Dubai: Developers in Ajman have until May 1 to register with the Ajman Real Estate Regulatory Agency (ARRA) so that the regulator can determine the future of projects in the emirate.
"Pursuant to the provisions of the Amiri Decree No 8 of 2008, as amended by Decree 11 and 12 for the year 2008, Ajman Real Estate Regulatory Agency has set May 1, 2009, as an ultimatum for receiving applications for the registration of master and sub-developers," said ARRA in a statement.
"The May 1 deadline is all about trying to determine what projects shall stay and which will go," Omar Barghouthi, director-general of ARRA, told Gulf News.
"All the developers who come forward and start the registration process by May 1 will be eligible, therefore the project status will be determined and they will not face the consequences," Barghouthi added.
ARRA warned non-registered developers against publishing, advertising or promoting real estate projects before obtaining written approval from ARRA.
"Publicity, announcement or promotion of real estate projects before obtaining written approval from ARRA is strictly forbidden," ARRA said in a statement.
Officials at Dubai's Real Estate Regulatory Authority (Rera) also hinted recently that there were possible future plans to clamp down on brokers promoting and publicising unregistered projects.
"We do follow the example of Dubai but Ajman does have its own, unique market conditions as well," Barghouthi added.
ARRA also instructed developers not to collect due installments from investors unless an Escrow account is opened and activated in one of the banks certified by the agency.
The off-plan market is big business in Ajman as it is an emerging emirate, with many projects involving building whole communities, such as Emirates City, Ajman Uptown, Awali City, Al Zorah and Humaid City.
Together, these projects have a combined value of over Dh250 billion.
Ajman has the third biggest property market in the UAE and boasts an impressive 33 per cent of foreign investments. Ajman was the third emirate, after Dubai and Ras Al Khaimah, to offer freehold property.
For information on the real estate sector, within the UAE, please visit our sister site, GNProperty.com.