|Real Estate News|
Ajman Real Estate Regulatory Agency (ARRA) announced it has set 1st May 2009 as the deadline for the registration of master and sub-developers said a statement, copy of which made available at our office yesterday.
The statement said: ‘Pursuant to the provisions of the Amiri Decree No.( 8) of 2008, as amended by Decree (11)&(12) for the year 2008, Ajman Real Estate Regulatory Agency has set 1st May 2009 as an ultimatum for receiving applications for the registration of Master and Sub-Developers.’
The report warned non registered developers from publishing, advertising or promoting real estate projects before obtaining written approval from Ajman Real Estate Regulatory Agency.
‘Publicity, announcement or promotion of real estate projects before obtaining written approval from ARRA is strictly forbidden,’ it said.
In its statement, ARRA also warned developers from collecting due installments from the investors unless an ESCROW account is opened and activated in one of the banks certified by the Agency.
Ajman Real Estate Regulatory Agency (ARRA) - a new governmental body established in December last year in accordance with the provisions of the Amiri Decree number (8) for the year 2008 and its amendments has also called non registered developers to immediately proceed with the registration process before the end of the current month.
According to the report, ARRA said it will take the necessary procedures against violators.