Saturday, June 06, 2009

Property developers in Ajman must complete registration before 1st July

Ajman Real Estate Regulatory Agency (ARRA), has set announced 1st July as the deadline for property developers, who are yet to complete registration procedures with ARRA.

The press statement released by ARRA this week, states that earlier May 1st was the announced deadline for receiving registration applications from developers, and several developers had rushed to complete the registration formalities. However, few developers have are yet to complete registration formalities.

The ARRA Director-General, Omar Barguthi, while mentioning that several developers have not submitted all the required documents to ARRA, clarified that to be a licensed real estate developer as per the amended Amiri decree, all developers who are yet to complete the procedures or are yet to submit the required documents, are advised to take immediate action, failing which, a fine of one hundred thousand dirham per month would be charged.

However, ARRA will take into consideration, the circumstances of developers who failed to register, due to reasons beyond their control. There is plenty of time for such developers to begin from the point where they stopped, and complete the reminder of registration procedures, Barguthi clarified.

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