My experience with them is so bad since the time of the old developer, KM Properties. They were not just cheating on floor areas they were in fact stealing money.
There is a major discrepancy of over half a million AED between the amount of money I paid and the amount received and shown under the escrow account of the project. I told KM Properties from 2008 that I will not make any further payment and I will not sign any contract until this issue is resolved. However, since then no action was taken from their side. Now, IAH have inherited this problem and I am not sure how they are going to deal with it. If you know one, and I know another one, we are already 4 investors with the same concerns: changes in the area, new additional terms like the right to increase the price (! As I said originally, it is important to get as many dissapointed investors as possible in order to get our voice heard when we complain. I offer myself to collect and coordinate info, but we need the invaluable help of investors residing in Dubai, as many of us are abroad and therefore contacts with RERA and others are not so easy. As I said originally, it is important to get pdl loans as many dissapointed investors as possible in order to get our voice heard when we complain. I offer myself to collect and coordinate info, but we need the invaluable help of investors residing in Dubai, as many of us are abroad and therefore contacts with RERA and others are not free money loan so easy. The whole point of forums such as this are for people to exchange pdl loans pdl loans infomation and views openly. If everything is done by private message or email this forum would be dead.
Please use private messaging and email each other only if the information is confidential or delicate. That way EVERYONE can benefit from the information. The developer is a company called The Developer Properties LLC , as it shows in the new PSA contract you must have received. They have crated small cash loans this company to conclude stalled projects and ensure completion (interesting enough, they have only engaged in the 2-3 projects that KM properties did not conclude.. I have one unit and received the new contract that I will never sign. Size cut has no formula since each investor got different size cut using the excuse of common area. Interestingly enough discount is also given with different figures to each unit, just randomly I guess.
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I online credit check free have no intention to sign whatsoever and will seek a group to join for legal claim against original developer since new developer has no credible status even in RERA. It seems there are about 160 unfinished developements and IAH has been given these 3 and if they do a good job, then more will be given to them.
It seems there are about 160 unfinished developements and IAH has been given these 3 and if they do a good job, then more will be given to them. I think you are referring to the ratio gross to net area, right? Thanks Paparulo for your initiative in setting up this forum and thanks to all members for their great contributions. I just received my 2 contracts for the 2 office units in Tamani Arts. Just like everyone else the floor area was reduced from 573.
In my case, I never had a signed SPA with the old developer because of a major discrepancy in their records for the payments I made to date.
I refused to sign the SPA at that time when KM Properties was proposing an increase in the floor area, because of the emergency loans for single mothers disputed payment amount and also because there was no completion date stated in the SPA. The only signed document I have in my custody is the preliminary sale agreement where the unit area is 53.
I agree with everyone not to sign this new SPA with the reduced floor area. If the unit turns out to be bigger on completion, the developer may not claim the difference in value and if the unit turns out to be smaller then the developer must compensate the purchaser for the difference unless it is marginal in which case the developer would not be required to compensate the purchaser for the shortfall in the area. Please have a look at the office spaces currently for sale at Tamani Arts and its current prices.... I have one unit and received the new contract that I will never sign. Size cut has no formula since each investor got different size cut using the excuse of common area. Interestingly enough discount is also given with different figures to each unit, just randomly I guess. I have no intention to sign whatsoever and will seek a group to join for legal claim against original developer since new developer has no pdl loans credible status even in RERA.
I am also in the same boat and has invested in 2008 as second buyer in unit with 1205 gross sq.
Finally I just have received this new SPA and I have never in my life seen such a vague SPA in favor of developer!! Absolutely not acceptable terms and if you also have these conditions DO NOT SIGN SPA and let us stick together. I have a good legal advisor I can recommend to run our case in common??
If you know any other investor in Tamani Arts, please invite him to join the group.
We are all facing the same problem and we need to work together as a team to achieve our common goal. Of course your contact with a legal adviser is certainly a plus to the group, because we might need his legal opinion very soon, and share the cost for his legal fees. I have contacted 4 different real estate agents to get info as a potential buyer on the Tamani offices available for sale. All four have stated that Developer Properties LLC is related to the government that came to rescue some stalled project in Dubai... As I mentioned before, I could not find anything about that topic on the internet, and where is the best place to get a personal loan the developer is NOT in the list of approved developers on Rera website. HOWEVER, one of the real estate agents contacted Rera vie email and got a confirmation on that the developer is approved, plus he provided a couple of names and contact phones for them..
Anyway there was no mention about government origin, nor why they are not in the list of approved ones.... I think it is necessary a personal visit to Rera by someone in this group living in Dubai, as we need to know for sure whether or not we are to discuss our concerns with a government sponsored group..
I can understand your concerns and the dilemma we are facing with Tamani Arts investment. The owner of the Developer Properties LLC is not only related to the Government i. In the West this could be a conflict of interest situation, but here in our region it is a common practice to see royal family members holding governmental quick cash loans for bad credit as well as business positions at the same time.
I believe there is nothing wrong in consulting an experienced real estate lawyer and getting his legal opinion. After that we will evaluate the risk and decide the next course of action. Someone suggested appealing to RERA but again the person who is advising me told me that RERA will not get involved at this stage. Work has resumed at very slow pace on stalled projects taken over by IAH from KM Properties. At present, brokers are selling off units located in B2b, Tamani Arts and Park Lane at low price based on net area. Further, revised SPA is Developer friendly and comes with rigid clauses.
I represent investor and follow up closely with Dubai Land Department on projects of KM Properties. Note from moderators: No direct advertising or contact information is allowed on the forum as this will only attract spam. I am advised by someone who is working in real estate in Dubai, that I must go to Dubai Land authority and open a case. They will look into the dispute and give their decision. We are open to the idea of hiring legal counsel to address the issue. We all have written to them and there has been no replies. As I said in my last post, I have been advised to open a case in courts in Dubai, and they will look into it. But it seems that we should not sign the new contract. My net area is actually less than half of the gross!! I am meeting AMLAK next week and will ask them not to sign the SPA.. New Developer cannot waive off obligations of Old Developer 3k loan towards investors. Please inform how many of you have received Oqood registration document from Dubai Land Department.
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