Reliance - all projects
Sandra van Zyl
dubaiinve...@gmail.com
Maktoob Business
Dubai's battered real estate sector has put on hold or cancelled projects worth $300 billion, research firm Proleads Global said in July, as developers ...
<http://news.google.com/news/story?ncl=http://business.maktoob.com/20090000372754/Dubai_home_prices_slide_highest_in_32_nations/Article.htm&hl=en> See all stories on this topic
Deyaar to Propose Low-Cost Lebanon Housing Project <http://www.google.com/url?sa=X&q=http://www.bloomberg.com/apps/news%3Fpid%3D20601087%26sid%3Dac8zEgkxhK3Y&ct=ga&cd=IunM-pwGMNI&usg=AFQjCNG9YA5xGETlL0dFNad-KVhRKXxa8Q>
Bloomberg
... have been at the forefront from the beginning is the mid-range to lower end of the market,” said Saud Masud, senior real-estate analyst at UBS in Dubai.
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From: Sandra van Zyl
Date: Thu, 10 Sep 2009 10:50:22 +0400
To: <dubai-proper...@googlegroups.com>
Subject: [Dubai Property Investors] Reliance - all projects
Sandra van Zyl
Beny
http://www.facebook.com/profile.php?id=1058208649&ref=search&sid=1311765442.182855692..1
On Sep 12, 8:49 am, Sandra van Zyl <kimiky...@gmail.com> wrote:
> I have researched the websites to gain more information about the owners
> Rahavi and wife Elham Sabeti* - Farhang apparently also holds an American
> Reliance has been transferred to his American bank account - they claim
> around AED400 million
>
> I will investigate more about where in Emirates Hills they live (on our
> account) - should I get positive results, I will even go as far as put a
> huge advert in die daily papers - so far I am unsuccessful to get photos of
> them.
>
> cheers
> Sandra
>
>
>
>
> >http://www.google.com/url?sa=X&q=http://business.maktoob.com/20090000...>
> > Maktoob Business
> > Dubai's battered real estate sector has put on hold or cancelled projects
> > worth $300 billion, research firm Proleads Global said in July, as
> > developers ...
> > <
>
> > Deyaar to Propose Low-Cost Lebanon Housing Project <
> > Bloomberg
> > ... have been at the forefront from the beginning is the mid-range to lower
> > end of the market,” said Saud Masud, senior real-estate analyst at UBS in
> > Dubai.
>
> > Empower your Business with BlackBerry® and Mobile Solutions from Etisalat
>
> > *From*: Sandra van Zyl
> > *Date*: Thu, 10 Sep 2009 10:50:22 +0400
> > *To*: <dubai-proper...@googlegroups.com>
> > *Subject*: [Dubai Property Investors] Reliance - all projects
> > Dear Reliance Investors
>
> > I would like to bring to your attention - that after talking to Emirates
> > Islamic Bank - it appears that NO MONIES have been paid into the Escrow
> > accounts by Reliance. When I spoke to Reliance this morning they told me
> > that unless you have made your payments directly into the Escrow accounts,
> > Reliance did not transfer any monies to the escrow accounts. Instead they
> > have paid Nakheel - the master developer. It is a state secret how much they
> > have paid Nakheel, as according to them, they do not need to disclose the
> > amount - although its your and my monies!!
>
> > I was told by a legal guy some time ago that the CEO of Reliance worked
> > from home for a couple of months as he was too scared to go to office - I
> > suppose it must be the "home" at Emirates Hills that someone said has been
> > bought by Reliance - there are no "homes' at Emirates Hills - there are only
> > PALACES !!!
>
> > If anyone can please give me a name of the head of Reliance, I will try to
> > find out more - I know quite a couple of people at Emirates Hills - maybe we
> > should rock up in numbers at this 'home'.
>
> > In my case the spotlight now moves from Rera and Land Department back to
> > Reliance - as Reliance has my money!
>
>
> - Show quoted text -
Mawj M
real estate practice in UAE.
I'm bouncing back, says fugitive
Nathalie Gillet
- Last Updated: September 13. 2009 9:33PM UAE / September 13. 2009 5:33PM GMT
Mr Haq, 50, the chief executive of the Sanali Group, is just one of many developers who have left Dubai after pitching to investors with glossy magazine adverts and roadside billboards to buy luxury apartments in buildings that never made it out of the ground. Seven months after returning to India, he is still making bold promises of repaying the people who now hold his cheques.
“We tried to sell properties in Dubai and could not find any end users,” he said in a telephone interview from Hyderabad, where he now lives. “But we have around Dh4.5 billion of assets in India. I am closing a deal right now. Give me two weeks.”
