Business | Property
Property developers should register before July 1: ARRA
Ajman Real Estate Regulatory Agency said it has set July first as deadline for property developers who have not completed the registration procedures with ARRA. This came in a press statement released on Wednesday.
- Staff Report
- Published: 13:22 June 3, 2009
Ajman: Ajman Real Estate Regulatory Agency said it has set July first as deadline for property developers who have not completed the registration procedures with ARRA. This came in a press statement released on Wednesday.
“We have stated in early press releases that May 1st is the dead line to receive registration applications from developers, as a result, large number of developers rushed into ARRA's offices and proceeded with the registration process, however Some developers have failed to complete this action believing that they are fully registered with ARRA", ARRA Director General, Omar Barguthi said.
Al Barguthi went on saying, "it is not enough that a developer submits part of the required documents to Ajman Real Estate Regulatory Agency “ARRA'' to be a licensed real estate developer, the Amiri decree, as amended, was very clear in this regard, therefore, all property developers who have not completed all the procedures or failed to provide the documents needed for practicing the activity of real estate development in Ajman are advised to take immediate action otherwise, a fine of one hundred thousand dirham per month will be applied against offenders. "
"Our target is not to impose fines or penalties against the developers but to see all developers are committed to property regulations and legislations in force in the emirate of Ajman, however, ARRA will take into account circumstances of developers who failed to register because of reasons beyond their control. There is still plenty of time for such developers to start from the point where they stopped and, complete the remainder of the registration procedures,'' Al Barguthi explained.
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