Do you own a Hydra Village villa (Abu Dhabi)?

[Kamelchaser]

If you own a Hydra Village villa, you may be aware there are significant problems arising with this company and that development in particular.

There are a number of lawsuits beginning with disaffected clients taking Hydra to task over their shoddy handling of the whole deal.

If you own one of these villas, and would like to receive info about developments, (with a view to joining either existing litigation or instituting our own) please email me at [email protected]

[disconnected]

Yes - What a mess.

Seems prices put up citing an area increase. Go online to their new website and download the brochure. Same areas as original plan.

Banks seem to be withholding payments pending genuine progress. Not much has happened

Customers refusing to sign contracts as they appear to be a licence to rob customers indiscriminately in the future.

Investors demanding their money back and engaging lawyers.

Hydra is spending all their customers cash on TV shows and football events but little on their projects. Who has cash for this in these times?

And to top it all the CEO has been elected to some "Advisory Committee" of the US based Benedictine College. Remarkable.

More smoke and mirrors....

[Bredrin]

Is Hydra not the Holy Grail of the successful EY RENT TO BUY SCHEME?

[djuggler]

Is Hydra not the Holy Grail of the successful EY RENT TO BUY SCHEME?

yeah, supposed to be that, but turned out to be a hoax :ugh:

[Notsorich]

Hey guys why are you so pessimistic about Hydra Village. I am an investor bought last summer paid hefty premium ( ouch ! ) and obviously with the global slump have lost bucket loads.

However I am optimistic and they are progressing with build. They really have no other option. They could go bust but then 50% from the Royal family now that would be a disaster for reputation and ruin the whole longer term plan. They are poor at communicating wit customers. PR is non exisitent when they have your money and they have a lot to learn but they are building.

[Notsorich]

Sandblasted; what do you know of progress when did you last visit the site ?

[Notsorich]

What do you guys think of this press release :

Hydra Properties to hand over units of Hydra Village Abu Dhabi by Q2 2009 | Hydra Properties (http://www.ameinfo.com/184537.htm)

[K9]

Notsorich - Get your contract (they are ready) and read it carefully. Perhaps not so optimistic when you see the clauses that you will have to put signature too.

Most buyers are refusing to sign their contracts and have sought legal advice. I quote one buyer present at a recent meeting with lawyers: "I will not give this company one more dirham whatever happens". That more or less sums up the general opinion.

The lawyer was horrified given the various evidence and remarked she had seen some shady developers in her time here, but not seen this particular brand of bad behaviour. It was also apparent that a number of Hydra customers from other projects had also sought advice. The themes were recurrent and calculated.

Internal sources have indicated that the final product (making the giant leap of faith that it ever gets delivered) will be of a minimal standard with every possible cut being made.

The contract almost states that you have to pay for the finishing!

[Notsorich]

Yes I have the contract. I must admit I haven't read it so carefully. Problem is what can we do. We have NO LAWS to protect us. We are stuck between a rock and a hard place. I certainly cant sell out. Personally I dont think Hydra are any different to other UAE or AD developer they are all CRAP ! Only consellation is its 50% owned by the Royals so they shouldnt allow for it to go down the toilet if they have any sense:}

This lawyer you refer to hasnt a leg to stand on as I say no laws to protect us. The guys that own Hydra and the land are the law:confused:

[disconnected]

I don't believe the Royals actually know or condone what is happening.

I suspect they probably only see the press and the advertising and assume all is going well. How would they know unless they personally had to deal with Hydra on the properties?

I suspect the CEO of Hydra keeps his media campaign going to please his masters as much as he does to lure unwary investors.

[Kamelchaser]

There are now a number of groups looking at legal action against Hydra. Taking no action because "there are no laws to protect the investor" is a pretty naive and perhaps even lazy thing to do.

Contact Julie Wallace at either [email protected] or [email protected] if you want to keep up to speed with the latest developments, and/or join the group litigation.

I hope Julie doesn't mind me posting her details here (as far as I'm aware she has nothing to do with aviation!)

[Notsorich]

Are you the people that haven't got the money and dont wish to continue ?:ok:

[disconnected]

Could not agree more - Sandblasted

Check out this link and read the comments:

Hydra Properties defends price hike for Village homes - Real Estate - ArabianBusiness.com (http://www.arabianbusiness.com/547288-hydra-properties-defends-price-hike-for-village-homes)

This is going to be Abu Dhabi's own little ugly scandal.

Every project has had large payments made by customers. 50% or more for projects hardly even out the ground.

They haven't a hope.

No-one will want to invest in Abu Dhabi again after this perfect example of customers being robbed without any avenue for justice.

