RE: Cancellation of the project

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Mehdi Nosratlu

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Jul 14, 2009, 3:50:22 AM7/14/09
to yj...@mixitusa.com, deepak, gunan...@yahoo.co.uk, do_m...@eim.ae, hay...@emirates.net.ae, aahh...@yahoo.cn, adl...@magicsolutionsme.com, aga...@inexco.ae, ahma...@eim.ae, ali.sa...@gmail.com, am...@etc-properties.com, anas_...@yahoo.com, andrewh...@hotmail.com, arez...@hotmail.de, asn...@eim.ae, ayatoll...@yahoo.com, ben_t...@hotmail.com, dalh...@ifc.org, dar...@eim.ae, dpa...@hotmail.com, dubai-proper...@googlegroups.com, elez...@yahoo.com, fakh...@gmail.com, fera...@yahoo.com, gaith...@amd.com, gsg...@gmail.com, ha...@hypermedia.ae, hisham....@med.ge.com, hkhsh...@hotmail.com, ine...@eim.ae, anmol.b...@gmail.com

I agree with all comments, I think our progress so fare was good. First we have built the investors  group with about 90 members and have a platform to exchange the ideas and recommendation. Second we have started to communicate with Emaar as a group which I think is more effective.

Let’s stay united.  we have to be consistent in our approach. Already  we are planning the next steps if we do not get our demands full field.

 

 Regards

 

Mehdi

+971 288336

 

 

I think it would be wise to wait for this next meeting already scheduled with Emaar.

Let's make make a decision for future action after this next meeting please.

Thanks

Yusuf

Sent from BlackBerry® wireless device


From: deepak
Date: Tue, 14 Jul 2009 10:58:33 +0400
To: <gunan...@yahoo.co.uk>
Subject: FW: Cancellation of the project

Dear Investors

 

This way by just giving suggestions and deciding among ourselves what should be done is not the solution. Since we have a good number of investors with us for this project we should just simply all go together to Emaar and demand our concerns since this has been going around for a very long time.

 

If we do not go as a group to them and individually they will not listen to anyone. It’s been more than a month now that we have been talking about it but no fruitful result till now.

 

If we just demand our points as below, this is fair for all investors:

 

  1. Request for a minimum of 15-25% discount for units bought at high price at least 25%-30 % discount and for investors bought at original price to avail a discount up to 15%-20%.
  2. New payment plan as per construction.

 

 

It is not wise for us to demand for cancellation of the project as some people have paid premium on this project and if we they decide to cancel then if they give us credit note then again we are facing 45-50% loss.

 

So if we just agree to 2 simple points I guess we can go as a gropu and put in our concern and if no response from them, then there is always RERA who would then do something as we are a group.

 

ACTIONS SPEAK LOUDER THAN WORDS

 

 

Regards,

Deepak Bhojwani

Director

 

 

Mobile -  +97150 3459645

Tel       -  +9714 3559787

Fax      -  +9714 3559789

Email    -   dee...@property-zone.ae

Web     -   www.property-zone.ae


From: Rahulan Gunanayagam [mailto:     ]
Sent: Monday, July 13, 2009 7:31 PM
To: alb...@tgrhh.com; Mohammad N. Fakhar
Cc: Jamal Darkan; yj...@mixitusa.com; Azzam Saleh; Mehdi Nosratlu; do_m...@eim.ae; hay...@emirates.net.ae; aahh...@yahoo.cn; adl...@magicsolutionsme.com; aga...@inexco.ae; ahma...@eim.ae; ali.sa...@gmail.com; am...@etc-properties.com; anas_...@yahoo.com; andrewh...@hotmail.com; arez...@hotmail.de; asn...@eim.ae; ayatoll...@yahoo.com; ben_t...@hotmail.com; dalh...@ifc.org; dar...@eim.ae; dee...@property-zone.ae; dpa...@hotmail.com; dubai-proper...@googlegroups.com; elez...@yahoo.com; fakh...@gmail.com; fera...@yahoo.com; gaith...@amd.com; gsg...@gmail.com; ha...@hypermedia.ae; hisham....@med.ge.com; hkhsh...@hotmail.com; ine...@eim.ae; Saman Darkan
Subject: Re: Cancellation of the project

 

Hi,

If we insist on cancellation, then firstly EMAAR will deduct all the expenses so far (cost of building so far +administration + etc. +etc.) and then provide credit notes (much less than we expect) for the rest. Then on the credit notes we will lose even more. Different if the project has not started or only digging has happened.

However if EMAAR decides to cancel then they have to return the whole money in cash.  

Therefore we should never talk about cancellation to EMAAR.

