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  • RSS Dubai United Arab Emirates Property Real Estate Debt Fraud Developer Investor Court News

    • Criminal Complaint filed against Al Fajer Properties Sheikh Maktoum
      Criminal Complaint filed in Germany against Sheikh Maktoum Hasher Maktoum Juma Al Maktoum CEO of Dubai Developer Al Fajer Properties The Dubai Sheikh who mislead and extort a German Couple  Germany – Dubai 2011 A German elderly couple , today 80 + 50 years old who have been Dubai Tourists since a decade, bought in 2005 an apartment at Nakheel´s Dubai Residen […]
    • UAE: Human Rights Blogger, Sorbonne Lecturer Charged With ‘Humiliating' Officials
      source Human Rights Watch www.hrw.org (Beirut) - The United Arab Emirates attorney general should immediately drop all charges against five pro-democracy activists to halt their trial, Human Rights Watch said today. The charges of "humiliating" top officials relate solely to the defendants' peaceful use of speech to criticize the UAE governmen […]
    • Nakheel Dubai Sunland Case
      June 5, 2011After 21 hearings, Chris O'Donnell, the Australian chief executive of Dubai's major developer, Nakheel, came to the defence of his former colleagues Matthew Joyce and Marcus Lee. Mr Joyce and Mr Lee are accused of profiting from the sale of land that had been earmarked for a colossal high-rise development, which was to include the futur […]
    • Dubai Nakheel CEO decided to leave the company
      Dubai June 7, 2011 Nakheel said on Wednesday that its CEO Chris O'Donnell had left the company "after completing his contract terms". O'Donnell, an Australian who joined the developer in 2006, said he had decided to leave Nakheel following five years spent with the company, the statement added. O'Donnell has overseen a traumatic time […]
    • Owner of Dubai Developer Damac Hussain Sajwani files case against Egypt corruption ruling
      Dubai property developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the conviction of its chairman and owner, Hussain Sajwani.A Cairo court last week sentenced Sajwani in his absence to jail and ordered him to pay a $40.5 million fine in connection with his 2006 purchase of land at Egypt's […]
    • Dubai Palm Jumeriah - Investors plan to take legal action
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Archive for the ‘Dubai Property Investors’ Category

Investors of dealyed Dubai Sports City file a petition to the Dubai Land Department

Posted by 7starsdubai on September 11, 2012


Hundreds of investors in the massive delayed real estate projects at Dubai Sports City (DSC) are to hand in a petition to Dubai Land Department urging authorities to audit the project and investigate delays by third-party residential real estate subcontractors. According to the investors’ petition, they claim “what we have is a half built sports city, with many building plots standing abandoned and investors chasing non-existent developers to try to get their money.”

 

The Petition RERA Dubai Help us :

We are the 2005/07 Investors of Dubai Sports City.

Many of us wanted a holiday home in Dubai for our families and before that we were part of the successful Tourism Industry that frequents Dubai every year. Some of us were planning to make Dubai our new home. We are not gamblers or speculators that invested beyond our means.

Our money was supposed to be protected by the escrow accounts. We were promised stadia and infrastructure. It is now 2012 with no end in sight…

The Developers have defaulted on mass scale since according to our contracts our projects were supposed to be completed between 2008 and 2010. Until today we have not received any request for an extension of our contracts and no explanation about why the projects have been stalled. Many of us were asked for more money and some of us were told that the construction was in progress when it was not. Many projects have stalled for years, but those Developers are still allowed to hold our money until “the market improves”. Despite numerous contacts with RERA our rights have not been upheld. Furthermore RERA is delaying the cancellation of non-vital projects. We feel that this  inaction has an additional negative impact on the Dubai economy and more precisely on its real estate market.

It is our belief that if RERA applied the law equally to Developers and Investors, we would be allowed to choose to receive refund of our money as per our contracts and could then reinvest the money in viable projects. If the Developers have misused the money they should be penalised according to the law.

We, the undersigned hope for the best future of Dubai. As Investors in Dubai we ask:
1. The Government to stop the Developers demands for additional payments beyond those already contracted;
2. To provide every Investor with escrow/trust fund/invested money information in every project in DSC so Investors can make informed decisions,
3. Create new escrow accounts for new payments,
4. Require the Developers to use the money already invested into the projects to complete them;
5.Mediate disputes between investors and Developers and come up with practical solutions -don’t send everybody to courts.

Click here to sign the Petition

Posted in Dubai, Dubai Property Investors, Dubai Property refund, Dubai Real Estate Scandal, Dubai Sports City, Petition Rera Dubai, Real Estate Dubai, Rera Dubai | Tagged: , , , , , | Comments Off on Investors of dealyed Dubai Sports City file a petition to the Dubai Land Department

Dubai property investors can seek refund and damages from developer

Posted by 7starsdubai on June 24, 2012


Draft Investor Protection Law released by Dubai Land Department for feedback from public. The intending investor, the draft law proposes, shall be entitled to recover compensation from whoever of the developer, investor or broker shall have caused the loss.
source Emirates 24/7

Developer’s failure to complete or handover a property within a certain timeframe from date specified in the sales contract, deliberate intention of defrauding an investor or altering the specifications of the unit without obtaining requisite permission will soon allow investors to recover all the amount by them, Emirates 24/7 reported.

