ARRA to name cancelled real estate projects by year-end
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Yafea Eid Al Faraj, the Executive Director of Ajman Real Estate Regulatory Agency (ARRA) has revealed plans to announce a list the names of cancelled off-plan projects and release a progress report on ongoing sites in the Emirate by early next year.
“So far we’ve put together the names” but the list is pending board approval, said Al Faraj. “We are waiting [until the end of] this year to see if developers will come back and continue projects.
That’s why we for waiting until next year.”
Former ARRA Executive Director Omar Al Barguthi said in October 2010 that 98 out of 160 registered projects were under construction.
Analysts said issuing the list would enable buyers to decide on either taking legal action against the developers or try to secure a refund against their initial investment.
“It will increase the level of transparency and market information and will assist developers and investors in making more informed decisions about the Ajman market,” said Craig Plumb, head of research at property consultancy Jones Lang LaSalle, adding that the move would also add more pressure on Dubai’s property watchdog to publish a full list of the city’s cancelled construction projects.
“ARRA has been modelled on the Dubai regulator, RERA, who has also announced the official cancellation of up to 200 projects in Dubai.
To date, the list of these projects has not yet been released and this makes it more difficult to accurately predict future supply levels,” he said.
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