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!

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. :=

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.

Hydra village
 

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]

Place your claim on Hydra
 

Hello All

I was reading an article on Hydra investors frustrated - The National

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

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.

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 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.

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.