Golden Gate challenge will get a brand new lease of life | THE DAILY TRIBUNE

DTT | Manama

The Daily Tribune –

The Real Estate Regulatory Authority announced that it would achieve a “comprehensive and equitable” solution for the Golden Gate project, the license of which was previously suspended by RERA citing violations.

Sheikh Mohammed bin Khalifa bin Abdullah Al Khalifa, the CEO of RERA, said the new development comes after Grnata Group’s Al Hidd Real Estate LLC provided all the necessary financial guarantees to proceed.

“Therefore, the project will continue as agreed with the previous developer, and all requirements will be met,” says the RERA statement. “RERA’s top priority has been to safeguard and protect the interests of all parties including developers, buyers and investors,” said Sheikh Mohammed.

The RERA CEO said a solution was agreed to give buyers two options – either to proceed with the new developer or to get their full amounts back. “Anyone who wants to see the amounts paid in full can access the RERA website via the Golden Gate buyer system and upload all the necessary documents.” Sheikh Mohammed added: “The preservation of funds from buyers and investors is a success which shows the effectiveness of the measures taken by RERA.” According to Law No. (27) of 2017, the agency acted immediately to “stall the real estate development projects prevent, maintain its orderly functioning and protect the rights and resources of buyers and investors ”.

The 140,000 m² project comprises 746 apartments on two 53- and 45-story towers with views of the Gulf of Bahrain.

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