Golden Gate project ‘solution offered’

The Real Estate Regulatory Authority (RERA) said yesterday it has implemented the best solution in the case of the Golden Gate project, to protect the interests of the developer, investors and buyers.

In a statement issued after the regulator’s board of directors met virtually, it said decisions taken were aimed at putting the project on the right path towards completion, while ensuring that home-buyers’ rights came first, even as it assured them that their investment was safe in the escrow account of the project.

On December 27 last year, RERA sent an email to investors in the Golden Gate project announcing it was cancelling licences (LLC No. DVT-201903/0014 and D201810/0066) awarded to Golden Gate Developers ‘in view of serious and repeated violations committed by the developer, and failure to fulfil legal obligations towards the regulator, the buyers and the project, and failure to implement the directives of RERA to address the violations despite ample time being provided for the same’.

The authority had said then it was forced to take the decision after exhausting all the legally prescribed measures and notifications, including the imposition of fines and the temporary suspension of the project licence for a period of three months.

On the same day, Golden Gate emailed its customers saying it had filed a court appeal against the authority’s decision of September 10, 2020 when its licence was suspended for three months as a result of ‘violations’, based on the provisions of Law 27/2017 promulgating real estate sector regulations. The outcome of the court appeal is not yet clear.

RERA had granted Golden Gate two licences: A developer’s licence, which is required for auditing and qualifying developers, and an off-plan sale development licence.

Multiple attempts by the GDN to contact the company have gone unanswered.

Launched in November 2018, the $130 million project in the heart of Bahrain Bay, is a joint venture of Bahraini-based Kooheji Golden Gate and Indian real estate companies Ajmera Realty and Mayfair Housing.

The 140,000sqm development consists of two towers with 45 and 53 storeys and 746 apartments.

The project is billed as the tallest residential structure in the kingdom, with 999 car parking bays, spread over seven floors.

Work on the project started in 2019 after the developers announced Golden Gate had become the first in the kingdom to issue fully RERA-compliant contracts to the end-user, having completed all the requirements.

At the launch in November 2018, the developer had announced the project would be completed in 36 months.

Yesterday’s statement by RERA said its chairman Shaikh Salman bin Abdulla bin Hamad Al Khalifa, who is also president of the Survey and Land Registration Bureau, led the meeting which acknowledged the diligent follow-up of all projects by officials and efforts to solve obstacles as evidenced by the progress in real estate projects, which continue to do well despite economic challenges.

The board was informed on the latest progress related to licensing and certifying real estate professionals and organising owners’ associations in real estate projects.

During the meeting, the authority’s chief executive Shaikh Mohammed bin Khalifa Al Khalifa delivered a presentation on the progress and development of real estate projects and the sector’s growth, stressing that RERA continues to develop appropriate solutions to problems faced by institutions and developers.

 

Source: https://www.gdnonline.com/Details/937830/Golden-Gate-project-%E2%80%98solution-offered%E2%80%99

 

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