Legal actions against 'Golden Gate' : Bahrain
TDT | Manama
Bahrain’s Real Estate Regulatory Authority (RERA) yesterday directed its executive management to take necessary legal procedures against the 'Golden Gate' project after reviewing the latest developments.
The decision came during a remote board meeting chaired by Shaikh Salman bin Abdulla bin Hamad Al Khalifa. The latest move follows a decision RERA made last month to temporarily suspend the licence given to GG Developers SPC, the Developers of Golden Gate project, for three months. The suspension, effective immediately, citied violations committed by the developer based on the provisions of Law 27.2017 promulgation the real estate sector.
RERA, at that time, also said the decision aimed at protecting the buyer’s fund and ensuring the smooth progress of the project.
The suspension also comes more than a year after Golden Gate acquired two licenses from RERA for its operations in the Kingdom.
The 14,000m2 project features 746 apartments spread over two 53-storey and 45-storey towers.
The meeting then reviewed the adherence of companies and individuals in the real estate sector to Bahraini regulations and laws, while directing the board to continue follow-up and control, as well as to carry on developing RERA’s work. The move, RERA meeting said, is aimed at keeping pace with the latest developments, and further develop the real estate sector and encourage the investment process.
The board also affirmed its keenness to ensure real estate sector plays its role in contributing to the national economy and adopts effective legal procedures to achieve sustainability and competitiveness.
RERA Chief Executive Officer, Shaikh Mohammed bin Khalifa Al Khalifa, gave a presentation on RERA’s work, and the procedures and decisions for the coming period.