Regards,

Rahulan

--- On Mon, 13/7/09, Mohammad N. Fakhar <fak...@gmail.com> wrote:


From: Mohammad N. Fakhar <fak...@gmail.com>
Subject: Re: Cancellation of the project
To: alb...@tgrhh.com
Cc: "Jamal Darkan" <dar...@emirates.net.ae>, yj...@mixitusa.com, "Azzam Saleh" <azzam...@yahoo.com>, "Mehdi Nosratlu" <mehd...@gmail.com>, do_m...@eim.ae, gunan...@yahoo.co.uk, hay...@emirates.net.ae, aahh...@yahoo.cn, adl...@magicsolutionsme.com, aga...@inexco.ae, ahma...@eim.ae, ali.sa...@gmail.com, am...@etc-properties.com, anas_...@yahoo.com, andrewh...@hotmail.com, arez...@hotmail.de, asn...@eim.ae, ayatoll...@yahoo.com, ben_t...@hotmail.com, dalh...@ifc.org, dar...@eim.ae, dee...@property-zone.ae, dpa...@hotmail.com, dubai-proper...@googlegroups.com, elez...@yahoo.com, fakh...@gmail.com, fera...@yahoo.com, gaith...@amd.com, gsg...@gmail.com, ha...@hypermedia.ae, hisham....@med.ge.com, hkhsh...@hotmail.com, ine...@eim.ae, "Saman Darkan" <saman...@gmail.com>
Date: Monday, 13 July, 2009, 3:57 PM

Albina,

If Emaar cancels the project and issues credit notes, there will be an oversupply of Emaar credit notes on the market. Credit notes are selling at 35% right now
because there isn't a huge supply of credit notes on the market. If an oversupply occurs (unconditional Bawaadi credit notes may come on the market soon as well), your 29 blvd credit note will sell at a 45-50% discount, which is a really bad deal.

We shouldn't pursue the credit note option in my opinion.

fakhar.

On Mon, Jul 13, 2009 at 1:32 PM, Albina Taylor <alb...@tgrhh.com> wrote:

Hi Guys,

I would advise to insist on cancellation for few reasons, mainly:

  1. Cancellation of the project is the last that Emaar is going to do; therefore, we would have a greater chance to fulfill outstanding demands;
  2. Credit notes are being sold at 35% discount at current time; I WOULD BE VERY HAPPY TO STEP OUT OF THIS TERRIBLE INVESTMENT AT 35%LOSS and have some cash in my hands. There are great property deals right now in London and timing is crusial.

Kindest,

Albina

 


From: Jamal Darkan [mailto:dar...@emirates.net.ae]
Sent: 13 July 2009 08:36
To: yj...@mixitusa.com; 'Azzam Saleh'; 'Mehdi Nosratlu'
Cc: do_m...@eim.ae; gunan...@yahoo.co.uk; hay...@emirates.net.ae; aahh...@yahoo.cn; adl...@magicsolutionsme.com; aga...@inexco.ae; ahma...@eim.ae; alb...@tgrhh.com; ali.sa...@gmail.com; am...@etc-properties.com; anas_...@yahoo.com; andrewh...@hotmail.com; arez...@hotmail.de; asn...@eim.ae; ayatoll...@yahoo.com; ben_t...@hotmail.com; dalh...@ifc.org; dar...@eim.ae; dee...@property-zone.ae; dpa...@hotmail.com; dubai-proper...@googlegroups.com; elez...@yahoo.com; fakh...@gmail.com; fak...@gmail.com; fera...@yahoo.com; gaith...@amd.com; gsg...@gmail.com; ha...@hypermedia.ae; hisham....@med.ge.com; hkhsh...@hotmail.com; ine...@eim.ae; 'Saman Darkan'
Subject: RE: Re: Meeting with Emaar Customer Care re. 29 Blvd.

Dear All,

 

Let us not insist on cancellation of the project as it is unfair for people like may who bought my units when the project was Launched and have been waiting for it to be completed so to stop paying rent for current accommodation.

 

I fully support the proposal of :

 

-          Emaar to confirm the planned completion date of the project.

-          Re-schedule the payment to reflect the progress of work on site.

-          The remaining payment of 35% shall not be requested until the project is complete as compensation for our losses.

