ARRA
Ajman real estate regulator unveils new guidelines
31/08/2010 06:07:29 AM GMT
31 August 2010
DUBAI -- The Ajman Real-estate Regulatory Agency (ARRA) on Monday introduced new guidelines that link payments to construction.
The ARRA said it has completed the rules and guidelines concerning sale and purchase agreement (SpA) annulment and the terms and conditions that are required to terminate the contract between the developer and investor, when the contractual obligations by any of the parties is violated.
"The regulation represents a set of rules and guidelines which cover the issue of SpA's termination, and disputes between the investor and developer," ARRA Director-General Omar Al Barguthi said in a statement.
The rules and guidelines include number of articles that require the parties to adhere to the provisions of the Amiri Decree No. 8 of 2008, including Article 14 / 3, which states: "The real estate developer shall be obliged to ensure that the payment of the installments of the purchase price of Any Real Estate unit shall be consistent with the progress achieved in the construction of the relevant investment building , and that such construction is in accordance with the execution program submitted by the respective real estate developer to the Agency, the Agency shall have the right to take any measures, as it may be deem appropriate for observing the compliance by the real estate developer of his obligations here under."
ARRA chief said, "The rules and guidelines will help minimising SpA's termination claims and controlling dissolution of the contracts between developers and investors as the new regulation links payment with construction progress," adding that "It will also help both the developer and investor to reach amicable settlement that would balance and harmonise the contractual relationship between the concerned parties."
By Staff Report
© Khaleej Times 2010
Source: Bing
ARRA
Still looking for those guidelines....
Guideline
It was there on ARRA website called "Amiri Decree No. 8 of 2008, including Article 14 / 3" this is the very true and good initiative from ARRA, the cheater Developer cannot demand more money as they should show first progress.
Regards
Not enough
This is not enough. How can we enssure delivery of units? and how about infrastructure and services. This is not enough. The government of Ajman should do something to guarenttee infrastructure and residency visa, otherwise there is no point of continuing payment for property that is worth less than half its price!!
qwert I totally agree with
qwert I totally agree with your view, they must give us clear promise
emirates city
The whole lot of emirates city , arra, Ajman are all sickening .They got our money and they are having a good time.Nobody cares.What we need is our REFUND.This is what we should be fighting for.I have asked for refund as per contract clause and my developer do not want to hear that.They do not reply to my request and demand.It is so uncivilised.
arra.ae
There is more to read at arra's website under news...
ARRA
This is from arra's website.....
Important announcement
Developers in the Emirate of Ajman are required to refer to Ajman Real Estate Regulatory Agency for receiving the Initial registration forms (for sold and unsold units) no later than 15, October, 2010.
All parties involved in Ajman real estate transactions are required to obtain written approval from ARRA prior to any sale, purchase and transfer of real estate units in the emirate, in order to ensure that both the developer and the real estate unit are registered in the real estate register.
Transaction on unregistered real estate unit or dealing with unregistered developer is a breach of the Amiri Decree Number (8) Of 2008 and the relevant laws, and shall be on your own risk and liability.
ARRA
<" the Agency shall have the right to take any measures, as it may be deem appropriate for observing the compliance by the real estate developer of his obligations here under.">
The question is, What kind of measures can arra take ?
Three years on Chapal has managed to build two floors on Presidency...Forty nine floors more to go...
At this pace expected completion seventy years from now....Ok arra please take measures.....
ARRA
After about year and half past the arra deadline for registration, the morally bankrupt star giga has not registered some of their projects including the goldcrest business vista... What kind of measures arra has taken against these people?
ARRA
Is arra capable of getting our money back from these bad people without resorting to the legal system?
akhiabani
What I understand is that ARRA is just a tool developed by Ajman ruler to bring some confidence in Ajman Real estate and to attract investors for further investment . In bit harsh word just a puppet . They have no authority whatsoever to decide on refund etc. . And one more thing to know is that the major part of the money we all have invested has gone to Ajman rulers ( they have sold desert for billions to Dhs to developers ) and untill they refund the money they have got from developers , there is no way we can get our money back .STAR GIGGA HAS NO MONEY TO PAY BACK TO US . The money Star got form us for investing in GCD projects they have invested that money in some other projects in Dubai expecting to make 3-4 times more profit but everything went for toss due to this recession.
Only thing we can do is to stop all payments and wait for July 2011. That is when I think we should collectively go to Start gigga and ask out money back as they would be bearching all clauses in the contract by that time . Also , in no way they can honor the extended delivery date they have given to us under Force Majure clause .( end of 2011). Let me know what you all think .
To Register Complaint
I want to register complaint against developer and master developer of Emirates City Ajman
Please let me know what are the supporting documents required to make the same
Tower - Lake View Tower -1 - C-17
Till the date l did not done any complaints , Can you please advice