The Real Estate Regulatory Authority (Rera) has announced it has cancelled the licences of the Golden Gate, a premium project coming up at Bahrain Bay project. 

 

The Rera move comes following its recent edict, temporarily suspending the licence granted to the project’s developing company, GG Developers for three months.

 

The Bahrain real estate watchdog had then stated that the suspension was aimed at preserving the unit buyers’ funds, and ensuring the smooth progress of the Golden Gate project.

 

In an emailed message to investors yesterday, Rera said 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.

 

"We have decided to withdraw Golden Gate’s licences – LLC No. DVT-201903/0014 and D201810/0066 – in view of serious and repeated violations committed by the developer of Golden Gate, and failure to fulfill legal obligations towards the regulator, the buyers and the project, and its failure to implement the directives of Rera to address the violations despite ample time being provided for the same," it stated.

 

The real estate watchdog said the decision was in the public interest and aimed at preserving the money of buyers and investors.

 

Rera said it would inform investors about measures being taken to protect their interests according to the law.

 

It also advised investors to immediately stop payments to the developer including into the escrow account of the project until further notice.-TradeArabia News Service