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ARRA: No extension in the May 1st deadline

Sat, 04/25/2009 - 06:26 — zafir

Ajman Real Estate Regulatory Agency (ARRA) has confirmed that May 1st deadline will not be extended, said a statement released yesterday.
Master and Sub-Developers not registered with ARRA are not allowed to exercise real estate-related activities including publishing, announcing or promoting of real estate projects unless written approvals from ARRA are obtained' said the announcement published in the UAE main news papers on Wednesday.

ARRA, Director General, Omar Al Barguthi confirmed that the given deadline will not be extended,

'Ajman Real Estate Regulatory Agency has no intention to extend the 1st May ultimatum. We have placed announcements in the main newspapers in which we stated that master and sub developers not registered with ARRA are required to immediately proceed with the registration process, otherwise, necessary measures will be taken against violators, there is still room for non registered developers to embark on the registration process with Ajman Real Estate Regulatory Agency,'

ARRA Chief said.

'ARRA is a governmental body established to regulate Ajman real estate market where transparency, credibility and preservation of the rights of real-estate related parties are maintained, conducive to achieve the targets for which ARRA was set up. One of the Agency's main objectives is to create safe investment climate and appropriate business environment in Ajman property market, one of the promising markets in the region.' He added

'Registration of developers with ARRA will be an advantage for both developers and investors alike' Al Barguthi concluded.

‹ Krishna must be more ploite Required Document to register with ARRA ›
Sat, 04/25/2009 - 09:56 — krishna

hi! Can anyone share

hi! Can anyone share knowledge regarding if a developer fails to geet arra registration by 1 may and is yet to start construction how will he be treated ? As investors have given minimum 20% in every tower even if construction has not started. Will the developer be liable to pay interest on money withheld since an year by law? i wud welcome mature views. Tks.

Sun, 04/26/2009 - 14:15 — jd1

I think if you ask them

I think if you ask them nicely they may infact give you all your money plus interest of 24%.................NOT

Sun, 05/24/2009 - 10:09 — gab

I doubt!!!

You are very lucky if the developer will pay you back. As I observed many of their reservation forms and contact indicates total non refund from the payment you made. I even spoke to a staff of the developer where we get some units that if we will not pay installment they will cancel immediately our unit even we have paid almost 30-45% of the unit. But if you ask them regarding construction they cannot answer as the plot of the project was not yet in their posession.