[Kamelchaser]

Ladies and Gents,

Just checking to see if you've joined the "action group" of Hydra Investors. There is an email circulation list [email protected] that you can add your name/email to for info, and a facebook site (Hydra Investors).

Please make sure you register for reqular updates. There has been some positive news recently, with Hydra Properties reacting from what seems to be a desire to avoid negative publicity. Some progress, but a long way to go.

Register and add your names so we can make something out of this.

regards
Kamel

[Kamelchaser]

Ladies and Gents,

We made a not-so covert visit to the Hydra site today..took many pictures before they stopped us!

My estimate is there are about 200 workers on site, and about 40 villas currently under construction, with foundations laid for perhaps another 50. One of the workers told us that 300 villas are being built, which is 300 short of the 600 Hydra tells us will handed over by the end of Q2 this year.

Given the level of activity, there is no way in hell that 600 villas will be handed over within that timeframe.

You may be interested to know the villas are being constructed of basically foam bricks filled with concrete..I guess time will tell whether this method of construction is any good or not.

My main concern is, given that I would estimate that construction of the total development stands at about 1% (seriously), that ADCB has mysteriously suddenly decided that progress is suitable, and that the next progress payment should be forwarded to Hydra, when only recently they were very concerned about the project? I would strongly recommend you contact the your bank IMMEDIATELY, expressing your concern about the level of progress, and ask why the bank deems it OK to make the next payment. It is in your best interests to query this; should the worst case scenario eventuate, and Hydra folds, you will at least have a paper trail to show the bank that you STRONGLY objected to this payment being made without suitable proof of progress. My understanding is that the bank has certain criteria to advance these payments, and from what I saw today I can't believe that that criteria has been met. If your next bank payment goes into a big black hole with Hydra, then at least you'll have some comeback to the bank.

Remember, the next payment is due 5th Mar; you should email or call your branch manager tomorrow expressing your concern about this payment.

For those banking with ADCB on beach road, Dubai, the contact is Nabila; [email protected]

Photos of the construction underway will be on the Hydra Investors facebook site soon.

[sandyballs]

Reading this I now feel lucky that the EY Rent to buy scheme collapsed, the communication from day one was non existant, I hope those still involved manage to keep their money :ok:

[disconnected]

CEO of Hydra Properties spends all his time and cash on his ridiculous TV program.

How ironic that he should be a puppet to the american values much encouraged by programs like Trump's "Apprentice". These same values got the world into the mess it is in today.

Now this is badly emulated in the Hydra Executives program. Wow didnt they pick the wrong time and place to kick off with this tack!

Embarrasing. UAE you can do better than this. I know you can.

[Lucid]

I am sure Hydra investors will find this interesting.

Home buyers tackle Hydra - The National Newspaper (http://www.thenational.ae/apps/pbcs.dll/article?AID=/20090307/BUSINESS/319688471&SearchID=73347538216464)

Rgds.

[Kamelchaser]

I just received an email from ADCB saying they are now withholding further mortgage payments pending receiving the Sales and Purchase Agreement between the purchaser and Hydra. This will get interesting; purchasers are demanding significant amendments to the SPA, Hydra insists purchasers MUST sign the SPA within 30 days of being advised it is available else they will charge 500AED a day penalty (yes folks, that's 150% per annum penalty interest).

Mmm..interesting times ahead. I like many others have not even been contacted by Hydra about the contract. What a bunch of clowns this company is.

[ferris]

Was chatting to a lawyer the other day, and he was talking about just how complex the UAE property mess is. It seems in a number of projects (and he wasnt naming names), the master developer has found the subcontractors are going broke, and therefore unable to complete projects within contracted time-frames. Additionally, in his opinion, Sharia courts will view some of these deals as incomplete transactions (and probably why they are rushing a SPA signature at Hydra). Then it will get interesting.

[movie48]

have anybody heard anything about hydra village.please update.

[Kamelchaser]

Join facebook group Hydra Investors or email me at [email protected] if you want to receive updates.

