BSEL welcomes new Ajman decree
Ajman, June 17, 2008
UAE-based BSEL Infrastructure Realty has welcomed the new decree number seven and eight issued by member of the Supreme Council and Ruler of Ajman Shaikh Humaid bin Rashid Al Nuaimi.
“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 president, BSEL Infrastructure Realty FZE, Christina Cabading.
“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 five per cent 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. – TradeArabia News Service