Pyamod concerns around investor property

hi.
i bought one bed apartment in this project (gs2 PYAMOD ) and payd 30 persent PRICE .the counstruction hasnot started yet ,the agents dosnot reply to me .i think we have wasted our money .all of them are froud.if some one decided to take an action aganst companiy please inform me .what should i do? if some body help me i am ready to give all its fees.my mob number in iran is:
+98-917-171-1874
best wishes

hi.
i have bought one bed room apartment in this project (gst2 or german sport tower 2 PYAMOD ) and paid 30 persent PRICE .the counstruction hasnot started yet ,the agents dosnot reply to me .i think we have wasted our money .all of them are froud.if some one decided to take an action aganst companiy please inform me .what should i do? if some body help me i am ready to give all its fees.my mob number in iran is:
+98-917-171-1874
best wishes

Hi,
I have purchased from them atudio at GST1, paying 50% of the apartment 3 years ago, 6 month ago they informed me that they have transferred the payment to escrow account and now asking me to pay 5000 dr to register the unit to my name through land department. I am ready to join you for any joint action against PYAMOD

Hi to all,

I am a client of Pyamod and i had invested my money in 4 units owned by this company.I do know that the company has problems,but what i do not understand is why people waist their time to change pieces of newspapers just for fun.The original article is below and has nothing to do with Pyamod.The person how posted this had only changed names and locations…..Pathetic…

Wednesday 27th May, 2009

Dubai property market beset by fraud claims
Big News Network.com Thursday 24th April, 2008

Claims of scams, fraud, and embezzlement are hitting the real estate market in Dubai.

The multi-billion dollar construction craze which has attracted investors from all over the world, has seemingly brought in unsavoury types who have been preying on the never-ending appetites of locals and foreigners lining up to invest in the market.

A UK company which claimed to have acquired a 900-apartment plot in the proposed Jumeriah Village project, has reportedly sold off apartments in the plot, with no prospect of them ever being built. The company, Strategic Property Investment, and its associates, William Cowe and Mark Emlick, are being investigated by Dubai and UK authorities.

Dubai authorities are also investigating the mysterious Al Areifi Tower being constructed at Dubai Marina. As we reported several weeks ago, Khalid Saud Al-Areifi & Partner Co., of Riyadh Saudi Arabia, sold several hundred apartments in the project off-the-plan some years ago, taking full payment upfront.

In recent weeks the owners of the apartments have been receiving telephone calls and faxes from Al Areifi representatives in Saudi Arabia advising them construction on the project had stopped and would not be resumed. Investors say they have been offered their original cost, plus interest, back.

We have sighted one of the letters sent which verifies the investors’ claims.

When we visited the site two weeks ago we found construction in full swing. We contacted the builder on site who confirmed there had been no disruption to the construction and it was proceeding at ‘full steam.’

Reports are now circulating that Al Areifi sold the site to the newly-formed, Abu Dhabi-based, Eskan Properties. A report in Gulf News Friday, however quotes a company spokesman as saying, ‘We sold the tower on again a week back.’

Having bought their apartments and paid for them in full, well before construction started, investors are now wondering how ‘their’ apartments could be on-sold, on two separate occasions since.

Several calls to Emaar Properties, the master developer of Dubai Marina, where the project is sited, have not been returned.

Meantime the investigation into the conduct of the former CEO of Dubai’s second largest property developer, Deyaar, has been widened. According to Dubai’s Attorney General, Essam al-Humaidan, a second person, Ganesan Krishna Kumar, 49, has been arrested in connection with the investigation. Kumar, originally from India, was a co-founder, and is managing director, of the Dubai-based advertizing agency, Masterbrand (ME) Ltd.,

Two other men have also been detained and questioned, but have since been released.

Zack Shahin, Deyaar’s ex-CEO is being probed in relation to claims of possible embezzlement. Deyaar has more than 1,600 apartments, as well as retail, and office complexes, under construction in Dubai.

The glitz and glamour of Dubai’s red-hot property market must be feeling the heat of the latest troubles, coming on top of the debacle surrounding the Damac project on the Palm Jebel Ali.

Damac, which claims to be the largest private property developer in the Middle East, sold apartments off-the-plan in what it called the Palm Springs project, a luxury apartments and resort project on the Palm at Jebel Ali.

Four years after launching the project, Damac wrote to investors saying it had been abandoned as the master developer of the Palm had changed the plans and the project could not now fit the site.

Within days the master developer, Nakheel, announced it was unaware of Damac’s claims, and that the changes which Damac referred to had been made ten months earlier, and Damac was happy with them.

A hastily convened meeting by the authorities, involving Damac and Nakheel, resolved the matter, with Damac agreeing to proceed with the project. That action averted a class-action lawsuit against Damac by at least sixty angry investors, most of whom were from the UK.

