Realtors welcome new laws

UAE-based BSEL Infrastructure Realty has said that a new decree issued by HH Sheikh Humaid bin Rashid Al Nuaimi, member of the Supreme Council and ruler of Ajman, is a positive step for the construction industry.

UAE-based BSEL Infrastructure Realty has said that a new decree issued by HH Sheikh Humaid bin Rashid Al Nuaimi, member of the Supreme Council and ruler of Ajman, is a positive step for the construction industry.

Last week, HH Al Nuaimi announced a string of new rules to govern development and construction in the emirate.

Under the new rules, the Department of Land and Property will be empowered over the notification of inheritance laws and bank guarantees. The department will also have the power to freeze 5% of a project's value, conduct maintenance responsibilities and also penalise real estate businesses that operate without valid licences.

Christina Cabading, president, BSEL Infrastructure Realty said: "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 framework for the real estate sector in Ajman and allow all stakeholders to come on the same page."

Under the rulings, the Department of Land and Property will be empowered over notification of inheritance law and bank guarantees, the freezing of 5% of a project's value, conduct maintenance responsibilities and also penalise real estate businesses operating without valid license," she said.

BSEL Infrastructure Realty has acquired seven plots in Ajman on which it will build 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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