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28 March 2024

Cancelled Ajman projects list soon

“We are building two projects in Ajman and they are 50 per cent sold. (FILE)

Published
By Parag Deulgaonkar

Ajman is planning to make public the list of cancelled projects in the emirate by year-end, Emirates24|7 can reveal.

“We will make public the list of cancelled projects and also release a progress report on projects under construction by the end of the year,” said Ajman Real Estate Regulatory Agency (Arra) Executive-Director. Yafea Eid Al Faraj.

The regulatory agency’s website currently lists 156 projects.

In October 2010, former Director-General Omar Al Barguthi had told this website that 98 out of 160 registered projects were under construction.

Although Dubai’s Real Estate Regulatory Agency (Rera) has refrained from making public the list of cancelled projects, in June the Dubai government’s bond prospectus posted on the London Stock Exchange revealed that 217 property projects had been cancelled as of May 31.

It said the emirate had witnessed completion of 129 projects since 2009, while 237 out of 450 projects were likely to be completed in “due course".

To ensure that real estate projects do get completed, Arra is planning to help developers secure bank funding and has already begun talks with various banks.

“We are planning an initiative similar to what Rera has launched, but it is yet to be finalised. We are just helping the developers and not guaranteeing anything,” Al Faraj said.

In March, Majida Ali Rashed, Senior Counsel Strategy, Dubai Land Department told this website that 114 projects had been approved under Tayseer (guaranteed funding) initiative.

The Arra chief stressed that they were planning to introduce and amend some real estate laws/regulations.

“The Amiri decree will be restructured. We will introduce changes to some of laws and bring in new laws on formation of owners’ associations.”

Al Faraj had earlier told this website earlier that property prices in Ajman had fallen by 20 per cent in 2011 compared to last year, but prices were likely to stabilise next year.