[sandbunny]

Hydra Village Meeting in DXB last week. Some of the points covered:
New contract:
It states that the tenant waives all rights for any reason. I.e. they can do anything and we have no recourse – like not even starting or finishing the product. There is no right of appeal under any circumstances.
Force majeur – includes, financial crisis and the construction company going bust! (not a force of nature which is what fore majeur is all about)
Although their payment schedule has been reduced to 2% rather than 10% the penalty fees can amount to 829% if you take the trouble to calculate it.
The penalties that they are imposing on themselves for late delivery amounts to a maximum of Dhs10,00!
The new contract also states that completion will not be until Q4 of 2011!! Just as recently as last Feb the famous Dr announced that Hydra would be completing some of the villas by June 2009. The original contract said they would be finished by Q1 of 2009!!
Strongly advised us to sign nothing and pay nothing more until we can sort this out.
Masterplan 3 has 208 more houses on it and 15,000 sq ft less greenery!
The price hike on the properties is questionable. It has been suggested that it is the way in which the calculations are done as opposed to an actual increase in size.
They have started some building – there are about 40 villas but none have reached more than the ground floor.
Both Hydra & ADCB were invited to attend – no-one came. One mortage guy from ADCB was going to come but was expressly banned from ADCB from attending.
ADCB has stopped paying any installments – they have nothing to safeguard their money because nothing is being built.
Hydra has 11 properties in UAE, and others in Mexico and Tripoli. It is thought that they had used all of the funds the Hydra people have put in to finance these other projects. The general opinion is that they are strapped for cash.
For all of these projects that are going on they have just 100 people working for them!! Apparently they have increased that recently to 150.
In any event, the objective of the whole group is not to bad mouth or bring Hydra down. All they want to do is have a fair contract and for the building process to be linked to the payment schedule.
There were a lot of very good suggestions coming from the group.
There are a total of 189 people in the group and it is growing every day. What was agreed is that
· An independent lawyer be instructed
· An independent architect be instructed to help calculate the size differential.

Although the group consisted of both of many different professions everyone agree that we should instruct independently of the group.
Everyone present gave Dhs200 as a starter to cover fees and all the other members will be asked to do the same. Anyone who does not contribute will not receive any info. (that is Dhs200 per property)
I think we should try and encourage people to join as that is the only way we will get a fair deal.
It was discussed that maybe someone should talk to the main man as I am sure he has no idea what is going on. I’ll talk to you about that later.
Anyway, I think we should, in a very discreet way, get people to join the group. Their address is [email protected] ([email protected])
All agreed we did not want to go down the litigation route – we just wanted to put sufficient pressure on them to listen to us and to be fair.
The meeting lasted 3 hours but it was 3 hours well spent.

[wilhelm49]

Hello,

I have 2 units 2-BR in Hydra Village. You mentioned ADCB as bank account. My payments were all made by crossed cheque in the name of "Hydra Properties". Would they also be with ADCB ? If yes, is this an excrow account, where i could ask ADCB not to make any payment to Hydra, unless there is some construction progress?

Thanks in advance for your advice.

Wilhelm

[email protected]

[camelbird]

Just got an e-mail from Hydra that says my purchase reservation agreement is terminated and all the other crap. I guess they're starting to play hard ball with the buyers to part with our cash before we could get them to honour their side of the bargain.
To those who were at the meeting in Dubai, I think we have to move abit faster before they get us in litigation.
I need a drink!!!!!!!!!!!!!@#%$

[Spoonius]

QUESTION TIME: For Hydra Properties boss Sulaiman Al Fahim. (ITP Images)
Hydra Properties boss Dr Sulaiman Al Fahim is to tackle investor concerns head on, by appearing in an exclusive live Q&A session on ArabianBusiness.com next week.
Dr Al Fahim – who has faced mounting criticism over delays on Hydra projects – says he will answer questions on any subject, during the special two hour session. “I’m happy to deal with whatever subject people want to raise," he said.
ASK THE DOCTOR! – REGISTER HERE NOW TO TAKE PART IN THIS EXCLUSIVE ONLINE Q&A WITH DR SULAIMAN AL FAHIM

Related: Hydra Properties defends price hike for Village homes

"Whether it is specific enquiries about plots they bought on Hydra Village, or they want to ask me about football, the television show or why I am taking Barack Obama’s grandmother to the Haj this year, I will answer everything that I am asked,” he added.
The Hydra boss is also the star of his own television show The Hydra Executives, and last year hit the global headlines by leading the takeover of Manchester City Football Club.
Ranked No.4 in this year’s Arabian Business Power List, he also works as a Goodwill Ambassador for the United Nations.
“We have always tried to be very transparent at Hydra, and I am aware that there are many of our investors who have specific questions and legitimate concerns. I hope I can deal with these through this online session, which will give everyone a chance to put forward their questions. I will answer all the questions live, as I receive them,” he said.
The Q&A session will begin from 2pm next Monday May 11, with Dr Al Fahim answering the questions from ITP’s offices in Dubai.
Dr Al Fahim says he will take questions on a range of subjects, including property, finance, football, his Hollywood movie fund and his work with the United Nations.
To take part in this exclusive Q&A session, visitors must first register as below. They will then receive a password which will enable them to post questions live during the Q&A session. Users may also post questions at anytime before Monday May 11.
These questions will be uploaded during the session on Monday for Dr Al Fahim to answer.
Arabian Business invites questions on all topics to Dr Al Fahim and will not edit any questions. However, all questions must be respectful, and any comments deemed offensive will not be processed by the moderator.