Regards

Jamal Darkan

 

From: Yusuf Jan (Mixit) [mailto:yj...@mixitusa.com]
Sent: Sunday, July 12, 2009 3:05 PM
To: Azzam Saleh; Mehdi Nosratlu
Cc: do_m...@eim.ae; gunan...@yahoo.co.uk; hay...@emirates.net.ae; aahh...@yahoo.cn; adl...@magicsolutionsme.com; aga...@inexco.ae; ahma...@eim.ae; alb...@tgrhh.com; ali.sa...@gmail.com; am...@etc-properties.com; anas_...@yahoo.com; andrewh...@hotmail.com; arez...@hotmail.de; asn...@eim.ae; ayatoll...@yahoo.com; ben_t...@hotmail.com; dalh...@ifc.org; dar...@eim.ae; dee...@property-zone.ae; dpa...@hotmail.com; dubai-proper...@googlegroups.com; elez...@yahoo.com; fakh...@gmail.com; fak...@gmail.com; fera...@yahoo.com; gaith...@amd.com; gsg...@gmail.com; ha...@hypermedia.ae; hisham....@med.ge.com; hkhsh...@hotmail.com; ine...@eim.ae
Subject: Re: Re: Meeting with Emaar Customer Care re. 29 Blvd.

 

Should we consider adding the following demand to the others listed in Azzam's email?
If they cancel the project then give choice of either allowing us to:
- Return the funds to investors who don't want to deal with Emaar anymore,

Thanks

Yusuf Jan

Sent from BlackBerry® wireless device


From: Azzam Saleh
Date: Sun, 12 Jul 2009 03:40:41 -0700
To: Mehdi Nosratlu<mehd...@gmail.com>
Subject: Fw: Re: Meeting with Emaar Customer Care re. 29 Blvd.



--- On Sun, 7/12/09, Azzam Saleh <azzam...@yahoo.com> wrote:


From: Azzam Saleh <azzam...@yahoo.com>
Subject: Fw: Re: Meeting with Emaar Customer Care re. 29 Blvd.
To: "Mehdi Nosratlu" <mehd...@gmail.com>
Date: Sunday, July 12, 2009, 2:37 PM

Hi Mehdi

i think that all of us must go to Emaar as soon as possible (lets be on coming Thursday,July 16 morning time) to force them to accept the following points:

- 1st option: to cancel the 29Bulvd projects & to transfer our paid amounts into other ready properties or near to completion as per current market prices.

- 2nd option: if they will not agree with 1st option then we have to insist them to give min 30% discount for our units,also Emaar must to revised the payment schedule according to the site work progress only, with  reserving our rights for delay completion of project.

 

pls,keep me awared with next step

best regards

Azzam
--- On Sun, 7/12/09, Mehdi <mehd...@gmail.com> wrote:


From: Mehdi <mehd...@gmail.com>
Subject: Re: Meeting with Emaar Customer Care re. 29 Blvd.
To: "Anmol Bhojwani" <anmol.b...@jbrup.com>
Cc: "DOMINO" <do_m...@eim.ae>, gunan...@yahoo.co.uk, hay...@emirates.net.ae, aahh...@yahoo.cn, adl...@magicsolutionsme.com, aga...@inexco.ae, ahma...@eim.ae, alb...@tgrhh.com, ali.sa...@gmail.com, am...@etc-properties.com, anas_...@yahoo.com, andrewh...@hotmail.com, arez...@hotmail.de, asn...@eim.ae, ayatoll...@yahoo.com, azzam...@yahoo.com, ben_t...@hotmail.com, dalh...@ifc.org, dar...@eim.ae, dee...@property-zone.ae, dpa...@hotmail.com, dubai-proper...@googlegroups.com, elez...@yahoo.com, fakh...@gmail.com, fak...@gmail.com, fera...@yahoo.com, gaith...@amd.com, gsg...@gmail.com, ha...@hypermedia.ae, hisham....@med.ge.com, hkhsh...@hotmail.com, ine...@eim.ae, in...@dhtco.com, j.jay...@googlemail.com, jash...@eim.ae, jit...@yahoo.com, kay...@suraj.com, kri...@emirates.net.ae, louc...@yahoo.com, m...@ma1world.com, ma...@tritanfze.com, mjm...@yahoo.com, moe...@eim.ae, mrla...@hotmail.com, mrrr...@yahoo.com, naee...@hotmail.com, na...@hotmail.com, naz...@trans-wd.com, om...@luxuryislandre.com, omkh...@gmail.com, osei...@eim.ae, r...@emirates.net.ae, samc...@eim.ae, saqib...@gmail.com, sergios...@gmail.com, sf_s...@emirates.net.ae, s...@emirates.net.ae, shay...@eim.ae, sihan...@msn.com, sil...@eim.ae, sjhan...@msn.com, tajmahalr...@gmail.com, wiberg...@gmail.com, wilson...@gem.com, yj...@mixitusa.com, ylco...@hotmail.com, zoltan...@hotmail.com, "29Blvd Emaar" <29blv...@gmail.com>, "Emad 786" <haq...@wonder.ocn.ne.jp>, "Hamed Kachoee" <hamed_...@hotmail.com>, "Manish Wadhwani" <wan...@hotmail.com>, "Mirnateghi" <nmirn...@yahoo.com>, "Mohamad Reza" <m_alag...@hotmail.com>, "Pegah-DHT" <pega...@eim.ae>, "Roxanne Kadri" <rka...@raintllogistics.com>, "sharare forouzanfar" <shara...@yahoo.com>, "Silver Land Gen Trdg LLC" <sil...@emirates.net.ae>, "theo desouza" <the...@hotmail.com>, "Waheed Rathore" <waheed....@dib.ae>, "Yi Li" <yi...@seachar.com>
Date: Sunday, July 12, 2009, 12:07 PM

