Royal Estates Site Picture Update (Latest pics) !!

Here are the Project Images taken End Of February 2009. The Panoramic VIEW (we tried as best as we could :-)) - we can clearly see that even after 14 months of our first installment - all that is there - and till where we could see - is SAND and no buildings (no SITE OFFICE or anything of that SORT). What we could see is only a Sand Road - and that too leading to nowhere.

By the way - they are advertising that they are building a SITE Office there- but in our site visit (around 1 1/2 weeks back) - we could not find anything there. The rest is clear in our images.

As per them the Infrastructure contract is given - but according to the WEBSITE of that CONSULTANT - they are doing still a STUDY of TRAFFIC Impact for RTA's approval. To start with RTA's approvals are not that easy to get and hence we can safely say that this project is MILES away from even breaking ground.

Any Comments?

Thanks and Regards,

RERA Law - Copy

Dear Investors,

Please find below the SCREENS of LAW with RERA regarding the Property Sale in Dubai.

Please refer article # 11 Point No 2 - that clearly stipulates that a DEVELOPER can only keep 30% of the PAID Value. Again - there are already several confusions with this law - but still worth to know as an investor.



Thanks and Regards,

New Payment Plan!

Yesterday - I recieved a new payment plan details for my REGENT park office at the Royal Estates Project.

The new offering seems to look like this:

Pay the remaining 85% of money in 90 Installments. In 30 months the construction is going to finish - and on handover (we would still have 60 months to go for the monthly installments) its our decision to take the monthly route or arrange for a MORTGAGE.

Who is this new thing serving. Investors - Definitely NO. Developer - Definitely YES.
Lets see how this NEW thing unwraps itself
1. I paid 15% of 1.4 Million - that comes to around 212K Dirhams.
2. Divided the 85% into 90 Months - that comes to around 13K Dirhams per month.
3. Then by the above plan I have to pay 13K for 30 months - that comes to somewhere 390K

If I consider my old plan
1. I paid 15% of 1.4 Million - that comes to around 212K Dirhams
2. I need to pay another 15% - that another 212K Dirhams - and thats it. I dont have to pay anything else till handover. Added to this Aristocrat people (all LIES) - told us that they would arrange a mortgage partner for us. Now the same people are telling us to arrange for mortgage ourselves.

The mortgage industry is going thru a rough ride now - and I do not expect it to get better in atleast 1 year from now. And again thats the most optimistic view. And how the hell they expect us to pay 13K per month for 90 Months - that is simply rediculous.

And why would I end up paying 180 MORE as per the new plan! I just cant get hold of this stupidity.

And Still the headlines of GULF NEWS on 6 Jan 2009 says - INNOVATIVE and ENCOURAGING Payment plan for PALISADES!!!

Things that go against PALISADES
1. They have not yet started a SINGLE thing at site - I had a site visit last Novemeber. Nothing has moved.
2. AS per RERA - all OFFSITE projects need not take more than 20% - and rest should be paid in accordance with the construction progress.

Do they know that NO Investor is going to take this option? Or they know that very well and want to knock off the project officially citing INVESTOR INTEREST WANING - theory?

Comments anyone?

The Royal Estates Project (at Palisades Dubai) - Investors Hangout

Dear Bloggers,

This blog is dedicated to the issues relating to the THE ROYAL ESTATES Project - in Dubai Investment Park - both the commercial projects (the REGENT Business Park) and the residential community development. THIS NOT IN ANY WAY CONNECTED OFFICIALLY with Aristocrat Investments or other parties involved in the completion of project. This is only a platform to put investor's thoughts and issues and to share it with other investors.

As an investor myself in this project like hundreds of other people like you - I felt the need for a platform to express our opinion and let know others what is in our minds thinking on the current state of THE ROYAL ESTATES project in specific and Dubai Realty market in general.

This blog could serve as a source of information to make decisions that are in the best interest of the investors - and learn from each other's experiences - and possibly channels the thought processes together to one stream.


Have your say - and lets get BLOGGING.


And once again - thanks all for visiting this BLOG.