"The new decree will bring in to force many regulations that are beneficial to the buyers, investors, developers and the Emirate as a whole.
The decree will create a solid frame work for the real estate sector in Ajman and allow all stakeholders to come on the same page," said Christina Cabading, President, BSEL Infrastructure Realty FZE.
"The rulings will have a profound impact on the development of Ajman considering that it empowers the Department of Land and Property for certain regulations, it notifies inheritance law, bank guarantees, freezing of 5% of the project value, maintenance responsibilities and also penalties for real estate businesses operating without a valid license," she added.
BSEL Infrastructure Realty FZE, UAE, has acquired seven plots approximating 7.9 million sq. ft. in Ajman, Main Emirates City, UAE.
BSEL will be building a cluster of seven towers, namely, Pearl, Fayrooz, Kahraman, Almas, Emerald, Sapphire and Ruby. Construction of Pearl, Fayrooz, Kahraman, and Almas has already started.
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BSEL welcomes Ajman's new realty law
- United Arab Emirates: Tuesday, June 17 - 2008 at 11:09
- PRESS RELEASE
UAE-based BSEL Infrastructure Realty today said that the new decree number 7 & 8 issued by His Highness Shaikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman is a welcome move.
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Posted by Eman HassanTuesday, June 17 - 2008 at 11:09 UAE local time (GMT+4)
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