Thursday, July 09, 2009

Ajman's Lake View Towers yet to take-off

Investors of Lake View Towers in Emirates City of Ajman have filed complaints to the regulatory agency of the emirate and the police, regarding the status of the project.

About 500 investors have paid Dh.120mn so far, towards their units in Lake View Towers, being developed by Lake View Real Estate Developers, but the project is yet to see the light of the day.

More than 40 complaints have already been filed at the Al Refaa police station in Dubai and with Ajman's ARRA (Ajman Real Estate Regulatory Agency), but no action has so far been taken, an investor said.

According to a spokesperson in ARRA, the police are carrying on investigations, and ARRA will do its best to protect the money of investors and will ensure transparency in law.

The Administration Manager of Lake View Real Estate, Suhail Gani Quraishi, said that the developer has registered and it is only the short-term investors who intend to wriggle out of the project. The people who have complained require their money back, and a lot of it was short-term investment.

About 90 percent of the registration process is complete and only some final documents are required to complete it, after which construction will begin, Quraishi said.

ARRA recently established a dispute committee to deal with such issues.

4 comments:

Anonymous said...

Hello, I am also one of investor of Lake View Tower, where I can meet other investros ? Any forum ?
Regards

H777 said...

I am also one of investors of Lake View Tower and would like to communicate with other investors to discuss what can be done with this developper.

Anonymous said...

Hello to all,

We have orgnized a group, as i am myself have bought a property: please contact me at ennyahmed@hotmail.com

If we unite and voice ourselves together, the authority will have to take some action.

Thanks

Anonymous said...

Please note that Mr. Aman qureshi is now in prison. This project is not going anywhere