The draft law regarding the protection of the real estate investor in Dubai was released on Wednesday (June 20) to get feedback, for the first time, from people involved and concerned with real estate investment in the emirate. The department will be receiving feedback until June 29.

However, it is not known when the law will be actually implemented. But in April, Sultan Bin Mejren Director General of Dubai Land Department, said the law was expected to be implemented by end of June.

continue reading original source Emirates 24/7

The Draft of the Law can be read/ download pdf  here dubailand.gov.ae

Click here to give a feedback to the Dubai Land Department

Posted in Dubai property compensation, Dubai Property Investors, Dubai Property refund, Dubai Real Estate, Rera Dubai | Tagged: , , , , | Comments Off on Dubai property investors can seek refund and damages from developer

Dubai Investors of a Jumeirah Village Circle project demand the return of their money

Posted by 7starsdubai on March 18, 2012


  DUBAI // Investors who bought apartments in a project at Jumeirah Village  Circle that was never completed say they are prepared to take the developer Ishraqah to court if they do not get their money back.

“I poured my life savings into buying a one-bedroom apartment in the project,” said Swarup Anand, a father of one who invested Dh500,000 in the Seasons development’s Spring cluster.

After the financial crisis only the Summer and Autumn clusters were ever completed, leaving people who bought in the Spring cluster without a property. No homes were sold in the Winter cluster.

“We chose this project because we wanted to go with an established and reputable company,” said Mr Anand, who paid for an apartment in the Spring cluster.

“But from 2009 they kept delaying and delaying. They kept warning us that if we did not keep up with the instalments then we would be charged late fees.”

A spokeswoman for Ishraqah said: “The Spring cluster was indeed cancelled last year. Work on the Winter cluster had never started. The matter is now with the land department.”

continue reading original source The National

Posted in Dubai Property dispute, Dubai Property Investors, Dubai Property legal, Dubai Real Estate Scandal | Tagged: , , | Comments Off on Dubai Investors of a Jumeirah Village Circle project demand the return of their money

Dubai Marina Homeowners are planning legal action against developer

Posted by 7starsdubai on February 23, 2012


Dubai Homeowners of an upscale 45-storey residential tower in Dubai Marina are planning legal action against the developer, alleging a series of violations, including unfulfilled promises, mis-sale, misappropriation of funds and non-payment of bills to multiple service providers,.

Claire Grainger, Senior Partner from Prestige Advocates & Legal Consultants, who is representing the interim homeowners’ association of the building, said, “We intend to demonstrate in arbitration and court proceedings that either the developer never actually intended to deliver some of the promised facilities or cancelled some of them part way through the construction as published in their marketing material which was used to talk people into buying apartments”,  Gulf News Dubai reported.

continue reading original source Gulf News

Posted in Dubai Legal - Real Estate Lawsuits, Dubai Marina, Dubai Property Investors, Dubai Property legal, Sales Purchase agreement | Tagged: , , , , | Comments Off on Dubai Marina Homeowners are planning legal action against developer

Damac Palm Springs Dispute solved – Investors recieved full refund

Posted by 7starsdubai on January 30, 2012


Dubai Property buyers on the Palm Jebel Ali Damac Palm Springs  project, who have waited eight years for construction to begin, were previously offered a 70 percent refund of their deposits, or 25 percent immediately followed by a further 25 percent annually for the next three years.

Now the Investors in Dubai’s stalled Palm Springs project have reached a deal with Dubai developer Damac for a full, upfront refund on payments made for their uncompleted properties.

Of the 48 investors involved, 21 have received payment, and a further 27 are expected to receive their cheques in the next two weeks, Arabian Business reported.

source Arabian Business

Posted in Damac, Damac Palm Springs Jebel Ali Palm, Dubai Property Investors, Dubai Real Estate Scandal | Tagged: , , , | Comments Off on Damac Palm Springs Dispute solved – Investors recieved full refund

Dubai property investors who lost life savings continue fight

Posted by 7starsdubai on January 28, 2012


Ron Oakley lost Dhs1.46 million to German development company, Alter­native Capital Invest (ACI) Dubai, which
promised huge returns on luxury Dubai tower blocks named after tennis star Boris Becker and racing legends Niki Lauda and Michael Schumacher.

Last February Mr. Oakley was awarded by Dubai courts a full refund on his Dhs1.46 million investment in Niki Lauda Twin Towers – the first ACI investor to win his money back.

