RERA locks Golden Gate

TDT | Manama

“The company is committed to implementing all laws and regulations related to real estate development.” These were the words of Golden Gate or GG Developers SPC Board Members at the time of their launch in the Kingdom back in March 2019. However, now just after a year and a half, the company has found itself in hot waters for breaking the pledge it has made at the time of opening.

According to the latest RERA statement, the license issued by them to Golden Gate project’s developing company, GG Developers SPC, now stands suspended, temporarily, for three months. The reason for this dilemma is the company breaking the provisions of Law 27/2017 promulgating the real estate sector regulations. The Law No 27 of 2017 officially came into effect on March 1, 2018.

By doing so, RERA said it “aims to preserve the unit buyers’ funds, and ensure the smooth progress of the Golden Gate project.” However, the nature of the violations or the exact reasons for the suspension is not disclosed.

RERA has given the company two licenses: a RERA Developers License required for auditing and qualifying developers and a RERA Off-plan Sale Development License which allows the company’s (Golden Gate) project at Bahrain Bay to be developed.

According to a description given at the time of the launch, “Golden Gate is a 140,000 square meter project in the heart of Bahrain Bay, has 746 apartments spread over two 53-storey and 45-storey towers overlooking the Gulf of Bahrain.” According to their Indian website, G. G. DEVELOPERS, established in 2012 is a privately owned & self-financed company based at Mumbai with corporate & sales office at Vashi, Navi Mumbai.