Grnata takes over Golden Gate project
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
The Golden Gate project, which went into a standstill after losing licences over violations, was bought by the Grnata group from GG Developers SPC yesterday.
Grnata and GG Developers signed a deal in the presence of Sheikh Salman bin Abdullah bin Hamad Al Khalifa, the President - Survey & Land Registration Bureau (SLRB) and Chairman - Board of Real Estate Regulation Authority (RERA) and Sheikh Mohammed bin Khalifa bin Abdullah Al Khalifa, the CEO of RERA, at the headquarters.
The deal provides a comprehensive and appropriate solution for all parties to complete the project in the agreed period.
Sheikh Salman bin Abdullah Al Khalifa stated: “Today, through advanced legislation in Bahrain, the Real Estate Regulatory Authority was able to preserve the funds of buyers and investors in the Golden Gate project in full.” Calling the deal a “success for RERA” in guaranteeing the rights and regulating the sector, Sheikh Salman said the authority “follow up projects vigorously and accurately in terms of monitoring the escrow account and the stages of project completion.”
Sheikh Salman thanked the Executive Management, headed by the CEO of RERA, and the employees for their timely intervention and for not letting the project slip into further complications.
He also wished the new developer all success in completing and handing over the units to the buyers.
Sheikh Mohammed bin Khalifa Al Khalifa, the CEO of RERA, added: “We acted promptly and were able to preserve the rights and full amounts of all investors in the project.
We contacted all buyers and assured them that they have a choice to either continue and receive their units or to retrieve the amounts they paid in full without any deductions.”
The buyers expressed thanked RERA for preserving their money and rights.
Sheikh Mohammed said constant monitoring of the projects’ development and the Escrow account enabled RERA to detect the defect and prevent the project from stalling.
Golden Gate contract termination, RERA system active for 21 days
RERA has launched a “Golden Gate buyer system” to allow buyers who want to terminate their sales contract.
Such buyers, RERA said, will have 21 days to register their intent, after which the page will become inactive.
To sign up, use this link: https://airtable.com/shrJaODdOt61QjFfv User should upload their passport number, unit number, the amount paid and copies of their sale contract, smart card and paid balances to complete the registration.
Related Posts