Like some other small developers in need of cash to fund their projects before the downturn, Mr Haq had convinced investors into buying properties by assuring them that he would buy them back at a later date at a higher price, guaranteeing the deals with post-dated cheques that have now bounced.
Property insiders call such deals “buybacks” – transactions that are seen only in rapidly rising markets fuelled by speculators. During the peak of the Dubai property market last year, investors bought and sold off-plan properties in rapid succession, in a practice that became known as flipping. Mr Haq is said to have promised buyers a return of up to 30 per cent on deposits they had paid on apartments located on Sheikh Zayed Road and in Maritime City, another development in Dubai.
The Real Estate Regulatory Agency in Dubai warned investors in November to be cautious about entering into such buyback arrangements.
A Dubai police officer said: “Mr Noorul Haq is wanted in the UAE. There are 15 cases now against him for bounced cheques that amount to several million dirhams.” A police officer at the bounced cheques department said: “He was arrested in Bur Dubai for a short period in January. One case was filed at the Jebel Ali police station and 14 at Bur Dubai.”
Unlike several other developers who became involved in buyback deals in the UAE, the Sanali Group had a record in property development in India, where the company has launched about 30 projects and completed about half of them, according to its website. But in Dubai the group has not built any of the 11 towers it launched.
Mr Haq left Dubai in February but insisted he was open to talk to his investors. “I did not run away but if I go to Dubai now and something happens to me, I can neither sell nor pay anything,” he said. “I am available to all my customers through video conferencing and I always pick up the phone.”
The Sanali Group website describes the company as “a trailblazing construction company that is at the forefront of the infrastructure revolution”. The section on Dubai claims: “It is estimated that by 2009, based on current growth, your initial financial investment is expected to at least double.” It is unclear when the website was last updated.
Despite the claims on the Sanali Group website, Mr Haq acknowledges that some of his projects will be cancelled. But he hopes he can sell others.
“I have invested around Dh200 million in Dubai. We have 11 projects” he said. “Four towers will be cancelled, including Sanali Hanover and our project on Palm [Jebel Ali]. We can sell plots of land. We have six towers in Dubailand for instance; we can consolidate them into three.”
But some investors remain sceptical that he will raise sufficient funds to repay them. Hanan Rajaeb, a former sales agent with Sanali, who claims to have invested Dh800,000 in a Sanali buyback but does not hold a cheque, said: “Noorul Haq is used to asking for another two-week deadline. He has been saying that to investors for six months.”
Hisham Ansari, another investor, recently travelled to Hyderabad to meet Mr Haq. “We have waited for almost two years and he has not started anything. All investors are joining hands now.”
Back in Hyderabad, Mr Haq still talks using the language of the property tycoon, frequently referring to large sums of money and forthcoming deals.
While his promises may be questioned by many of his investors, he blames the downturn for what went wrong with his company. “I never thought that the market would go down,” Mr Haq said
> Date: Sun, 13 Sep 2009 10:37:44 -0700
> Subject: [Dubai Property Investors] Re: - all projects
> From: in...@bkpgeneraltrading.com
> To: dubai-proper...@googlegroups.com
Sandra van Zyl
King of Dubai
I have 4 floors in Reliance 6 and 15. I want to get the bank written
confirmation whether the money is in escrow account or not but I am
unable to trace the right person. Could you please guide me to go
directly to the concerned person at the bank? Infact I am preparing
for the legal action against Reliance.
Thanks for your help.
On Sep 14, 7:58 am, Sandra van Zyl <kimiky...@gmail.com> wrote:
> Cool, thanks, what a pretty lady to have such a crooked brain!!
>
>
>
> On Sun, Sep 13, 2009 at 9:37 PM, Beny <i...@bkpgeneraltrading.com> wrote:
>
> > Try this face book for Elham sabeti
>
Sandra van Zyl
Law No. (9) of 2009 amending some provisions of Law No. (13) of 2008 Regulating the Interim Real Estate Register in the Emirate of Dubai
We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai
After taking into consideration Law No. (8) of 2007 Concerning Guarantee Accounts of Real Estate Developments in the Emirate of Dubai;
- Law No. (16) of 2007 establishing the Real Estate Regulatory Agency;
- Law No. (13) of 2008 Regulating the Interim Real Estate Register in the Emirate of Dubai (hereinafter referred to as the “Original Law”).
Issue the following Law:
Article (1)
Articles 2 and 11 of the Original Law shall be replaced with the following text:
Article (2)
The following words and expressions shall have the meanings set out opposite them unless the context otherwise requires:
Emirate: Emirate of Dubai.
Department: Department of Lands & Properties.
Establishment: The Real Estate Regulatory Agency
Real Estate Register: The Real Estate Register maintained by the Department.