However, nearly one year on, Oakley has yet to receive a dirham in return and has racked up Dhs 700,000 in legal fees.

source 7Days continue reading…

Posted in ACI Lohmann Dubai, Dubai Property Investors, Dubai Property legal, Dubai Real Estate Scandal | Tagged: , , , | Comments Off on Dubai property investors who lost life savings continue fight

Dubai Property investors petition Emirates Ruler over unfinished Real Estate Project

Posted by 7starsdubai on January 25, 2012


Dubai Remraam Community Real Estate Investors have petitioned the emirate’s ruler

Property Investors in Dubai’s Remraam Community have petitioned the emirate’s ruler Sheikh Mohammed bin Rashid Al Maktoum to intervene in a dispute with the project’s developer, after they were told they risked fines if they failed to accept the handover of properties in the unfinished complex, Arabian Business reported.

The Dubai Properties Group development was scheduled to complete in June 2010, complete with pools, malls, landscaping and retail features. But owners said in a petition to the Ruler’s Court that they were being forced to accept properties without water and electricity connections.

The document, seen by Arabian Business and signed by 37 buyers, asked the court to intervene to insist DPG commit to connecting homes to utilities and developing promised infrastructure.

Buyers have also asked for compensation for losses incurred during the delay of the handover, such as interest on mortgage payments.

continue reading original source Arabian Business

Posted in Dubai petition, Dubai properties Group, Dubai Property Investors, Dubai Real Estate | Tagged: , , | Comments Off on Dubai Property investors petition Emirates Ruler over unfinished Real Estate Project

Dubai Property Investors from UK take action against Damac in London

Posted by 7starsdubai on July 27, 2011


Around 20 buyers of units in Damac’s stalled Palm Springs development plan to lobby outside the Qatar-owned store, where the developer has run a month-long promotion for its Versace-branded real estate project in Saudi Arabia.

The group will carry placards and plans to hand out leaflets to shoppers headlined ‘I would not buy from Damac again’, in a bid to embarrass the developer they claim has held their deposits for eight years.

“It is really trying to make our voices heard with Damac people who will be there, as much as we can and to hand out leaflets to anyone who is interested in hearing our story,” Craig Murray, a spokesperson for 100-strong Palm Springs Investors Group told Arabian Business.

source Arabian  Business…….continue readling

Posted in Damac, Damac Pal Springs Jebel Ali Dubai, Dubai Property dispute, Dubai Property Investors, Dubai Real Estate Scandal | Tagged: , , | Comments Off on Dubai Property Investors from UK take action against Damac in London

Dubai has changed the parameters surrounding property investor visas…again

Posted by 7starsdubai on June 29, 2011


Dubai is increasing Property investor’s residency visa validity period, but will it be enough to rectify the damage?  Eva Fernandes (Kippreport)  certainly doesn’t think so.

Stop the press!

The UAE has changed the parameters surrounding property investor visas…again.

The UAE has extended visas for property investors to a whopping three years from six months. Of course the current visa is granted to investors of property worth more than Dh1 million. The local press has a field day with all of this, with good ol’ Emirates 24|7 publishing an article titled “Real estate industry basks in glow of new property visa ruling.” Nice.

Stop the press! The UAE has changed the parameters surrounding property investor visas…again ....soruce Kippreport

Yes sure, the new 3-year residency visa is a welcome and certainly refreshing change especially in comparison to the existing 6-month residency visa for property investors or the 2-year visa companies will soon grant their employees. But, you will excuse Kipp if we stifle our excitement for the UAE’s track record with property investor residency visas are anything but encouraging.

So when we read about this change, we couldn’t help but remember the story of one Dr Horst Hoeller who bought a 3-bedroom flat in Jumeirah Beach Residence in 2003 purely with the intention………

source Kippreport …..continue reading

Posted in Dubai Property Investors, Rera, Residence Visa Dubai | Tagged: , , | Comments Off on Dubai has changed the parameters surrounding property investor visas…again

Palm Jumeriah feud legal action

Posted by 7starsdubai on May 15, 2011


Investors in Dubai Palm Jumeirah’s Golden Mile complex will this week serve
the developer behind the project with a legal ultimatum to hand over
their units or issue them with a refund.

Up to ten investors in the luxury complex plan to issue Souq
Residences with legal notice in a bid to force a resolution to a dispute
that has been ongoing for more than a year.

 “Most of us purchased these properties back in 2004, we paid for them
in full back in August 2009,” investor Martin Lawrence told Arabian
Business.

source Arabian Business continue reading…..

Posted in Dubai Property dispute, Dubai Property Investors, Dubai Real Estate Scandal, Palm Jumeirah Dubai, Property Investor Dubai | Tagged: , , , , | Comments Off on Palm Jumeriah feud legal action

Dubai Contractual Law – Legal Opinions

Posted by 7starsdubai on April 20, 2011


Having a Problem with your Contractual Partner (Developer in Dubai) ?

Here is an Extract of the  UAE Dubai Contractual Law

Article 243 in particular:

(1) The contract shall apply to the subject matter of the contract and the consideration…shall not de is pend upon receipt or any other unless the law provides otherwise.

(2) With regards to the rights (obligations) arising out of the contract, each of the contracting parties must perform that which he is obligided to do under the contract.

