Tuesday, September 06, 2011

Ajman Real Estate Regulatory Authority brings relief to investors

Bringing much needed relief to investors in several stalled projects, the Ajman Real Estate Regulatory Authority (ARRA) has announced that it has settled claims worth Dh.1.4bn on Al Helio Downtown Project.

The Executive Director at Arra, Yafea Eid Al Faraj, revealed that it took nearly eight months to settle the claims by co-ordinating with various stakeholders. Several of the investors were based outside the country, and to identify their claims and to overcome the obstacles in negotiations with the developer, was quite taxing.

ARRA had undertaken the move to resolve claims of investors in Al Helio project in April 2010. The customers, and investors who had claims on Al Helio project were asked to report to ARRA either personally or via e-mail or by registered post within 30 days between 1st and 30th April. The Dh.4bn master development, Al Helio Downtown, was launched in June 2008 and was due for completion by 2013.

The development was supposed to cover an area of 115 acres with 65 freehold plots including residential, commercial and mixed-use. ARRA was however working on a plan to help investors who lost money to dodgy developers in the emirate, and intervened to resolve disputes.

ARRA was established in December 2008, under the provisions of the Emiri Decree No8 of 2008.

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