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

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]

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....

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:

They will deliver
 

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.

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

hydra village construction
 

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

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!

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:

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.

Hydra Investors' Group
 

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!)

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

Abu Dhabi will look very foolish
 

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

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.

Hydra update
 

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

Hydra Site Update; Important for mortgage holders
 

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.

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:

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.

Hydra makes the National
 

I am sure Hydra investors will find this interesting.

Home buyers tackle Hydra - The National Newspaper

Rgds.

ADCB now withholding further payments awaiting SPA
 

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.

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.