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Group set up to fight Damac with their plan to cheat investors in the Palm Springs, Jebel Ali development. Click here to read main article.
Damac has announced a 6% per year compensation for the Palm Spring project.
First of all, Damac should check the contracts which it sends to the buyer, asking to pay 2% per month for the amount delayed by the customer.
Secondly, Damac is not a banking company,which gives interest on the amount.
Thirdly, it has bought the land from Nakheel which is worth 4 to 5 times the original purchase price.
And last but not the least, it is starting a precedent which is very dangerous for Dubai, where people had been investing money on trust, and this is contrary to the vision of Sheikh Mohammad.
RERA should not be sitting on this type of complaint, instead it should take a very strong action against DAMAC
Damac Double Policy, Posted by M.Iqbal, Sharjah on 2 April 2008 at 22:32 UAE time
palmspringsgroup@gmail.com
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Comment by michael hof — 17 March 2008 #
Hi
please post us your exerience. We are also vitims of this Dubai property market.In our case we are in conflicts with Nakheel,DMCCA and Al Fajer, all companies ownded by the Maktoum Family. There is no different in the behavior like you know from Damac. So it seems to be common what they are doing.
Jumeirah Lake Towers (monay projects cancelled), Jumeirah Palm, Jumeirah Islands, Marina, International City and so on….. if I count all this porjects within this areas together there are more than 10000 victims like us.
And who is always the Maste Developer???? Nakheel ( 100% ownend by the Goverment !!!!!!!!)
We have already written to RERA… but simply no answer, even not to our lawyer.
As more as we can collect and publish of experiences from the victims who believed in them and who loved to be in Dubai, we can show the international public whats realy going on in this high reputated Dubai property market. Please help to set up a strong community.
Thank you
Comment by sheikha — 28 March 2008 #
If DAMAC’s action is upheld then I am sure that there will certainly be an effect on investor confidence for property in Dubai. If such a prominent company can manage to pull a stunt like this and effectively renege on their contracts then it has to set a pecedent for others. Personally I would like to see Palm Springs built either on the original plot or on another plot provided on Palm Jebel Ali and I really dont understand why the Master Plan could not have accommodated this in the first instance. Continue the good work and dont be intimidated by the time pressure being applied by DAMAC’s finance dept.
Comment by Dr — 29 March 2008 #