The developer is not entiteled to make the providion of the subject – matter, i.e. the delivery of the Unit dependent upon the receipt of the plot from the master developer and therefore, cannot indedinitely bind the Client to wait for the Developer to receive the plot.
Furthermore, No agreement can run indefinitely and has to be discharged at one time.

Article 244 of the Civil Code in particular……

A Developer is also in Clear breach of Article 244 of the Civil Code in the case of commutative contracts ( One in which each of the contracting parties give and receives an equivalent). If the contract of sale is of this kind, the seller gives the thing sold, and receives the price, which is the equivalent) for specific property, provided the conditions for the validity thereof are satisfied, each of the contracting parties must have an established right to dispose of the property and each shall have an obligation to deliver the subject matter of the contract to , the Developer is nethe other.

Article 246 of the Civil Code in particular…..

(1) The contract must be performed in accordance with its contents, and in a manner consstent whith the requirements of good faith.

(2) the contract shall not be restricted to an obligation upon the contracting party to do that which is ( expressly) contained in it, but shall also embrace that which is appartenant to it by vitue of the law, custom, and the nature of transaction.

Therefore, the Developer not only had the obligation to construct or deliver the Prooperty but als had an implied contractual obligation to do that is necessary to be done in order to complete the performance of the express obligation.
It is the Developer`s implied obligation to ensure that the pre-conditions neceddary for the commencement of construction are met and therefore it is the Developer who is liable if such does not occur.
Even thought the causes are outside the control of the Developer nevertheless legally accountable to the Investor fir such failures.

TERMINATION of Agreements under Law

Article 267 of the Civil Code provides, ” if the contract is valid and binding, it shall not be permissible for either contracting parties to resile from it, nor vary or recind it, save by mutual consent or an order of the court, or under a provision of the law.

Termination of a sale and purchase agreement under the law depends upon several factors and circumstances and may only granted in extreme cases where the breach cannot be remedied.
The court when considering the question of wether to grant termination or to order compensation along with specific performance considers
a) the magnitude of the breach
b) possibility if the agreement can still be performed

Article 727 of the Civil Code states:

(1) In contracts binding on both parties, if one of the parties does not do what he is obliged to do under the contract, the other party may, after giving notice to obligor, require that the contract may be performed or cancelled.

(2) The judge may order the obligor to perform the contract forthwith or may defer ( performance) to a specific time, and he may also order that the contract be cancelled and compensation paid in any case if apprpriate.

As per Article 273 of the Civil Code

(1) In contracts binding on both parties, if force majeure supervenes whih makes the performance of the contract impossible, the corresponding obligation shall cease, and the contract shall be automaticly cancelled.

(2) In the case of partial impossibility, that part of the contract which is impossible shall be extinguished, and the same shall apply to temporary impossiblity in continuing contracts, and in those two cases it shall be permissible for the obligor to cancel the contract provided that the obligee is so aware.

Article 274 goes on state:

” If the contract is cancelled automaticly or by the act of the parties, the two contracting parties shall be restored to the posotion they were in before the contract was made, and if that is not possible, compensation shall be ordered.”

When performance of an obligation under a binding Agreement becomes impossible, the contract will be terminated thereby extinguishing the corresponding obligation and returning the parties to their pre-contractual positions, which each party being required to return that which he had received und the Agreement.

Upon termination the Client is also entitel to receive twelve percent annual interest pursuant to Article 78 of Federal Law No. 8 of 1993 ( the Commercial Transaction Law)
on all payments made towards the Purchase Price of the Unit.

 

Posted in Contractual Law Dubai, Dubai Property Court, Dubai Property dispute, Dubai Property Investors, Lawsuit Dubai | Tagged: , , | Comments Off on Dubai Contractual Law – Legal Opinions

Jumeirah Islands investor wins Dh2.5m payout in a row over construction defects in a villa

Posted by 7starsdubai on March 16, 2011


source The National

A property owner in Nakheel’s Jumeirah Islands development has won a Dh2.5 million (US$680,624) cash payout from the developer, the first such award from the Dubai World Tribunal.

It was also the first time the Tribunal enforced an arbitration decision from another court, which could set a precedent for other disputes involving the developer.

The Dubai International Arbitration Centre last May ruled that Vinod Kumar Dang should be paid Dh2.5m plus interest and legal costs in a row over construction defects in a villa. The property owner then took the matter before the Tribunal to have the award verified and paid out.

The Tribunal is a special body hearing all cases relating to Dubai World, the government-owned business group that is finalising a $24.9 billion debt restructuring. Nakheel, which built Jumeirah Islands, is owned by Dubai World.

Nakheel declined to comment.

Lawyers for Jumeirah Islands had argued that the arbitration award should be struck out, claiming there were technical faults in the language of the judgment. Mr Dang’s lawyers countered that the award was made legitimately in arbitration and that it was the role of the Tribunal to enforce such judgments.

continue reading

Posted in Dubai, Dubai Property Investors, Dubai Real Estate, Lawsuit Dubai, Nakheel, Property Lawsuit Dubai, Rera | Tagged: , , , | Comments Off on Jumeirah Islands investor wins Dh2.5m payout in a row over construction defects in a villa

Lawsuit filed against Damac before DIFC-Uptdate-German Investor Lothar Hardt

Posted by 7starsdubai on December 19, 2010


A judge has ruled part of an investor’s lawsuit filed against the Dubai developer Damac Properties may be heard by the Dubai International Financial Centre (DIFC) Courts.