Yes I agree with going to Emaar as a group and talking to higher management. BUT

 

First we have to know with whom we are going to talk to!! and arrange an appointment in advance. I have two names:

 

Rola and 

Ahmed Juma Al Falasi

 

Second, we have to draft a letter with our demands, It will not be effective to go there and discuss individual cases.

 

If we are united and concentrate on few common issues, then we have a better chance of getting our rights, So

 

  • Who can take the responsibility of arranging the appointment?
  • Who can take the reponsibiliyy of drafting a short letter with our common requirements from Emaar?

 

 

 

Regards,

 

Mehdi

 

 

 

 

 

2009/7/12 Anmol Bhojwani <anmol.b...@jbrup.com>

Let’s try and arrange a meeting for all investors this coming Thursday with the Emaar head and put forward all our points;

 

Thanks,

 

Anmol

 

 

From: DOMINO [mailto:do_m...@eim.ae]
Sent: Sunday, July 12, 2009 11:16 AM
To: anmol.b...@jbrup.com


Subject: Re: Meeting with Emaar Customer Care re. 29 Blvd.

 

Hi Anmol

You're absolutely right. What I knew from the group is that they went there several times. Do you have any idea of the results?

George

----- Original Message -----

To: DOMINO

Sent: Sunday, July 12, 2009 10:01 AM

Subject: Re: Meeting with Emaar Customer Care re. 29 Blvd.

 

George,

I've noticed that we have a lot more leverage if all of us investors go to emaar together instead of individually; then only will the senior management see us; we should make a date and all of us go to fight this case for payment and discount..

Anmol


From: DOMINO
Date: Sat, 11 Jul 2009 22:48:29 +0400
To: Anmol Bhojwani<anmol.b...@jbrup.com>


Subject: Re: Meeting with Emaar Customer Care re. 29 Blvd.

I fully agree with you Anmol. Emaar should set a fair current market price for all the units.

Which unit do you have, how many bedrooms, size rate per sqft and toer?

Regards

George

----- Original Message -----

To: 'Mehdi'

Sent: Saturday, July 11, 2009 6:41 PM

Subject: RE: Meeting with Emaar Customer Care re. 29 Blvd.

 

Greetings Investors!

 

I too had gone to visit Emaar last Thursday.

 

 They informed me about the new payment plan for 29 Blvd and for me to send out an e-mail should I want to avail this new plan.

 

They also stated that they are offering discounts for certain units depending on the price they were brought at.  Unfortunately, my unit was not eligible and hence I will not be able to benefit from the discount.  This again is unfair as all units no matter when they were brought at should be discounted because of this major delay.

 

Please keep me posted and next steps on whether to agree to the new payment plan or not and what we should do about the discount for all units?

 

Someone please start a group and cc all in the e-mail,

 

Await response,

 

Thanks,

 

Anmol

 

 

From: Mehdi [mailto:mehd...@gmail.com]
Sent: Friday, July 10, 2009 12:53 PM
Subject: Fwd: Meeting with Emaar Customer Care re. 29 Blvd.

 

For your information.

 



 

---------- Forwarded message ----------
From: DOMINO <do_m...@eim.ae>
Date: 2009/7/10
Subject: Re: Meeting with Emaar Customer Care re. 29 Blvd.
To: Mehdi <mehd...@gmail.com>
Cc: Rahulan Gunanayagam <gunan...@yahoo.co.uk>

Hi Mehdi

I have contacted Emaar yesterday and they have informed me that there will be a new payment schedule, I never knew about the meeting on the 9th.

In all cases, we must not agree or sign any new payment schedule before they start the construction and reach up to 60% or 65%. I have paid 65% so far.

The other point which is more important is the reduction of the price of the units. They must fix a new market price for all.

 

Anyone has a full list of all investors? We need to always copy everyone.

Regards

 

George

----- Original Message -----

From: Mehdi

To: DOMINO

Sent: Friday, July 10, 2009 10:01 AM

Subject: Re: Meeting with Emaar Customer Care re. 29 Blvd.

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