[Not Gulfair CEO]

Dear Investors!

Kindly pay your next installment as soon as possible so we can buy Carlos Tevez for our Team. Hydra cheif stands by to his promise of completing the foundation work as soon as Man city wins the premeire league.

Hydra Management:O

[Sir Osis of the river]

So now I see The CEO of Hydra has bought ANOTHER UK football team.:yuk:

I hope you have all agreed to the increased prices, so that he can fund this one as well. What a #%$&

[disconnected]

The company is broke and the whole world knows it.

There is no-one and nothing at the company with any hope of building anything.

This is Abu Dhabi's ponzi scheme.

[Jumbo Wambo]

Hydra Properties may be broke but the Doc is still splashing the cash.......

Portsmouth FC gain Emirati owner - The National Newspaper (http://www.thenational.ae/article/20090528/SPORT/705279823/1042)

[mvaraei]

Yes , I do own a villa in Hydra village & I am verry unhappy with the way things are going on.
I am very intrested in joinning a legal group against Hydra.
Please let me know how I can contact any such group or be a member of the Hydar investor groups.

thanks

M varaei

[mvaraei]

I totaly agree with you!!

[Kamelchaser]

hydrainvestorsreg at gmail.com for new registrations to the group. hydrainvestors at gmail.com for general mail. (don't know why but the actual address wouldn't publish, so had to expand it to "at"?..replace 'at" with @)

350 members. Hydra just held media conference yesterday offering significant improvements to the Hydra Village contract. (all due to investor pressure) A major step forward but still many issues to address

[Kami25]

Are u interested in selling one of your unit?How much have you paid for each? I would be interested to consolidate my payment made for Hydra Twin Towers in Dubai ,which might be cancelled eventually.

[Togalk]

I'll sell you mine. 4 bedroom, 2500 square feet. PM me and Ill give you more details.

[mvaraei]

I am putting my vill a semidetached corner C3 3 bedroom villa for sale .

email me on mahavaraeiathotmail.com. ( replace at with @) if y
ou are intrested.

regards

[Kamelchaser]

Hydra Investor's Group members meeting 7.00pm 25th Jun in Ghantoot (half way between Abu Dhabi and Dubai).

Group member's feedback indicates the small carrots Hydra has offered go no-where near far enough to satifisy invesotrs, especially given the company's history to date.

If you're not already a member, and wish to join or attend the meeting, send an email to hydrainvestors at gmail.com (you know what I mean..don't know why this site doesn't allow email addresses?)

[Sir Osis of the river]

I see the good "Dr" Fahim has been forced to sell 90% of his British football club, because of lack of funds.

Apparently his players were not even paid last week:=

I suppose our chances of getting anything back are diminishing.

What a crook:ugh:

[Kamelchaser]

Over 100 investors attended the legal forums in Abu Dhabi and Dubai (many fellow pilots..my god we're all such fools for getting involved with this company!). Very cost effective deal put together by the HIG. Almost all signed up for the litigation deal. 30,000,000 AED worth of claims registered with the law firm..many more joining after hearing about the forum and the deal. Contact [email protected] if you want more info..but be quick..the deal open only for another few days.

[nomoney]

I have a property in hydra village. I paid almost all the installments and the construction of the villas hasn't been completed yet. i'm now wondering when i'll get my villa. Has the project been stopped? The last time i talked to them they told me that they'll hand over the villa in December 2011. Is this true? Please share your opinions.

[Henry09]

Just read this thread and everything on FB and to be honest I am utterly shocked for you guys, OMG! Has anybody actually received a property or their money back?

Very sad!

[High 6]

Hydra was an outright scam. I had a 2 bedroom villa for which I had paid a deposit of Dh110,000... however the continuous delays and then a change to the original house plans as well as an increase in the price forced me to rethink my position.

Then in early 2009 (I think), I was sent a threatening letter that stated if I didn't sign up to the increases stated above, I would lose my deposit... so I bit the bullet took the latter option, saying goodbye to my hard earned dirhams.

Although it was a lot of money gone, I certainly feel better about it, gaining experience can be an expensive commodity, lesson learned !!

The Real Estate market in the UAE was and still is a very big minefield... be careful where you step. :=

[Kamelchaser]

Hydra never had a legal right to hold your deposit. They tried this with many people but as they simply had not fulfilled their part of the agreement, they had no legal basis to hold on to your money.

