Mazaya BB2

[Arcology Investment GLLC]

Hi,

 

I have invested in Mazaya BB2 and after about a year delay the developer with some preconditions is ready to hand over however before inspecting the units they demand full payments? also I was able to see inside the units and the developer intend to deliver with out divided walls, doors etc........

 

 

I was wondering if the investors could advise and also possibility of jointing together and or contacting as many investors as possible and file a law suit against the developer.

 

Please advise.

Kind regards,
Majid R.Nazif
 

 

 

 

[dubaisimonb]

I don't know about this developer, but mine (ACW) says that they will
not ask for final payment until they have received completion
certificate from Government - presumably RERA. You might ask to see
their completion certificate?
Simon


On Apr 27, 6:01 am, Arcology Investment GLLC

[HAIDAR BAGIROV]

 

Hi Everyone !!

 

Does anybody or any existing group know the status of the project VICTORY BAY in Business Bay by ACI Developer. I have been informed by land department for the last year that the project is being canceled. And have been promised by  the developer that the construction will start in a week every time i inquire but it has been 3 years or more already , and the project is overdue the completion date and the grace period also.

 

The plot for this project has been paid in full [100%] and there is a title deed available.

is there no way that the developer would hand over the plot equally to all the owners of this project

and further, we can appoint a construction company and a consultant as a group of owners & see to construct the project for AED 300 per sq-ft. maybe we would have still saved our investment and made sense somehow of this project and its feasibility.

 

Anybody would support this idea? maybe we can write a petition to the developer and to RERA requesting this to be made. in one of my e-mail to Marwan Bin Ghalita, he mentioned to me that not all owners agree on this terms. but I hardly see any other option , even this option is not available , but maybe this would be a logical proposal if we can gather bigger group to write a petition and send it to RERA & to the developer. I heard that several cases have been already resolved in such a manner.  But many developers can't do that because the land is not paid in full but in this case it's different.

 

Example: I own a unit 1,730 sq-ft , so that would mean that I get the same space in the building and i would have to pay AED 300 per sq-ft for construction x 1,730 sqft that would be in total AED 519,000/-    [maybe we can also involve a bank for some partial of the construction to finance]

Each owner might get a bigger BUA because of the fact that many clients were transferred out of this plot already to other projects like Q Sami or JLT  

 

I understand that even this is not feasible since in the palm Jumeirah there are apartments for AED 650 per sq-ft but I think that's the best we would reach if ever.

 

Would love to see feedback or any update on this matter

 
> Date: Thu, 28 Apr 2011 03:40:31 -0700
> Subject: [Dubai Property Investors] Re: Mazaya BB2
> From: si...@brutus.co.uk
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[Onedirham Property]

Not just walls and doors (which I believe now RERA has forced them to provide), they do not have the chiller connected yet and most surprising - there is no proper road to this building.  However, they have received RERA approval to collect service charges including chiller consumption and load charge.  Strange but true.