We have been residents in Dubai for the past few years and after many visits and much consideration we decided to take the plunge in purchasing our first property. Binghatti is listed as one of the most reputable property developers and seemed like a trustworthy option to look into what they could offer our family, we visited the Binghatti branch in London and spent a couple of hours reviewing a project we had expressed interest in and was offered an option that we felt may be suitable for us. In order to proceed we had to register there and then which wasn’t a problem at all as we are serious buyers, we were also told that to reserve the unit we would need to pay a fully refundable 20,000 AED holding deposit. We then got sent a payment link and was given only 30 minutes to pay the money, which we did. We were told we would then have 30 days to pay a 20% down payment, within this time we stated that before proceeding we would like to go out to Dubai and see the location of the development and visit the show home which was all agreed with the sales rep. We booked a holiday for 10 nights and flew the family out just a week later, I must state that Binghatti were very accommodating in picking us up and taking us to the show home and also showing us the location where the project would be built. At this time there is just a large hole in the ground and foundations are only just being made for the build, I stated that I found it hard to believe they are to complete the full development within 6 months for handover when construction clearly only just began. After viewing the show apartment and discussing the property we felt that it was not suitable for our family due to having young children, we contacted our sales rep to explain that this option just wasn’t suitable for us and asked for our fully refundable holding deposit to be returned. We were then sent a form to fill out and send back to begin this process, but after reading the form it states that upon signing we wavier all of our rights to our deposit being returned in full or even a partial refund, we also can not take any legal action against Binghatti etc and states that once signed we basically do not have a leg to stand on and it’s down to their discretion if they want to give any money back to us at all. I stated that we would not be signing this form as once signed it’s highly unlikely we would get any money back which it clearly states, we are now corresponding with the sales rep who is trying to help us but has said it is out of their hands and we have to send an email which will be forwarded to the head office/finance department. It has now been over 30 days and we are no further forward with having our money returned, we are also slightly concerned that the sales rep has now stated they are leaving the company due to not agreeing with many of the processes. We find it hard to believe that a multi million pound property development company with such a good reputation can not simply return our fully refundable holding deposit of a mere 20,000 AED?? We have sent multiple emails and messages having to chase the company on a daily basis for any kind of update but do not seem to being getting anywhere at all, I have been left with no choice but to leave my review of a bad experience in the hope of getting some answers and having my money returned. Also I want to make people aware of the situation to prevent this happening to other families looking to relocate to Dubai.
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Binghatti Investment 5 revolutionizes real estate investment by integrating cutting-edge blockchain payment technologies. Our platform offers a secure and seamless way for investors worldwide to generate passive income from Binghatti real estate properties without the burden of paperwork or large upfront costs. With investments backed by real property purchases, returns are effortlessly distributed to your account. Designed for modern investors, our trusted and expertly crafted solution paves the way to financial freedom.
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