Ajman dispute panel made up of Arra members, judge |
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Friday, Jul 03, 2009
Dubai: The newly established dispute committee, set up by Ajman's Real Estate Regulatory Agency (Arra)Ajman's Real Estate Regulatory Agency (Arra)
will consist of five ArraArra members and will be presided over by a judge whose identity remains confidential.
Fees will be cheaper than in regular courts, an ArraArra spokesperson told Gulf News.
No other details are available, but the setting up of the committee has come at a good time as investors in certain projects are experiencing problems with developers.
Casamia Star, developer of Frankfurt Residence, a yet-to-be-built residential tower in Ajman, caused alarm among investors by telling them the project had been cancelled.
However, ArraArra officials told Gulf News last week that neither the project nor the developer had been registered with ArraArra and that the developer did not have the right to cancel the tower.
"Casamia Star is not registered as a developer with ArraArra ... [and] non-registered developers were given until [Wednesday] to avoid further action. As far as project cancellation is concerned, no developer has the right to cancel a project unless the regulator says so and that requires satisfactory reasons," ArraArra told Gulf News.
Investors in the project flew into Dubai last week from around the world to find out what had happened to their investments.
ArraArra told investors that they would investigate the matter further.
Another concern to investors now is that the project account of Casamia Star remains active, according to Amjad Ghulam, one of the investors.
"The account is still alive and collecting money. [An investor] paid their payment in June and it's cleared," Ghulam said to Gulf News.
By Suzanne Fenton, Staff Reporter
© Gulf News 2009. All rights reserved.
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