Ajman says 98 out of 160 projects are on

Ajman Real Estate Regulatory Agency (Arra) has confirmed that 98 out of 160 registered projects are under construction in the emirate.

“Ninety eight projects are under construction currently in Ajman. We haven’t cancelled any project without getting the developers and investors to try and reach an amicable solution,” agency Director-General Omar Al Barguthi told Emirates 24|7.

“We are trying to work with all. Developers are being given the option to move to master developments that are currently under construction, while investors are given the choice of moving to ongoing projects from the stalled ones.”

In August, Arra issued rules and guidelines concerning annulment and termination of sale and purchase agreements between the developer and investor, when the contractual obligations by any of the parties is violated.

Al Barguthi added all registered projects have escrow accounts to safeguard investors’ money.

“We are dealing with developers who are yet to register with us on a case-to-case to basis.”

He said that Ajman would certainly set up a dispute resolution committee once the federal nod is received.

“We focus mainly on solving issues through mutual agreement… we are there to help everyone and those who are really interesting in finding a solution,” he added.

In December 2009, this website had reported investors in Ajman realty projects were being offered the option to select properties/units in projects of approved and listed developers, with Arra playing a co-ordinating role to strike a balance between the new developer and investor's expectations.

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