of property process and later sell it with huge profit expectations. Dubai has had very small number of end user investors.
This business model was perfect until market price was rising and there was still enough interest for speculation. Developers also added their pot into this game by speculating with period when to sell off plan units. So they didn’t want to sell all units at once but rather gradually selling units by progressing of time. They wanted to get piece of profit cake as well protect themselves in the case of increasing construction expenses based on USD oscillation (AED is pegged to USD).
After recession started this seemingly perfect “business” collapsed for both sides Developers as well as Investors (speculators). Speculators over invested themselves and was never able to sustain whole investment in property. Their plan was to invest in short time as much as possible and sell it as soon as possible. But after market collapsed there was not any more buyers neither end users nor speculators. The whole construction progress gets stuck. Developers in the same time was circumvented Law commenced in the last few years. Mostly they have violated Law no 8 especially obligation to register every project with RERA and open separate account for each project solely. They did not open escrow accounts or they have open one and collect money on it and misconduct escrow agents, authority and at last investors that their money is save and exactly dedicated for the invested project. Many of accounts were depleted based on such mismatches and disability (intentional or unintentional) of authority to control developers. But frankly is there (in authority) anybody so bold to apply law to developers whose owners are close to top people in UAE?
Now there is question how to solve this situation? On one side there are Developers whose ownership is more or less in hands of top UAE people. And on the other side there are Investors and speculators who are mostly coming from outside. Who will be protected and who will be punished in this polarization is out of question. The question is just how to legally do it? After Developers spent most of investors money and they did not commence any construction they are in very delicate situation how to overcome this problem and not put on bankruptcy track. The authority came with solution how legally protect developers (read UAE people) and pull them out of trouble but at the same time show the world how they take care about investors and represent themselves as high standard rule of law country.
In summary most of I investors are going to lose money and almost all developers will have ability to legally cover illegally spent money.
The sliding scale and Law No 9 cannot be read in any other way than as in accordance with explanation above. Everybody who is reading Law No 9 in details will see that billions of money will be (now legally) stolen from investors. Can anybody imagine how to finance even 10-20% of purchased units without having help from any Bank today? So even if investors paid almost the whole amount they will lost all money. Speculators who never paid more than 30% will lose their entire investment.
So, dear fellows, find your position in this game and think about it! The only side who will benefit will be the domestic people who spent the money and still have at least plot in their hands as well as full basket of money on private accounts.