MANAMA: The executive management of Real Estate Regulatory Authority (RERA) has been directed by its board of directors to take necessary legal measures in such cases as Golden Gate.
The statement posted on BNA was issued after a board meeting of the authority yesterday.
The meeting was chaired by Shaikh Salman bin Abdullah bin Hamad Al Khalifa, who is the president of the Survey and Land Registration Bureau and chairman of RERA.
“The board discussed in detail the latest developments of the Golden Gate project and in this regard, the executive management was directed to take the necessary legal measures to be taken in such cases,” said the statement.
The directors also examined the response of companies and individuals active in the real estate sector to adhere to the regulations and laws that were issued.
Board members have been directed to strengthen the follow-up and control procedures and to continue the development process so that the authority remains flexible in administrative and electronic procedures.
The development of the real estate sector and encouraging investment in it by setting up appropriate controls is a key mandate of the authority, said the statement.
RERA’s work is always based on legal rules and effective procedures to achieve sustainability and competitiveness in line with directives of His Majesty King Hamad.
The chief executive of the authority, Shaikh Mohammed bin Khalifa Al Khalifa, gave a detailed presentation on the latest developments and the actions and decisions that will be taken during the coming months, thanking the board members for their support.
Suspension
On September 10, the RERA announced the suspension of the licence given to GG Developers, the developer of Golden Gate, for three months.
RERA had said the decision was taken as a result of ‘violations’ committed by the developer, based on the provisions of Law 27/2017 promulgating real estate sector regulations.
Launched in November 2018, the $130 million project in the heart of Bahrain Bay, is a joint venture of Bahraini-based Kooheji Golden Gate and Indian real estate companies Ajmera Realty and Mayfair Housing. Work on the project started last year after the developers announced Golden Gate had become the first in the kingdom to issue fully RERA-compliant contracts to the end-user.
RERA had granted Golden Gate two licences: a developer’s licence, which is required for auditing and qualifying developers, and an off-plan sale development licence, which allowed off-plan sales.
&uuid=(email))