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DateLine Thursday, 10 July 2008

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Condominium developer in legal jaws

Fails to provide deeds:

The Condominium Management Authority CMA has filed legal action against property developer who is said to have failed to provide deeds for residents of the condominium housing project in Colombo.

Acting General Manager of CMA, G.U Upawansa told Daily News Business the developer did not turn up before the court. This condominium housing project is located in Wellawatta and it consists of 42 housing apartments.

This project was completed in 2004 and all 42 housing apartments have been sold. However still these residents have not received their deeds from the property developper.

“These residents made complaint to the CMA. After completing the internal inquiry and giving them warnings authority took legal actions against property developper,” he said.

“We have filed a case against another property developper and this housing project is located in Colpetty. However we are currently investigating on 32 other projects unable to provide deeds for their clients,” he added.

“After commencement of investigations some property developers have taken necessary actions to provide deeds. Today people are aware of CMA and we see an increase in complaints made under this issue to the authority.

We have noticed developers are keen on providing deeds for the new housing projects, which have been completed recently,” he said.

“Most of the clients were unable to transfer these housing apartments for their children without a deed. They are also unable to obtain loans for renovating their apartments without a deed,” Upawansa said.

According to the apartment ownership law after completing the condominium project developers need to register the project in the land registry to provide deeds for residents within six months time.

When client and the developer enter into sales agreement project need to be registered in the land registry within 18 months time for providing deeds.

 

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