Arra to help buyers in stalled projects find new property
Arra to help buyers in stalled projects find new property
(Sunday, December 13, 2009)
Ajman Real Estate Regulatory Agency (Arra) has worked out a new plan to help investors who have lost money to dodgy developers in the emirate, Emirates Business can reveal.
Investors will be offered the option to select properties/units in projects of approved and listed developers, with the agency playing a co-ordinating role to strike a balance between the new developer and investor's expectations, said Arra Director-General Omar Al Barguthi.
"We will play a co-ordination role and make sure that both the parties agree mutually to a contract."
He said this means that if an investor has paid a booking amount and some instalments to a developer who is not available, then Arra will try to help reach an agreement between listed developers and the investor on discounts against part of the money that the latter paid on the previous project.
Asked if Arra will guarantee the amount to be paid to the developer, Al Barguthi said: "We will not compensate him, but we will make sure the new developer strikes an agreement with the customer that will meet his expectations."
He said the agency has a handful of good, reliable developers who were offering such schemes.
"Investors can select on their own from the list of developers that we have, but we urge them to follow the process through us," he said.
Earlier in November, the Arra chief said the agency may consider transferring a project to another developer for completion if the original developer has absconded, provided all parties accept the option.
"Although this is not such a simple decision, we will take a step that is conducive to protecting investors' money. If by doing so we can help both the investor and developer alike, we will do it," he had said.
According to the regulatory agency's website, 134 projects have escrow accounts to date. Arra has also recommended that the Ajman Government establish a dispute committee that would be entrusted to resolve real estate disputes. The committee is expected to be set up by year end.
Article source: http://www.business24-7.ae/Articles/2009/12/Pages/12122009/12132009_33fc...
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ok arra try to help !!!!!!
investors can choose another project to minimise the loss loss there will be loss any way plus delay until new project finished!!!!!!
what about delay and those devolpers who got the money form these investors and ranaway????????
is there is any better and fair deal for investors as wasn't thier mistake
all invetors put cash money where is that cash gone to?????????? it means money must be thier and now cheaper to build as materail prices very down
MR pual66 i never seen u blamming devolpers!!!!!!!!!!
ARRA & Developers
We have right to ask to Director of ARRA that can they provide the trust worthy developers as :
1. R Holding - They launched a mega city in June 2006 and no sign of completion even in 2015
2. R Holding - They have launched 2 nos. of 50 floors towers in 2006, but not even build 20% by end of 2009 (3 Years).
3. R Holding - EYE tower still under design stage where they don't know how much floors they will built till today they haven't built any single
4. RERE - Master developer for various projects on emirates road ( All scrapped)
5. RERE - Developer of Rose tower, 2 floors since its launched in 2007 ( After 2 years, one floor per year)
6. Chapal - Master developer of ELT, launched in 2007 and no construction can be find in the nominated desert.
7. Chapal - Developer of 4 nos. of 50 floors towers, (50x4=200) out of 200 floors they haven't built 10 floors since 2007.
8. ETA - Two times winner of highest award winning company stuck with just at max. 9 floors of their 4 x 31 floors building since 2006.
9. ETA - Two another towers of 31 floors (Another dreams) never built above the ground since 2007.
10. BSEL - 7 Nos. of 50 floors towers, 2 reached to 4 floors and rest has been not seen by any one since 2007.
If above listed developers are the trustworthy developers as per ARRA, then we must invite the director of ARRA to visit the projects which are developed by so called trustworthy developers before trapping poor investors into new scheme.
All is missing in Ajman is "ATTITUDE" / the responsible people of Ajman seeing their motherland (Ajman / UAE) become talked as land of cheaters (Sorry.... but its the only truth and nothing else)
Forget the runaway developers, if above reputed developers has set the example in 2007 / 2008 and 2009 to finishing their development as committed not a single developer has run away at this stage, since they were not developing small developer has followed them and today they are no more.
Good luck to AJMAN for prospective and new buyers after cheated millions of middle class family in last three years.
ARRA & Developers
Dwarish are right.
Developers which not further work does not qualify.
Also the price must lower because the prices of the material are lower.
We want lose nothing of our money.
we loose our money
ARRA`s new plan is just let the developers alone with your money and go and buy another one with up-to-date prices.
ARRA & Developers
take help of given link
Investment Property