Lothar Hardt’s closely watched suit against the developer is believed to be the largest filed against a developer in the emirate.

“I think this is very important for Dubai …” Mr Hardt said yesterday. “So far everything has been left in the dark.”

Mr Hardt claims he invested US$9.7 million (Dh35.6m) in five Damac projects: Park Towers at the DIFC; Water’s Edge and Lotus Residences at Business Bay; Wildflower at Jumeirah Golf Estates; and Ocean Heights at Dubai Marina.

His suit charges the developer with a range of alleged infractions including failing to deliver the projects on time, mismanaging escrow accounts and failing to register transactions with Dubai’s Land Department.

One of the developments, Lotus Residences, was built on land controlled by the UN, he alleges.

Mr Hardt, who was listed as a Damac “VIP investor”, is asking for the return of his $9.7m as well as damages.

A Damac spokesman declined to comment.

continue reading…..

source The National December 2010

Posted in Damac, Dubai Legal - Real Estate Lawsuits, Dubai Property Investors, Dubai Real Estate Scandal, Lawyer Dubai, Lothar Hardt, Ludmilla Yamalova, Property Court Dubai | Tagged: , , , | Comments Off on Lawsuit filed against Damac before DIFC-Uptdate-German Investor Lothar Hardt

Rera Dubai-Questions-Answers-Confusion-Discussions

Posted by 7starsdubai on December 16, 2010


Further Stories

Posted in Dubai, Dubai Property Investors, Marwan bin Ghalaita, Rera Dubai | Tagged: , , | Comments Off on Rera Dubai-Questions-Answers-Confusion-Discussions

Journalist and Press blamed by Dubai Rera chief

Posted by 7starsdubai on October 15, 2010


source Kippreport – Its all our Fault- by Eva Fermandes

It seems everyone’s favourite scapegoat has yet another cross to bear. A recent statement from a RERA official has blamed irresponsible reporting by the media for the “damage” suffered by Dubai’s real estate industry.

Speaking at a conference, RERA (Real Estate Regulatory Agency) official Marwan bin Ghalita said, “The real estate sector in Dubai has been hurt by the journalists and media publishing incorrect data on the market.

The media is blamed for rising real estate prices… as correct data has never been published… They did not check the accuracy… did not get the correct information which is one of the prime foundations for making any decision. Journalists did not approach official sources to get the right picture.”

Ironically, Ghalita’s comments come amidst reports of four companies suing Nakheel subsidiary The World on account of a breach of contract. Construction of The World, one of Nakheel’s most expensive and ambitious projects that consists of reclaimed islands built to resemble a map of the world, has stalled since the financial crisis. The claims filed against The World by three Sharjah based companies (Global Realty Partners, Gulf Developers and Frontline Developers) amount to a total of $15.3 million (Dh56.19m).

I find it interesting that, in light of court cases like this, some still see fit to blame the media for the mess that is the Dubai property sector. Perhaps the unrealistically ambitious and greedy property developers could take a smidgen of the blame as well?

I remember the days when huge construction projects were being announced on a monthly basis. In fact at the peak of the real estate boom, Emirates 24/7reports Dubai had over 850 registered developers; a figure that has slipped
down to a more sober 500 over the past couple of (humbling) years. In addition to the overabundance of developers, we clearly had too many projects. Emirates 24-7 observes that the Government of Dubai’s bond prospectus, filed at the London Stock Exchange, suggests that a total of 495 registered property projects have now either been cancelled, are
in the process of being cancelled, or have work which has been otherwise stopped.

Don’t get me wrong, I don’t think the media can claim to be completely innocent (we were too eager to believe in the Dubai dream, and too timid to question the crazy growth), so we aren’t that surprised with RERA’s convictions. But after the judicial, legislative and executive branches, the media has been accused of being the fourth branch of the government (thanks to its softly-softly approach to the Dubai economy and government). If anyone believed that, the ease with which we now shoulder the blame should make them re-think.

The media constantly comes under fire for pretty much everything: the Iraq War, the onset of teenage depression, the status of woman’s body image, to name just a few. The slow speed at which paint dries is probably our fault somewhere along the line as well. Often these accusations are welcome, as they are maliciously motivated and imply we
are (to some degree) fulfilling our role of watchdog. But for RERA, there are surely more productive ways it can invest its time.

Posted in Dubai Debts, Dubai Legal - Real Estate Lawsuits, Dubai Property dispute, Dubai Property Investors, Marwan bin Ghalaita, Rera | Tagged: , , | Comments Off on Journalist and Press blamed by Dubai Rera chief

Dubai cancelled 50 per cent of property projects

Posted by 7starsdubai on October 6, 2010


source Arabian Business
Dubai’s government cancelled almost half of the real estate projects planned in the emirate after the credit crisis caused demand to collapse and a housing glut drove down home prices.