Regards,Lambe

Hello

My name is Soheil and I come from Sweden, but Originally from Iran. My grandmother have paid around 1.200.000 Dirham, for 2 apartments in sports tower, she is asking me what happend with the project, what happend with pyamod? Anyone have answers? Please Write to my email: Soheilrajab@msn.com

ciao sono fabio, io e un mio amico abbiamo acquistato dalla Pyamod due studio nella German Tower 2 in Sport City. Abbiamo pagato l’85% del prezzo pattuito rispettando tutte le scadenze contrattuali. A Giugno 2008 avremmo dovuto avere i nostri immobili ma i lavori non sono mai iniziati.Le motivazioni addotte dalla società sono che vi è un contenzioso con le autorità di Sport City per una strada che passa proprio nel lotto di questo palazzo. Ho scritto alla società e non ho mai avuto risposta.Adesso questa società è stata venduta e Roland Paxino non è più l’amministratore delegato.Mi dicono che il prossimo Gennaio si saprà se il progetto verrà spostato. Qualcuno sa qualche cosa più di me?? Sono pronto a partecipare a qualsiasi azione legale con chi ha gli stessi miei problemi

Here is the Italian to English translation:
Hello, I am Fabio, I and my friends have bought from two Pyamod study in German in Sports City Tower 2. We paid 85% of the price to meet all deadlines in the contract. In June 2008 we should have our property but the works have never iniziati.Le reasons given by the company are that there is a dispute with the authorities of Sports City for a road that runs right in the plot of this building. I wrote to the company and I never had risposta.Adesso this company was sold, and Roland Paxino is no longer the administrator delegato.Mi say that next January we will know whether the project will be moved. Anyone know anything more about me? I am ready to participate in any legal action with those who have the same problems my

I have 4 appartments taken GST-1, made almost 70% payments, after hearing a lot and sent them the waring letters they turned back saying good news, project will start in jan’10, but it was fake only as thee is no sign of that, then i decided to visit them, we found all together a different story, the company had been sold twice and they dont have the money few phillipino ladies were sitting there joking and laughing together seems we entered in a restaurant, there was no response when we asked then a phillipina came to us told that she doesnt know anything, company doesnt have the money at all to refund to their investors. and funny part was she told that they ar not entertaining any refund cases, even she thretened us “do whatever you want to do.” later she whispered “even govt can do anything” we are in hopeless stage.

now i asked and request to all the investers with this cheater company, please let us come all together, write to the local media and make a forum and comlaint together to the honorable courts of dubai, this company is a dirty shit, and eating the peoples hard earned money in front of our eyes.

so please investors love your money, recognies your values and join together against these cheaters.

regards,

gautam

mobile +971 55 248 1100

Hi all,

I own 4 units (%25 paid) in GST2, 4 units (%30 paid) in GDET, and 2 units (%10 paid) in MMT, unfortunately construction didn’t start except for MMT. After several months struggling with their lousy customer service employees, who are complete retards and act like absolute idiots, I requested a meeting with the new CEO and I succeeded in meeting him the next day itself.

I explained my issues to him and my request of getting a refund for my units since construction didn’t start yet and urgency of this money to me at present, he explained that they are in the process of solving the problems of all projects as follow:

- Conducting an internal audit for all projects accounts.
- Restructuring the company and associated projects in order to come up with solutions to clients.

In the meanwhile they’re trying to get necessary NOCs for the building permit from concerned authority and shall start construction immediately; well to be honest he proved to me that construction has started on MMT 1 week after obtaining the necessary NOC.

He also showed me some documents which proves that their companies are registered as approved developers with RERA, as well as all projects are properly registered and have escrow accounts. We also double checked it on RERA web-site in which it confirmed the same. He also proved that all my units are registered properly in the Land Department’s system, and indeed all my units were registered under my name. They also have a RERA approved payment plan linked to construction which I saw.

What I understood from him that they have acquired the company recently and their top priority was to put all legal documents in place as well as getting the building permits and NOCs which takes time. And he confirmed that within the next month construction should start in all projects.

Unfortunately my refund request was not accommodated; however, he advised me to wait until the next month and witness the construction of other projects.

The CEO was very helpful and it seems that the new management are very serious about the projects, but I believe that they came tooooooooooo late and I really hoped that they were their at the beginning.

I consulted several friend lawyers and all have different opinions about my refund case. Some encouraged me to seek legal action while some have advised me not to since legal fees could cost me more than what I have paid. I really hate to pay anything for lawyers and get zero result, since I don’t have that much resources at present.

I am completely lost, can you help me cause I’m in a desperate need of money.

Hi Everyone,

Firstly I and my friend both purchased studio apartments in German Sports Tower 2 in August 2006……. I guess that was the worst day of my life……lol Since Paxino done us all there have been two more new CEOs but I guess they have all learnt the same script as they keep saying the same…… I am from London and I have other properties In Dubai and they touch wood are OK….. Pyamod are not good developers and I have lost all my faith In them…. I travel Dubai very often almost 3-4 times a year and currently I have a court case with them Since 2008 November……Legal fee’s are expensive as they can cost almost the same or more of what I have Invested…….Well Currently I am In the middle of court proceedings and I am hoping something good can come out of this case……..I just feel Sorry for every single one of the Investors who have Invested with Pyamod….. We just dont all realy know what to do with this company……well If there are any outcomes on my case I will Inform you all……..

Hi guys,
I also invested 210,000 Dir at GST1. I visited the company one month ago and talked with a girle named somayeh, she repeated the same routin lies that the project will start in 6 month. She also told me that they have not money in their escrow accounts and all i can hope for is to somone important to come and purchase this company. I think we have is to forget our investment. The only workable way is to come together 40 -50 investors and make a poerful voice to rera and this company. I am ready to join. Tel. 971501500136