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Sweet Homes Group launches first hotel apartment project in Ajman

akhiabani's picture

Ten years on and no sign

Ten years on and no sign of activity on Rainbow towers they need to ripoff more investors with fake promises. .
welcome to investing in Ajman where you give them money and you get nothing in return...

Laris's picture

Really Sad "There is some one above us he is more powerfull"

Investment Year = 2007
Developer Name: Sweet Homes Ajman
Project Status = Half way though No progress
Paid Amount = 80% as per the agreed terms,
Paid though Escrow Account = YES
Delay in any payment = NO
Default in any payment = NO
Handover Date =2009 - 2010
Terms of Contract = Failed Handover date Later than 2010 – Complete Refund at 6% extra per Annam, Approached ARRA = Yes Several Times (Helpless, Asked to File a case)
Result from ARRA = Issues cannot resolve; Dispute File a Legal case
Cost of Arbitration/Law Suite = Pay extra 50% what paid so far for; Arbitration – (There is no hope of return of investment after Arbitration)
Arbitration Clause in the Contract = Yes (This need to be removed before signing the contract , No arbitration clause can make you to go direct to the court , you can pay almost 5 to 10% extra not 50% as in my case)
Developer Origin = Pakistan
Age at Investment = 44
Current investor Age = 54
Investment Total Years = 10 Years; 1 Decade
Hope of Electricity Supply to the Building = NO; May be after 5-10 Years;
Willing to Swap to another Property = YES
Completion date of another Swapping Project = Estimated Date Only; No guaranteed date of Delivery. Need to Pay Extra (to Swap)= YES (25% More than property value)
Current Market Value of the Property = 30 - 40% Less
Estimated Loss = 50%
Estimated Loss in Life of the Property = 30% (10 Years since Starting the construction Yet not completed) Is the Investment Worth = Definitely NO
Recommend others to Invest = Ask yourself;
We are the 2007/08 Investors of Rainbow Towers – Sweet Homes Ajman Project. Many of us wanted a home in Ajman for our families, Our Dream was to save rent and have our own home! The dream termed to be night mare, 1 Decade to pass, no hope of our money return or the handover of the unit, Our life savings ended up in the hand of unsafe investor - Sweet homes Ajman. We are not gamblers or speculators that invested beyond our means. Our money was supposed to be protected by the Escrow Accounts. We were promised with contracts 6% extra if failed to hand over the unit beyond 2009. Grace period 1 year means 2010 We are in 2017...Investment Year 2007... We are promised about Visa, The Lake, Electricity, Road, Clean Water Etc. Etc. . It is now 2017 with no end in sight... ...No hope of returns. The Developers have defaulted on mass scale since, according to our contracts our projects were supposed to be completed between 2009 and 2010. Until today we have not received any request for an extension of our contracts and no explanation about when they will finish only estimated date, such dates we are receiving 5 times from last 8 years....it’s ongoing process... Asked to pay extra more than market value to swap to another project. Many projects have stalled for years, but those Developers are still allowed to hold our money until "the market improves". Despite numerous contacts with ARRA our rights have not been upheld. Furthermore ARRA is delaying the cancellation of non-vital projects. We feel that this inaction has an additional negative impact on the Ajman economy and more precisely on its real estate market. It is our belief that if ARRA applied the law equally to Developers and Investors, we would be allowed to choose to receive refund of our money as per our contracts and could then reinvest the money in viable projects. If the Developers have misused the money they should be penalized according to the law. How come someone promises to refund at 6% extra if delayed after 2010 and same people asking for more time...? We, hope for the best future of UAE. As Investors in Ajman we ask: Mediate disputes between investors and Developers and come up with practical solutions -don't send everybody to courts...

Consider yourself lucky, I

Consider yourself lucky, I know this sounds like a bad joke, but you still have the privilege of talking to someone who may not listen to you or return your money. Sweet Homes is still around and may someday deliver even if it costs you more. For a majority of investors like me developers like bonyard have fled or developers like Ajman Govt Co Owned AA properties have considered their projects a closed chapter and are beyond the reach of law because they are the law.

Laris's picture

What is the Use Speaking to Deff and Dumb ?

If they would have run away from market, my loss would have been 20 - 25% only, Due to their presence ended up paying 80% waiting for the building or grave yard to complete ? from 2007 to 2017,?

Sweet homes Rainbow 14

Hi Laris,
thank you for above explianation and advice, I have purchased a unit from same people SW in Rainbow 14 ,but i dont have any contract only the IRREVOCABLE RESERVATION CONTRACT , and i paid 140000, purchased date 29 OCT 2007
so in my case still no use of approaching the court?

Many thanks