Property developers must register with the Ajman Real Estate Regulatory Agency (ARRA) before July 1 or they will be fined.
Many developers still need to complete the registration procedure to open the required escrow accounts, it has been reported. Those who fail to do so after the deadline will be fined US $27,200 (AED100,000) per month.
“We have stated in early press releases that May 1st is the deadline to receive registration applications from developers,” Omar Barguthi, the director general of ARRA told The National.
“As a result, a large number of developers rushed into ARRA’s offices and proceeded with the registration process.”
Earlier this year ARRA was set up to oversea Ajman’s property sector making registration and escrow accounts compulsory for developers.
“ARRA will take into account circumstances of developers who failed to register because of reasons beyond their control, Barguthi said. “The door is widely opened for investors and developers proposals or complains and, [we are] ready to work with them to reach proper solutions.”