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Arra law to link payments with construction
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Property developers have to registered with Arra on or before July 1. (EB FILE)
Ajman Real-estate Regulatory Agency (Arra) will introduce new regulations by month-end, linking payments to construction milestones achieved, a top government official said.
"We are trying to be as fair as possible to all property buyers in Ajman and for this we have come up with a new formula for collecting payments in relation to the progress of the construction of the project in Ajman," Omar Al Barguthi, Director- General, Arra, told Emirates Business.
"In due time we will announce this new regulation, which will deal with payments to be paid by the developer to the master-developer and the property buyer to the developer. There will be a very specific and clear business guideline for payment."
Imad Dana, Chief Executive Officer, Al Zorah Development Company, welcomed the decision of Arra to introduce the new regulations. "It is a good decision that will ensure projects are constructed on time. We as developers will completely follow the regulations set out by the agency," he said.
"In due time we will announce this new regulation, which will deal with payments to be paid by the developer to the master-developer and the property buyer to the developer. There will be a very specific and clear business guideline for payment."
Imad Dana, Chief Executive Officer, Al Zorah Development Company, welcomed the decision of Arra to introduce the new regulations. "It is a good decision that will ensure projects are constructed on time. We as developers will completely follow the regulations set out by the agency," he said.
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