Out of 980 registered projects, 495 were scrapped or are in the process of being cancelled by the emirate’s Real Estate Regulatory Agency the government said in a bond prospectus posted on the London Stock Exchange website on Monday.

Posted in Dubai Debts, Dubai Property Investors | Tagged: , , , | Comments Off on Dubai cancelled 50 per cent of property projects

Criminal cases against Dubai Developer-Proof of Fraud

Posted by 7starsdubai on October 3, 2010


Investors can file a criminal case against a developer only if the reason for developer’s default is criminal in nature and there is evidence to
prove it, according to a lawyer.
“Investors can file a criminal case against a developer on the basis that it has not started a project and/or opened an escrow account, but
only if the reason for developer’s default is criminal in nature, and there is evidence to prove it on its face,” Ludmila Yamalova, Legal
Consultant/Partner, Al Sayyah Advocates & Legal Consultants, told Emirates Business.
Raza Mithani, Senior Associate, Al Tamimi and Company, Advocates & Legal Consultants, said: In Dubai, a criminal case may be filed
where there is evidence of fraud. Failure to open an escrow account may, depending on the circumstances, constitute evidence of fraud.”
Tatjana Fuhr, Legal Consultant at Fichte & Co Legal Consultancy and KK Sarachandra Bose, Partner and Corporate, Commercial and
Contract Lawyer, Dar Al Adalah Advocates & Legal Consultants, agreed that a buyer can file a case against a developer who has not
started the project and collected funds without opening an escrow account.

read more

proof of fraud to file a criminal case against a developer in Dubai

Posted in Dubai Justice, Dubai Property Investors, Dubai Property legal, Fraud Dubai, Immobilien Betrug Dubai | Tagged: , , , , | Comments Off on Criminal cases against Dubai Developer-Proof of Fraud

Dubai Property Investors frustrated

Posted by 7starsdubai on August 1, 2010


source Emirates Business 247
Dubai, 29 July 2010

Investors in the UAE’s real estate are a frustrated lot, but not just because the sector is in the throes of the worst-ever slowdown it has witnessed. That’s a known fact, and most investors have reconciled to it.
However, what is not known and, therefore, much more frustrating, is the status of the projects in which they have invested their hard-fought cash.

Many developers in the country have apparently chosen to not communicate with their clients about when the stalled projects are going to take off and when will they be delivered, if at all.
Property blogs and social media sites are full of frustrated investors venting their ire.
continue reading….

Posted in 7starsdubai, Dubai Property dispute, Dubai Property Investors, Real Estate Scandal Dubai, Rera Dubai, Skyscrapercity | Tagged: , , | Comments Off on Dubai Property Investors frustrated

Investor wins lawsuit against ACI Real Estate Dubai – Development Niki Lauda Twin Tower

Posted by 7starsdubai on March 7, 2010


original source The National
A property investor has been awarded a refund by Dubai Courts for an office unit he bought in a project that is 20 months behind schedule.

The British businessman Ron Oakeley bought two offices in a building in Dubai’s Business Bay that was to be named after the former Formula One racing driver Niki Lauda. The proposed Niki Lauda Twin Towers building was part of a trio of projects launched by Alternative Capital Invest (ACI) Real Estate, a German developer, in late 2007 that were to be
named after famous sport stars. continue reading….

Posted in ACI Real Estate Dubai, Dubai court, Dubai Legal - Real Estate Lawsuits, Dubai Property dispute, Dubai Property Investors, Lawsuit Dubai, United Arab Emirates | Tagged: , , , | Comments Off on Investor wins lawsuit against ACI Real Estate Dubai – Development Niki Lauda Twin Tower

Dynasty Zarooni Executives charged with defrauding 25 Million

Posted by 7starsdubai on February 18, 2010


original published GulfNews

Gulf News obtained a copy of the arraignment sheet, in which K.M. was charged with offering the businessmen to multiply their money through a bogus investment portfolio. Records said the Indian told the businessmen to provide a monthly payment of Dh300,000 to be invested in real estate projects offering a monthly revenue of Dh1 million starting from the seventh month. KM allegedly got the claimants trust the feasibility of the portfolio by advertising in newspapers and the internet.

The Public Prosecution also charged M.H.Z. and R.Q. with aiding and abetting K.M. by confirming his claims, the act which allegedly resulted in cheating the claimants.

continue reading…..


Real estate fraud

Gulf News also learnt that prosecutors dismissed the charges of real estate fraud, worth hundreds of millions of dirhams, against the suspects for lack of crime.

Al Shaali appealed the dismissal of the real estate fraud charge.

An appeals judge is looking into this plea.

“The jury is only responsible for prosecuting the suspects on the charges of swindling and establishing a bogus investment portfolio … I will not accept any real estate fraud case or complaint,” concluded Presiding Judge Abdul Majid, who adjourned the case until March 10.

