Buyers’ right comes first in the Golden Gate project, says RERA
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
The Real Estate Regulatory Authority (RERA) of Bahrain said it attaches prime importance to protecting buyers’ right in the Golden Gate project.
RERA said in December 2020 that it was suspending the license awarded to GG Developers SPC for the project, citing violations of the provisions of Law 27/2017 promulgating the real estate sector regulations. RERA at that time said that the move was aimed to preserve the unit buyers’ funds and ensure the smooth progress of the Golden Gate project.
The authority had granted Golden Gate two licenses, a RERA Developers License for auditing and qualifying developers and a RERA Off-plan Sale Development License.
Yesterday, RERA said the authority had agreed to implement the best solution proposed.
This is “to preserve and ensure the interest of all parties in this project including developer, investors and buyers,” RERA board members aid.
“The buyers’ rights come first when implementing solutions for the “Golden Gate project”, RERA added.
The decision came as the RERA director held a virtual meeting yesterday headed by Sheikh Salman bin Abdullah bin Hamad Al Khalifa, the President of Survey and Land Registration and Chairman of the Board of Directors of Real Estate Regulatory Authority.
Moving on, the board reviewed developments in real estate sectors and owners’ association in various projects.
The board viewed that the “real estate sector today is working at a good pace despite the circumstances that face the world’s economy.”
“RERA is working hard to develop suitable solutions to the problems and obstacles experienced by institutions and developers and real estate development projects to achieve success,” Sheikh Mohammed said.