The Grnata group signed an agreement with the former developer of the Golden Gate project, GG Developers SPC today, to purchase the entire Golden Gate project, in the presence of His Excellency Sheikh Salman bin Abdullah bin Hamad Al Khalifa, President - Survey & Land Registration Bureau (SLRB) and Chairman - Board of Real Estate Regulation Authority (RERA) and His Excellency Sheikh Mohammed bin Khalifa bin Abdullah Al Khalifa, CEO of RERA at the headquarters, where a comprehensive and appropriate solution was reached for all parties in order to complete the progress of the project according to the agreed time period.
On this occasion, His Excellency Sheikh Salman bin Abdullah Al Khalifa stated: “Today, through advanced legislation in Bahrain, the Real Estate Regulatory Authority was able to preserve the funds of buyers and investors in the Golden Gate project in full, and this is an experience proved what we have been talking about for a while, on existing Laws, legislation and procedures guaranteeing rights and binding duties created by the Kingdom of Bahrain and it is considered a success for RERA, which aims to regulate this sector and follow up projects vigorously and accurately in terms of monitoring the escrow account and the stages of project completion.”
His Excellency thanked the Executive Management headed by His Excellency Sheikh Mohammed bin Khalifa Al Khalifa, CEO of RERA, and the employees for their sufficient performance and timely intervention before the project reaches more complicated phases, wishing the new developer success in bringing the project to the final stages of completion and handing over the units to the buyers.
His Excellency Sheikh Mohammed bin Khalifa Al Khalifa, CEO of RERA, added: “We acted in a timely manner and were able to preserve the rights and full amounts of all investors in the project. We contacted all buyers and assured them that they have a choice to either continue and receive their units or to retrieve the amounts they paid in full without any deductions.” The buyers expressed their appreciation towards the procedures and efforts taken by RERA, to preserve their money and rights, and they admired the professionalism that was shown in implementing laws and the regulatory legislations in Bahrain that protected investments.
His Excellency stressed his contentment in preserving the investor and buyer’s money as one of RERA priorities, a goal amongst the most important goals of the legislation and laws regulating this vital sector in the Kingdom of Bahrain. In addition Sheikh Mohammed said that by monitoring to the projects’ development and the Escrow account RERA was enabled it to detect the defect and therefore to take measures in a timely manner in alignment with the law, and to spare the project from reaching the stage of becoming a stalled project.
His Excellency Sheikh Mohammad bin Khalifa thanked the Board of Directors of RERA, headed by His Excellency Sheikh Salman bin Abdullah Al Khalifa, for the support and assistance that led to the success of this process.