How should I proceed against the builder for refund. I have invested in Chapal THE HARMONY. Work 25%complete. now completely stopped, handover date was sep2011.
OWNER NOT AVAILABLE, OFFICE CLOSED.They have shifted to their main business as real estate brokers, but not showing it is theirs. The staff suggests only way to swap to higher cost apartments in Dubai. I have paid 55% of the project and dont wish to swap, but the lady sales rep completely and bluntly says that money will not be given back, it is my only savings.
Since the property is located in Ajman, laws are a little bleak and your best bet is to engage a real estate lawyer and take things further, Its going to be a long-haul, a lot of hassle and costly. In the end you might be able to recover your money but your involvement at 100% will be required and you should be physically present there.
A number of people in Dubai, with better systems and regulations have entirely lost their investment, the projects got cancelled and the builders simply vanished. The money is gone period. You are in a better position and at least you have the option to swap your properties. If I was in your position, I would definitely go for the swap option and try to get my hands on a completed property. At least I would have recovered some part of my investment, if not the entire amount. My genuine advice as per the real estate conditions here in UAE is to definitely opt for the swap option and get a completed property. The phrase "Something is better than nothing" explains your situation in entirety.
I am sorry I am not sounding very optimistic, but I want to be realistic and not build up your hopes. Hope this helps and let me know if you have any specific questions in mind.
Can you calculate your loss? How much will you be losing in the deal.
The rate in Marina or JLT varies from building to building. What is your property size, studio, 1 bed etc. Let me know the size and I can give you an idea of the range.
Also give further details about the swap deal. What are they offering?
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