According to the charges sheet, K.M. told prosecutors that he bought the properties, which the businessmen described as bogus and non-existent, from developers and he was authorised to sell them. He presented contracts and documents to prove that he was authorised to do so.

Dynasty Zarouni’s chairman claimed in his statement to prosecutors: “Due to the global financial crisis, some of the businessmen’s cheques bounced and when he presented the bad cheques to the police, they complained against him.”

Posted in Al Fajer Properties, Dubai, Dubai law, Dubai Property Investors, Dubai Real Estate Scandal, Dynasty Zarooni, Fraud Dubai, Lawsuit Dubai | Tagged: , , , | Comments Off on Dynasty Zarooni Executives charged with defrauding 25 Million

RERA Dubai – Four Dubai Developer under investigation

Posted by 7starsdubai on May 5, 2008


Four Dubai development companies are being subjected to an “internal audit of transactions”, Marwan bin Ghalita, the CEO of Real Estate Regulatory Agency (Rera) told a Dubai Property Group meeting on Sunday.

“We cannot let people promise and not deliver in Dubai,” he said.
“We want a transparent relationship between parties and have rules and regulations that will be strictly implemented.”
He declined to name the four Dubai developers under investigation.
Last month Damac Properties was involved in a controversy over an attempt to cancel its project Palm Springs on The Palm, Jebel Ali, which has since been reinstated.
Rera has a tough job regulating Dubai realty since its creation last July. Now 2,909 real estate agencies are registered and an estimated 4,000 more illegals in the marketplace have until the end of July to register or face fines.
“From November 1 only licenced agents can advertise property by law,” said Bin Ghalita. “We will not tolerate freelance agents.”
Rera has also licensed 710 development companies, 1,560 projects and 1,487 brokers since its formation, and opened 476 trust accounts worth more than $1.2 billion (Dh4.4bn) with 33 registered banks. “We also want to correct some misleading claims made by developers,” said Bin Ghalita.
“If developers say they sold out in half an hour, how is that possible? If this is advertised they must show data, and not keep us waiting for a month for it.”
In addition, Bin Ghalita said there must be no payment of percentage transfer fees to developers, who are only entitled to claim administration fees for handling such transactions. “Why should developers benefit like this?
It is not their business, we do the transfers.
“He said buyers and sellers should “refuse to pay extra transfer fees”. Bin Ghalita said the proper registration fee is a total of two per cent: one per cent for the buyer and one per cent for the seller.
“Nobody has the right to charge anything else, and please tell me if they do,” he added.

Posted in Dubai Property dispute, Dubai Property Investors, Vereinigte Arabische Emirate | Tagged: , | Comments Off on RERA Dubai – Four Dubai Developer under investigation

Nakheel distances itself from Damac – Jebel Ali Palm Project Palm Springs

Posted by 7starsdubai on April 4, 2008


source Gulf News

Dubai -Uncertainty surrounds Damac’s cancellation of its Palm Springs project as master-developer Nakheel, which is building the Palm Jebel Ali where the project was initially planned, saying it was not informed of Damac’s decision to cancel.

Marwan Al Qamzi, managing director of the Palm Jebel Ali, said Damac’s decision came as a surprise and Nakheel learned of it through the media.

“We are very surprised by the statements made by Damac suggesting that the reasons for the cancellation of its Palm Springs project are due to revisions in the Palm Jebel Ali masterplan,” said Al Qamzi.

“The Palm Springs plot was relocated to a prime position due to widening of the crescent,” he said.

“Our last interaction with Damac took place in February this year and was one of positive engagement.

It left us with the firm view that Damac was proceeding with the project. We are extremely disappointed by this recent development,” said Al Qamzi.

Al Qamzi said that the revised masterplan allowed for significant improvements in the design.

Nakheel has sold other plots of land on the crescent of Palm Jebel Ali to Damac. Al Qamzi said it was now the responsibility of Damac to ensure the delivery of any units it has sold within these plots to customers.
Revisions to the Palm Jebel Ali masterplan were communicated to investors more than ten months ago.

“From Nakheel’s perspective, Damac’s cancellation of the Palm Springs project must be linked to other development issues specifically related to the project,” said Al Qamzi.

Damac was unavailable for comment.

Read Also …. Glitzy Dubai Developer closes the door……..

Posted in Damac Dubai, Damac Palm Springs Jebel Ali Palm, Dubai, Dubai Property Investors, Dubai Real Estate Scandal, Nakheel, Palm Jebel Ali Dubai | Tagged: , | Comments Off on Nakheel distances itself from Damac – Jebel Ali Palm Project Palm Springs

Dubai Shattered Dreams – Jumeriah Islands Nakheel

Posted by 7starsdubai on January 10, 2008


Jumeirah Islands-Dubai
Should a 2 million dirham villa look like this?

source 7days

Residents of Nakheel Jumeirah Islands development allege poor quality finishing and the use of cheap materials at the multi-million dirham luxury villa development. Matthew Brown reports.

