Ajman project 'still just desert'.
Dubai: Investors in Lake View Towers in Emirates City, Ajman, have filed complaints to both the police and the emirate's regulatory agency regarding the status of the project.
More than 500 investors have paid over Dh120 million so far towards their units in Lake View Towers 1 5, being developed by Lake View Real Estate Developers, and still "all they have to look at is a piece of desert," an investor told Gulf News.
More than 40 complaints have been filed at Al Refaa police station in Dubai and with Ajman's Real Estate Regulatory Agency (Arra), but "no action has been taken," said the investor.
However, a spokesperson for Arra said that the wheels are in motion for a solution.
"The police are doing investigations. Arra has filed the investors' complaints against the developer who has started the registration process to a certain stage. Arra will do its best to protect investors' money and will make sure that the law is transparently applied," the spokesperson said.
Local property chatrooms are full of concerned investors wanting to know what's going to happen with their investments.
Suhail Gani Quraishi, administration manager of Lake View Real Estate, said the developer has registered and it is only the short-term investors who want to wriggle out of the project. "The people who have complained need their money back, that's it. A lot of it was short-term investment," said Qureshi.
Around 90 per cent of the registration process is complete with only some final documents needed to complete it and then construction will start, added Quraishi.
Arra recently set up a dispute committee to deal with such issues.
Two weeks ago, a group of around 20 investors in Frankfurt Residence, also in Ajman, went to Arra en masse to demand updates on their investments. The developer, Casamia Star, had refused to meet the group.
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