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Real estate developers to seek permission of ARRA before canceling deals in Ajman

Gowealthy
Real estate developers to seek permission of ARRA before canceling deals in Ajman - Developers - UAE


According to Emirates Business, property developers in Ajman will not be allowed to arbitrarily cancel any sales and purchase agreements (SPAs) and will have to seek permission from the Ajman Real Estate Regulatory Agency (ARRA). According to SPAs signed previously between the developer and the investor, the former has the right to forfeit the property of the latter if he/she fails to meet payment deadlines.



Omar Al Barguthi, DG, ARRA, said, "No developer is authorized to cancel any agreement unless they get approval from us. We are monitoring the situation and are allowing investors time to fulfill their commitments. We have taken post-dated cheques (PDCs) from some of the developers whose projects have not yet started or construction has halted. We have opened escrow accounts for them and will be depositing the cheques as and only when we are sure that work is progressing."



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