In order to break a contract and retain a deposit like that, they have to get a court order. They weren't and still aren't in any position to convince a court that they have upheld their part of the contract, that you haven't, and that they should get to keep your money.

You can still get your money back if you take them to court...but you have to decide if the cost justifies the return.

[skyler7p]

Hi there
Not sure if you're still in UAE or active on this site.
I just came across your comment and thought I would take the chance.
Well, I', was one of the those who naively believed that the project was sound and when I first got the bad smell, a few month BEFORE the crash, I hesitated trusting my instinct and was convinced by a local "expert' to keep it !
My villa is in Zone 7 and is scheduled to be handed over at the end of the year.
My concern here is the so-called Unit size expansion, we more or less was forced to accept at the time. Naively, I didn't keep a copy of the old contract which the reuired to be turned back before giving us the new one!

So, my question is whether you would happen to have a copy of the first contract. I have a feeling the percentage size expansion for my 2-bedroom unit doesn't correlate with the percentage increase in price !
Cheers
pete skyler [email protected]

[rajthechamp]

Hello All

I was reading an article on Hydra investors frustrated - The National (http://www.thenational.ae/business/property/hydra-investors-frustrated)

All of you who have properties with Hydra and have a claim please file your claim so you are in the roster of people who will be remunerated once the sale goes through.

I have just done that through an advisor in Dubai.

Best Wishes
Raj

[Kamelchaser]

Certainly do your research before you go firing good money after bad to lawyers Raj. There is currently more outstanding court awards against Hydra than there is money in the pot from seized assets. So it all depends how the court eventually awards this money.

Hydra stopped paying out these awards over two years ago. Before then, everyone who won in court got their money. Then it stopped.

So now, there is two years of many successful litigation cases outstanding.

Successful new litigation has three potential outcomes.

1. Money is awarded based on first come first serve; result..nothing for anyone from now on.

2. The courts set a date for last litigation..result..perhaps a share of the pot depending on when you complete your case (which takes up to a year).

3. The courts allow continued litigation until all cases dry up...which could simply take years. (most people who are awaiting payouts started their cases at least three years ago). Result, a small payout some time well in the future.

I'm not advising you which course you should chose; simply that you shouldn't give a large sum of money over to a lawyer without being realistic about your chances of getting something back.

[ByeByeDubai]

Hydra Properties has turned out to be a massive ponzi scheme.

What is surprising is that this all seems to have been ignored or possibly assisted by prominent people in Abu Dhabi

Hydra is a subsiduary company of the Royal Group in Abu Dhabi. Royal Group | Welcome (http://www.royalgroupuae.com/) In fact they are still listed on its website with the following under The Group, Properties: Hydra Properties is changing the landscape of the UAE. With its development projects including Hydra Village, Golf Walk, Hydra Avenue in Abu Dhabi, Hydra Towers, Downtown Towers and Hydra Twin Towers in Dubai, UAE's most popular brand is creating development with function and style.

The Royal group has the money and backing to complete the few projects that have not been scrapped. To date as far as I am aware, Hydra has not handed over a single property. Can anyone confirm this?

One of the previous CEO's of Hydra carried the title of "Doctor". This turned out to be untrue. His professed Phd was not even a degree at the University where it supposedly originated.

Contracts were signed, press released issued claiming completion of Hydra Village as early as 2009. All subsequent promised were broken as this date was extended and extended. Their last "update" was in March 2012

Contracted prices were increased, 3 bedroom units turned into 2 bedroom units, other specification promises were denied.

People were threatened with loss of their money for non payment of installments when clearly nothing was being built. Open days were had showing an embarrassingly bad product hastily erected to stop the growning dissatisfaction.

Hydra properties sold property to the tune of around 18 billion Dirhams and collected at least 2 to 3 billion without delivering a thing. Projects were cancelled and investors often forced into another project that again was delayed or cancelled and will probably never be delivered.

Many of those who took Hydra to court and won have not seen a dirham for their expensive attempts to extract repayment for so many failures of the company.

Hundreds of people lost their savings, many are still paying mortgages on properties that will never be delivered. Lives have been distroyed by this company. Despite many legal cases, the authorities have never stepped in to investigate what appears to be at the least to be blatant violation of UAE law.

The story of Hydra Properties should be a stark lesson in investing in UAE and in particular Abu Dhabi property. You have no protection, no matter what the agreement or contract. It turns out not even the courts can enforce them.

[NG_Kaptain]

Any new info on rentals vs. Al Reef...might be an options as all the other developments which are popular with expats (pilots) are getting more expensive.