Hi, I`m new, and have purchased in the above development. Has anybody else bought here? Does anybody have any info regarding the current stage of construction. The project has been delayed for atleast 1 year - do we have any right to extend our payment plan? I have paid nearly 40% with nothing to show for it.


Cheers....

hi, we have paid 100% of it!...and nothing to show for it. we were expecting it to be built early next year so we paid the full amount as the exchange rate was good. Now it wont be completed until at least 2 years from today! The contract does give us rights for compensation for every month of delay which should help knock down our purchase price. It would be great to keep in touch with someone else who has purchased here, particularly for piece of mind - so please drop me an email - hittess at hotmail dot com (would not let me type it in properly) and we can keep in touch

regards

hittess

Thanks for the reply Hittess. Have you received a freehold contract yet or just a leasehold? We have been told that they are still only issuing leasehold contracts for the time being, even though they are selling apartments as 100% freehold. Also, they are not releasing the final pictures of the building yet - they have made some changes and now nobody knows what the building looks like - there may be some nasty surprises ahead......

Cheers....

Hi Hittess & Pint of Guinness

I have also bought an apartment in the above development. I received my freehold contract back in February this year.
I was unaware that they are not releasing the final pictures of the Building yet. I was under the impression that the building would resemble the original marketing pictures.

I have paid 7 out of the 8 payment installment plan, holding onto the final payment upon completion. I was also unaware that we are entitled to compensation for every month of delay (I'll have to fish out my contract) so thanks for pointing this out.

What date have you been given for completion, as the last info I had was late October 2008.

Hope to hear from you soon

DianeH

p.o.g check your contract if u have it.I believe if a project is delayed more than 6 months u can get a new paymentn plan.As for hittess,u didnt need to pay 100% in one go,I hope u got a discount for that.When I brought in dubai from the Uk I arranged forward financing with my currency exchange company.I secured a rate for the length of my payment plan so will call of the monet when I need it

Hi DianeH. When you say you received your freehold contract, is it an actual freehold contract, or a 99 year leasehold with a promise of conversion to freehold later. I was told that Lokhandwala were not issuing freehold contracts until the building is completed. When did you purschase?
Completion is stated as being 24 months from the commencement of construction, and since construction hasn`t started yet, I would imagine the 2008 date is very optimistic (my guess is 2010).

Cheers...

Hi P.O.G
I purchased in July 2006. (Sorry to mislead, I don't have the actual contract).
I says in the letter I received regarding Leasehold/Freehold that Lokhandwala Builders are still issuing documents under Leasehold to avoid confusion, but upon clearance from Dubai Sports City Management they will issue an Addendum/Amendment to clarify the Freehold Sale & Purchase Agreement.
When I purchased, completion date was March 2008!

Hi all

I have a letter (I tried to upload but it is oversize) which clearly states that Dubai Sports city is freehold , but still developers are not issuing the contract with freehold.Why?

Hi I have also bought there about 4 months ago. So far paid 20% another 10% is due but they are dragging their heels. Construction has definitely been started. Also the developer is offering 8% guaranteed rental for 3 years, although i have yet to receive contract.

Hi Mpat,

How do you know that construction has definately started? To my knowledge, as of January 2008, nothing has been done yet other than the fencing of the area. Maybe my information is out of date.