HighRise Real estate,Not refunding monies paid

T
This review was posted by
a verified customer
Verified customer
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Hi All,
My name is Tom Lynskey and I am emailing you in relation to a query about Jumeriah Business Waves Towers and the Developers High Rise in Jurmeriah Village South, Dubai. It has been over two years since we have paid over our money and we are getting no feedback from them. We are extremely worried about our money and the whole situation. The project has not even started and we want to know where our money has gone? We want our money back.

They are saying that Nakheel has delayed the project by over 2 years in handing over the land in Jumeriah Village south due to changes in the master plan? Can you confirm this? They are saying that The land Department has instructed High Rise to reduce the number of buildings from 5 to 3 and to proceed with the construction of the Business Waves Tower, estimated start date July 2009 with anticipated completion date of late 2011? Again can you confirm this?

Let it be known that we are going to get our money back. This is not fair and totally unacceptable. Having Arab relations and having visited there numerous times, this issue is leaving a very sour taste in my mouth. My family and I are really stressed about this and it is having an impact on our lives.

Looking forward to your opinion and response.

Kind regards
Tom Lynskey
[protected]

Responses

  • Sf
    Sfor911 May 20, 2009

    Hi Tom,

    I know how you feel, because I have also invested with high rise properties in their buy back deal. My cheque was supposed to get cash in january but guss what happend, it didn't :(. I have filed a case against high rise properties in Al-Ain in Feb 2009. Police couldn't do anything so they forwarded my case to the court and last month I have received a letter from court saying that Abdul Hakim Al Tayre the owner of the company didn't attend his hearing and thats why they gave him one year's sentance. Its been one month since the court's verdict and still police is not doing anything to him.

    I am not sure whether you are aware of thisor not but there are at least 8 other people who filed the similar case against high rise properties. I personaly think this company (High Rise Properties) is not planning to construct any building in near future so if you can then take your money out. Don't ask me how? Because if I would have known, I would have taken my money out by now.

    Unfortunatly the owner of the company is an ARAB and he is from a big family thats why police is not doing anything. I will suggest use whatever legal source you can to presurasise Highrise Properties and Dubai's Police authority so that they will take an action against them.

    If you need I can send you a list of all the investors who filed a case against Highrise Properties with their case numbers. You can contact me on [protected]@hotmail.com

    Regards
    Sohail

    0 Votes
  • Ka
    Kamal R Oct 22, 2009
    This comment was posted by
    a verified customer
    Verified customer

    I am agreed with all comments posted by investors. High Rise properties is really crushing the feelings of investors [censored]ding our money last 3 years without any feed back & communications of project status. This is totally against the law keeping others money without any info.

    If Hakim Al Tayer is genuine & from big family he must realize the matters becoz collected money by his company is my life time earnings it is not only after my hard work but also highly vital for my family.

    Please refund our money immediately.


    Mr. Hakim Al Tayer "If You Can, Help Others; If You Cannot Do That, at Least Do Not Harm Them."

    Regards
    RK
    [protected]@yahoo.com

    0 Votes
  • Na
    Nazia bilal Oct 13, 2019

    @Kamal R I invested in 2006 nothing received from there end .

    0 Votes
  • En
    enmayed Nov 18, 2009

    sick of high rise, sick of rera, , have an appointment with the legal affair manager over rera tomorrow 19-11-09
    this is not fair, i am paying the bank now, , , high rise stole my money
    [protected]@hotmail.com

    0 Votes
  • Ge
    geronimo123 Nov 15, 2011

    Nakheel part of DP World and owned by the Dubai goverment, famous for its man made islands in the shape of a palm three, which they call the 8th wonders of the world.
    Less famous is the fact that thousands of investors and residents bought a property on the 2nd man made island called the Jebel Ali Palm, these people bought their homes from beginning 2004 either direct from Nakheel or in de secondairey market from investors, why did they bought these homes ?
    For the simple reason, Dubai was booming, safe, a pleasant country to live and ruled by its modest rules Sheikh Mohammed who once made the comment that anybody investing in Dubai would not loose money or its investment.
    Than the year 2009 after initial denial that Dubai was hit as well by the real estate market the downturn came swift and quickly and its flagship DP world had to restructure its debt or gone bankrupt, the sales commercial and sales story that Nakheel was a safe company as it was state owned, was the real fata morgana and Dubai had a debt of approx 80 billion USD. The friendly neighbouring Emirate of Abu Dhabi helped Dubai to restucture its debt by varions long term loand of billions of dollars which Abu Dhabi could do due to it rich oil reserves.
    All investors in the Jebel Ali Palm knew that there where problems and the letters from Nakheel that due to the crises the project was delayed from initially completion in 2008 till 2012 was bad news but still manageble and understandable by most of the buyers, Nakheel offered to swop payments to other quicker to deliver projects or a payment in 5 years of the initial sum without any intrest.

    Many of the buyers had waited sometimes as long as 7 years decided to wait untill the project would restart as contractually there is an signed document between the buyer and builder and both parties have their obligations to meet, than we are no closing in on 2012 and nothing still happens, Nakheel seems to be in normal shape, DP World had restructured its debt but business for the buyers in the Jebel ali palm is far from usual.
    Nakheel explains that the project is on hold untill further notice and that the buyers need to swop their payments to other projects, still many are reluctant as still after alll these years it is a pretty good opportunity to obtain a home in a once of a lifetime opportunity.
    What looks the plan, Nakheel want all original buyers out and will relaunch the project in the future for a lot higher prices than what they had sold these houses to the buyers.
    Nakheel is offering plots on the Jumeirah palm for proces more than double from the Jebel Ali prices and than this price is for the plot only, so double the price and still have to built your own home on at for your costs, so the total price will be 3 times the price of the initial selling price.

    In other countries the above would be enough for a class suit and get the company before the judge, however this is Dubai or in this case the Wild East, where govermental companies suddenly do not fall under the responsibility of the goverment ? What I believed that just because of that govermental structure most people believed that investing in Dubai was safe, who said once that nobody would loose money ? or who was it who said only a wise man can write on water ?
    Personally I believe that Nakheel has used all the funds of these buyer to pay for other obligations, so they do not have the funds anymore, So all with all also in Dubai they have their own Madoff, the only difference is that the investors here are ordinary home buyers, who felt left alone by the goverment they considered helping them while they invested not only money bt also themselves and their families in Dubai

    0 Votes

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