“When my wife first walked into the kitchen of our Jumeirah Islands home she burst into tears. ‘It’s terrible,’ she said. It broke my heart, because I had promised her a dream home.”

Mr A is a resident at Jumeirah Islands, the “upscale and exclusive” development from Nakheel, the government-owned company behind The Palms and The World, that stretches over 300 hectares of land between junctions five and six of Sheikh Zayed Road.

And he thinks his villa is anything but a dream home. He is one of 70 or so people to have taken possession of a JI villa, which will eventually house more than 700 families, each of whom paid between dhs1.9 million and dhs2.4 million for their properties in the primary market, or up to double that in the secondary market.

But some of those families are refusing to move in until Nakheel attends to major quality control problems that have affected the development.

Many of those who have already moved in are in dispute with Nakheel over major snagging issues, and have formed a residents committee to take its complaints to Nakheel, which has thus far failed to address the majority of issues, according to documents obtained by 7DAYS and the testimonies of several residents.

Mr A’s list of complaints are typical of Jumeirah Islands’ residents: “My house has been flooded three times. I had no phone, fax or TV for three weeks after I moved in.

Today the telephones only work a fraction of the time, and the Internet provided by Tecom at twice the price of Etisalat regularly fails. To pay the bill I have to go to Internet City with cash.

“Workmen come onto our property uninvited all the time. The whole Jumeirah Islands site stinks, because workers were not provided with toilets for three years. There are rodents everywhere.

“The plans I signed off on do not match the final villa I received. French windows and terraces have been cancelled and a bath has been replaced with a shower in one bathroom.

“In the letters we were sent explaining why there were such considerable delays, we were told it was because the quality would be improved. In fact, the finishes are worse than was originally specified.”

7DAYS visited Mr A’s villa and witnessed poor finishing, and the use of cheap materials. The front door of the villa was a poor fit to the frame; the plaster in many of the walls was blown, and cracks were on most of the walls, causing plaster to fall out in some cases.

There were holes in the marble floor, scratched and stained marble in the downstairs bathroom, and the false ceilings in the bathroom jumped when the door was opened.

7DAYS saw more problems than we have space to fit into this article, and similar issues in three other villas. “If you bought a car and the leather was ripped and the bodywork was scratched, you wouldn’t accept it,” said Mr A.
Mr S moved into his place in August of this year, and is also very unhappy: “We were promised a prestigious development, but so far the development has been below the standards of normal residential complexes carried out in Dubai.

“It seems that Nakheel has done some value engineering to the finishes and the quality of the materials has been downgraded from what I was originally promised,” he continued.

“The finishes need a lot of repairs to be done. Nakheel can and should do better.
We want them to pay more attention to the snags in the finishes, such as the paint on the aluminium in the bathroom, tiles badly fitted and unpolished in the bathroom, poor internal plasterwork and paint finish throughout, as it was done by unskilled labour.”

Jumeirah Islands is being delivered 18 months late, and a number of letters were sent out to future residents, explaining why. “We are delighted to advise that the wondrous Jumeirah Islands project has so appealed to buyers…that it is completely sold out,” said one letter dated June 2004.

“Seeking excellence in all that we do, Nakheel sought ways and means of further enhancing the quality of layout of, and the finishes and materials used in, your home in Jumeirah Islands. You will soon receive details of all the improvements that have been agreed – all at no cost to you.”

On page two of the letter it read: “all of the above improvements and services have resulted in a delay in the completion of the project, which is now scheduled for May 2005. We assure you that this delivery date will be met.”

The first villas were not delivered until August 2005. One of the key complaints by residents has been the poor communication from Nakheel.

“Trying to get answers out of Nakheel, SERCO (hand-over managers), Clifton Coony (project managers), or Semcomb (contractor) has been very difficult,” says Mr S. “We don’t know who to talk to about snags occurring in different parts of the house.”

The complaints about dealing with Nakheel is reiterated by a major insititutional buyer of property in the UAE. “Nakheel sales people’s calibre is not high,” he told 7DAYS.

“They are not able to sensibly talk about numbers at any competent level. Trying to assess what you were buying is difficult to say the least, regardless of who you’re talking to.

“Nakheel constantly makes commitments that aren’t kept. Nakheel does not communicate any problems. Their standard response when you go to their office is that they’re working on it.”

In an attempt to make meaningful contact with Nakheel a committee has been elected by JI residents to act as an intermediary. When approached by 7DAYS, the committee said that they were not ready to talk to the press.

The residents that 7DAYS did talk to, however, found it difficult to contain their disappointment. “If it was completed as per the original concept plan, JI will be one of the best developments in the UAE,” said Mr S.

Nakheel declined to comment despite repeated requests from 7DAYS to respond to residents’ claims.

Posted in Dubai, Dubai Property dispute, Dubai Property Investors, Dubai Real Estate Scandal, Jumeirah Islands Dubai, Nakheel | Tagged: , , , , , | Comments Off on Dubai Shattered Dreams – Jumeriah Islands Nakheel

 
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