Investors want their cash back

Investors want their cash back

Dozens of angry home buyers plan to march on the offices of a developer today in a fight to win back their money.

More than 40 people with money ploughed into the Dhs2.7 billion Living Legends project are expected to attend.

The scheme is being developed by Saudi-based Tanmiyat and is part of the stalled Dubailand project.

But a number of those who bought property are upset, claiming that, other than a billboard, there is nothing at the site, off Emirates Road in Dubai.

“We have two units and have paid 80 per cent already, one for my son and one for us to retire in,” said one investor. “We had a dream of owning a house after slogging for 30 years in Dubai.” Another investor, Robert Price, said he has paid Dhs500,000 and added that he had been told the project would be completed by 2008. He said: “Our dreams have crashed. We want our money back.”

The Real Estate Regulatory Agency (RERA)?said that the project was under review by its team.

“We have had meetings with investors to find options that are acceptable for all parties. The developer said it is committed to the project and has appointed a new contractor who has started construction on the villas,” it said.

via Investors want their cash back – Real Estate – Zawya.