| The Ajman Real Estate Regulatory Agency takes balanced approach to resolve property disputes |
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10-05-2010
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The Ajman Regulatory Agency (ARRA) has filed cases against some absconding developers who have failed to fulfill their contractual commitments, but emphasis is more on resolving disputes through mediation, the agency’s chief told Emirates Business.
“We are opening cases against absconding developers and the ones who have failed to fulfill their contractual obligations. And a few have been arrested,” said Omar Al Barguthi, ARRA Director General.
“Our motive is not to file cases against developers, we give them (developers) equal opportunity and numerous options to fulfill their obligations. We only have an issue if they keep running {a way} and not delivering what they have promised to investors.
“We are taking action by initiating dialogue with authorities concerned of other countries. We are trying to help investors and extradition may be a possibility.”
Although the action was initiated after giving ample time to developers, the ARRA chief still believes in bringing the developer and the investor together and initiating dialogue for resolving their problems.
“We are offering solutions to the developer as well as the investor. We want both parties to resolve their dispute through mutual consent.”
The Agency is open to helping investors who have invested in projects without they undertaking due diligence of the developer and his project
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