Another UAE state is stepping up its plans to reign in property developers and has set a May 1 deadline for some builders to comply with a new scheme.
Ajman officials said “master and sub-developers” in the state have until this date to register with the Ajman Real Estate Regulatory Agency (Arra).
Property developers which have not yet registered cannot advertise or publish real estate schemes without getting written approval.
Established last year, Arra aims to better control Ajman’s burgeoning property construction market, which includes some of the most high-profile UAE developments outside of Dubai, which already has the Real Estate Regulatory Authority (Rera).
Arra said: “Publicity, announcement or promotion of real estate projects before obtaining written approval from Arra is strictly forbidden.”
The group also warned it would “take the necessary procedures” against those prepared to ignore the rules.
Ajman’s property market is not as internationally recognised as Dubai’s but the state was the second in the UAE to offer freehold property, after Dubai.
Among its grander schemes is the Ajman Uptown project, by Sweet Homes, costing $817 million and featuring more than 1,500 villa and townhouse homes.
Other developments include Smart Towers, a residential property scheme by Goldcrest Properties, featuring eight towers and studio, one, two and three bedroom apartments.
[Photo: http://www.flickr.com/photos/dysturb/ CC]
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i am intersted to buy property .i have heard that there is high standard fraud in ajman. this is what happened with me. i bought a studio flat in ajman . i supposed to get possesion jan 2011 but the project has not started yet.
real estate (developer) has not registered with arra
not started construction
already paid 33% of total cost
real estate told that everything has been baned by ajman ruler al rashid
please help me by giving me agood advice
dr akhter mehmood