Interim Real Estate Register: A set of documents kept in written or electronic form in the electronic register at the Department in which all contracts for the sale of real estate and other dispositions off plan are recorded before being transferred to the Real Estate Register.
Real Estate: Land and permanent structures erected on it.
Real Estate Unit: The subdivided part of the real estate including any subdivisions off plan.
Off Plan Sale: Sale of subdivided real estate units off plan or not yet completed.
Master Developer: A person licensed to develop real estate and sell its units in the Emirate.
Sub-Developer: A person who develops part of a real estate project of a Master Developer under an agreement between them.
Broker: A person engaged in real estate brokerage activities pursuant to Regulation No. 85 of 2006 regulating the Register of Real Estate Brokers in the Emirate of Dubai.
Competent Authorities: The authorities concerned with licensing and registering real estate projects in the Emirate.
Article (11)
1. In the event that a purchaser defaults on any term of the contract he made with the Developer for the sale of a Real Estate Unit, the Developer should notify the Department accordingly and the Department will then give the purchaser 30 days notice to fulfill his contractual obligations, by hand, registered post or email.
2. If at the end of the period referred to in sub-clause 1 of this Article the purchaser has not fulfilled his contractual obligations, the following provisions should apply:
a. If the Developer has finished not less than 80% of the real estate project then the Developer may retain all amounts paid and request the purchaser to pay the outstanding amounts of the contract value. If this not possible the Developer may request the sale of the real estate at a public auction to obtain the outstanding amount.
b. If the Developer has finished not less than 60% of the real estate project then he may terminate the contract and forfeit not more than 40% of the real estate unit value as mentioned in the contract.
c. If construction of real estate projects has commenced but has not reached 60% the Developer may terminate the contract and forfeit not more than 25% of the real estate unit value as mentioned in the contract.
d. In projects where construction has not commenced for reasons outside the Developer’s control and without any neglect from his side the Developer may terminate the contract and forfeit not more than 30% of the amounts paid by the purchaser.
3. For the purpose of paragraphs c and d of sub-clause (2) “construction” means that the Developer has taken possession of the real estate project site and has commenced construction works as per the designs authorised by the Competent Authorities.
4. For the purpose of paragraphs b, c and d of sub-clause (2) the Developer must return the due amounts to the purchaser within one year from the date of termination or within 60 days from the date of resale of the real estate unit whichever first occurs.
5. Notwithstanding what is mentioned in sub-clauses 1 and 2 of this Article the Establishment pursuant to a report may decide to cancel the real estate project and in this case the Developer should return all amounts collected from purchasers as per the procedures and provisions stated in Law No. 8 of 2007 concerning guarantee accounts of real estate developments in the Emirate of Dubai.
6. The provisions mentioned in this Article do not apply to plot sale contracts where off-plan sales in the plot have not commenced as in such case it remains subject to the terms mentioned in the contract entered between the two parties.
7. The provisions of this Article apply to all contracts entered into before this Law came into effect.
Article (3)
This Law shall be published in the Official Gazette and shall take effect from its date of publication.
MOHAMMED BIN RASHID AL MAKTOUM
RULER OF DUBAI
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To: (Real Estate Regulatory Authority) RERA We are Reliance 3 investors and hereby send our petition with more than 70% of Buyers signature and reference. Please be noted that, Reliance presented the project via a reservation letter promising that the project will be completed by September 2009 and all buyers will receive a written contract shortly. Although most of the buyers’ first payment for Reservation and 1st installment was on early 2008 the contract was presented to buyers on early 2009. The regarded contract included a lot of unfair terms and conditions and was not signed by most of the investors for the following reasons. 1- No exact or even estimated date of handover mentioned in the contract other than vague explanation of the regarded terms.
2- It is one sided contract without any right for Buyers to refund their investment in case of Seller’s defaults.
3- There is no penalty mentioned for seller’s defaults (delay)
Moreover, most of payments that we have made in the name of Reliance Co. is not in escrow A/C (Bank confirmation are enclosed) & we wants to know where is our paid money now?!!!! Therefore, we have doubt about transparency of this Company and more than 70% of Reliance 3 investors want RERA to check the above and make the following arrangements: 1- Reliance should provide us with the exact date of the project handover (penalty if the project is not ready by the mentioned date). 2- Reliance has to offer us credit notes (reliance should clearly explain the credits) for losses caused by reliance delay. 3- Reliance has to revise its prices to current market price. 4- If any of the above is not fulfilled reliance has to refund our investment. If reliance failed to satisfy our demands we request that RERA to take the necessary actions according to declaration rule No 9.
Thanking you in advance for your help and concern.
Regards
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