Rufi Global City – Problems

Rufi Global City, a housing project initiated somewhere around 2003-4 in Karachi, Pakistan is yet to be handed over to the plot owners even after more than 12 years of starting. The builder has been promising the possession to allottees since 2008 after getting full payments from them. Till date there is no final date from the developer apart from the usual excuse of lease being on hold.

Following Facebook page has been organised by disgruntled plot owners to raise the voice regarding the builder’s silence over the issue and to give a platform to all the affectees to raise the voice and share common concerns:

https://www.facebook.com/pages/Rufi-Global-City-Plot-Owners-Platform/1537072616581381

Please LIKE the above Facebook page for interaction.

Al Khaleej Builders and Developers – Karachi (Owner’s Forum)

The page is about the individual owners of apartments booked for the project of Al Khaleej Towers by Al Khaleej Builders and Developers. The project is long due handing over as of now and under construction since 2007. This forum will give the genuine investors and buyers a platform to voice out their concerns regarding all kind of issues being faced by the builders including the delay in handover, charging extra money etc.. This forum can also be helpful for resellers for this particular project. Please like the page for regular updates plus mention your concerns on the forum. Buy and sell discussion of Al Khaleej Towers should be made private between members once linked properly.

Project website is: http://alkhaleejbuilders.com

Please like the following Facebook page in order to participate in discussion:

https://www.facebook.com/alkhaleejtowersowners

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UAE’s latest boom – Sharjah opens up for property investors

Finally, the conservative emirates realized the diversification effort initiated by neighboring Dubai and takes the first step towards offering properties to investors from outside GCC bloc. Following Dubai’s footsteps, most other emirates already offers the opportunity for expats to buy properties within UAE. Sharjah was the exception so far. Its been rumored due to Saudi influence the rulers were hesitating to bring in the law in order to keep Sharjah’s Islamic values intact, however, capitalism wins eventually.

Anyhow, it is a very welcoming move and a great opportunity for those who missed Dubai’s property bandwagon. As Dubai’s property market has seen its good and bad times, it has pretty much consolidated now, and unless there is a major regional conflict, it will only improve hereafter. Sharjah can learn both from Ajman and Dubai to this date. Ajman being highly adventurous and ambitious made a plight to fly as high as Dubai in last decade, however, failed primarily because of recession and partly because of fundamentals. Ajman however, now is recovering with rest of the world as well as UAE in general. The other small emirates of Fujairah, RAK and Umm al Qwain are doing whatever they can in their own capacity but still has a long way to go.

Abu Dhabi on the other hand is a dynamic economy itself primarily because of oil wealth and now due to diversification in real estate and tourism. So the comparison of Abu Dhabi does not fit either with Dubai or Sharjah. Moreover, Abu Dhabi is also not a close neighbor of Dubai as Sharjah is, due to which Sharjah directly gets impacted with any positive or negative sentiments in Dubai.

Getting back to the recent law passed for Sharjah where expats holding UAE residency can buy properties in selected location on leasehold basis for 100 years. It should be noted that the news is still maturing and details are coming in, however, it is known that the first location where the leasehold is offered is strategically located on Emirates Road close to Dhaid Interchange and only 10 KMs away from Sharjah’s international Airport. For someone living and working in Dubai and aspire for quality affordable living, the aforementioned location has already raised the eyebrows. The location is perfect to travel to Dubai on freeways and at the same time away from crowded Sharjah’s city center.

The project is named “Tilal City” and helmed by Tilal Properties, a new joint venture between Sharjah Asset Management and Eskan Real Estate Development. The project’s completion date as of now is fixed on end of 2017. The project, will comprise 1800 land plots. Split into five zones, it will provide high-quality, affordable housing for 65,000 residents in apartments, villas and townhouses. Tilal City will also include commercial, office and retail space as well as multi-use community facilities, schools, mosques and landscaped open areas.

With rising cost of Dubai properties and better opportunities in Dubai while comparatively low cost of living in Sharjah people normally choose to live in Sharjah and work in Dubai. However, many people are reluctant because of travel time between Sharjah and Dubai specially during peak hours. The strategic location of Tilal city will ensure that the travel time to Dubai remains less while affordable better quality of properties are available. It makes sense as of now to invest in Sharjah, not only because Sharjah itself is growing and has diverse economy based on industry and tourism, but primarily because of proximity to Dubai, this kind of option was never available.