Dynasty Al Zarooni Real Estate is considering legal action against some Indian publications and those behind an alleged 'smear campaign' to malign its reputation, officials said.
The campaign has allegedly been launched by a former employee of Kabir Mulchandani, chairman of Dynasty Zarooni, who was fired for alleged 'wrongdoing', Gulf News has learnt.
Two Indian publications ran reports referring to some investors' complaint that "he [Mulchandani] had misled them by showing a different property and selling them another".
One of the reports said "Dubai's Real Estate Regulatory Authority [Rera] is probing Mulchandani's operations after nearly 30 NRIs from India, Russia and UK complained online".
Dynasty Zarooni, formed in 2005, is a joint venture between Hilal Al Zarooni and Kabir Mulchandani. The company has been engaged in developing, buying and selling residential and commercial properties to wholesale investors and cashing in on soaring prices and growing demand that fetched solid returns.
Dynasty Zarooni, having a real estate portfolio in excess of Dh20 billion, has been the target of a series of false accusations in relation to complaints from investors, with regards to their Ebony & Ivory project in Jumeirah Lakes Towers," the company said in an e-mailed statement.
The project is being developed by Al Fajer Properties, a leading property developer in the UAE, managed by its president Shaikh Maktoum Hasher Al Maktoum.
Over the past week there have been a number of internet blog stories and these culminating with a article in the Indian media, incorrectly quoting Rera officials, the company said.
The Ebony & Ivory development project is a Dh2.7 billion project, which was originally sold out within hours of its launch. "To date, the construction of all of the towers being developed by Al Fajer Properties is progressing rapidly," the statement said.
Meanwhile, the Rera has given Dynasty Zarooni a clean chit.
"Dynasty Al Zarooni Real Estate has no violations relating to the registration of property brokers until August 25, 2008," Rera said in a letter yesterday, a copy of which was obtained by Gulf News.
Hilal Al Zarooni, president of Dynasty Zarooni, told Gulf News, "We are pursuing legal action against those who are behind this campaign that is damaging our reputation.
"These imposters have not only targeted Dynasty Zarooni, but the UAE real estate market as a whole. The imposters should be brought to justice." he said.
The campaign has allegedly been launched by a former employee of Kabir Mulchandani, chairman of Dynasty Zarooni, who was fired for alleged 'wrongdoing', Gulf News has learnt.
Two Indian publications ran reports referring to some investors' complaint that "he [Mulchandani] had misled them by showing a different property and selling them another".
One of the reports said "Dubai's Real Estate Regulatory Authority [Rera] is probing Mulchandani's operations after nearly 30 NRIs from India, Russia and UK complained online".
Dynasty Zarooni, formed in 2005, is a joint venture between Hilal Al Zarooni and Kabir Mulchandani. The company has been engaged in developing, buying and selling residential and commercial properties to wholesale investors and cashing in on soaring prices and growing demand that fetched solid returns.
Dynasty Zarooni, having a real estate portfolio in excess of Dh20 billion, has been the target of a series of false accusations in relation to complaints from investors, with regards to their Ebony & Ivory project in Jumeirah Lakes Towers," the company said in an e-mailed statement.
The project is being developed by Al Fajer Properties, a leading property developer in the UAE, managed by its president Shaikh Maktoum Hasher Al Maktoum.
Over the past week there have been a number of internet blog stories and these culminating with a article in the Indian media, incorrectly quoting Rera officials, the company said.
The Ebony & Ivory development project is a Dh2.7 billion project, which was originally sold out within hours of its launch. "To date, the construction of all of the towers being developed by Al Fajer Properties is progressing rapidly," the statement said.
Meanwhile, the Rera has given Dynasty Zarooni a clean chit.
"Dynasty Al Zarooni Real Estate has no violations relating to the registration of property brokers until August 25, 2008," Rera said in a letter yesterday, a copy of which was obtained by Gulf News.
Hilal Al Zarooni, president of Dynasty Zarooni, told Gulf News, "We are pursuing legal action against those who are behind this campaign that is damaging our reputation.
"These imposters have not only targeted Dynasty Zarooni, but the UAE real estate market as a whole. The imposters should be brought to justice." he said.
4 comments:
Its hightime these trouble makers are tackled by the government. It is not just bad for one company but for the entire industry and the economy as a whole.
Dynasty Al Zarooni Real Estate LLC
In early 2008 the founders Mr. Zarooni and Mr. Mulchandani identified the opportunity of setting up a Real Estate Broking firm as a forward integration to the group’s real estate investment and disposition businesses. He established a new entity Dynasty Al Zarooni Real Estate LLC. The objective of this company was to leverage the growth in the real estate industry in the UAE and carry out real estate broking. The broking firm capitalized on the strong customer base of Dynasty Zarooni Inc and provided them with a platform for selling investments purchased through Dynasty Zarooni Inc. This was extremely innovative, as it gave the company immediate access to create brokerage revenue on assets on which it had already generated profits, thereby increasing its margin after passing on the risk. In a short span of 9 months, the brokerage business has started delivering sales of AED 1 billion on monthly basis. The company has created a successful business model and has ably capitalized on the strong positioning of the Dynasty Zarooni brand.
To build greater customer reach and a strong distribution model, the company is opening 9 new locations: Abu Dhabi, Sheikh Zayed Road, One Lake Plaza, Saba Tower, Burjuman, Russia, UK, USA, India and Pakistan. The company is currently relocating to its own 30,000 square feet corporate headquarters in One Lake Plaza. These locations will be fully operational by end of this year. The company currently has over 5,000 customers.
Branch Offices scheduled in 2008-2009:
Burjuman Center,Dubai Sept 2008
Abu Dhabi Oct 2008
Jumeriah Lakes Tower , Retail, Dubai Nov 2008
Sheikh Zayed Road, Second interchange , Dubai Dec 2008
St. Petersburg, Russia Dec 2008
London, UK Jan 2009
New York, USA May 2009
Delhi, India May 2009
Moscow, Russia Dec 2009
Check out the latest article on Khaleej Times about Dynasty Zarooni : http://www.khaleejtimes.com/DisplayArticleNew.asp?section=preview&xfile=data/preview/2008/october/preview_october4.xml
Other interesting recent websites launced :
http://ebony1tower.com
http://ebony1towerdubai.com
http://ebony1toweruae.com
http://mazayavilla.com
http://mazayavilladubai.com
http://mazayavillauae.com
http://berlin-tower.com
http://berlintoweruae.com
http://berlintowerdubai.com
http://discoverygardensuae.com
http://hydrahazbay.com
http://hydrahazbaydubai.com
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http://executivetowerdubai.com
http://executivetoweruae.com
http://executive-tower.com
http:// dynasty-zarooni.blogster.com
http://dynasty-zarooni.blogspot.com
http://dynastyzarooni.blogspirit.com
http://dynasty_zarooni.blog.com
www.bahraichblogs.com/dynasty
http://groups.yahoo.com/group/dynastyzarooni/
I am not surprised that Dynasty Zarooni has received a clean chit - they are a serious company and have brought great value for a number of investors.
Keep it up Dynasty Zarooni!
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