The Grnata group has signed an agreement to acquire the entire Golden Gate project from the former developer of GG Developers for an undisclosed sum.

The agreement was signed by officials from the two companies in the presence of Survey & Land Registration Bureau (SLRB) president and Real Estate Regulation Authority (RERA) chairman Shaikh Salman bin Abdullah Al Khalifa and RERA chief executive Shaikh Mohammed bin Khalifa Al Khalifa at the regulator’s office.

On Monday RERA announced a comprehensive and appropriate solution was reached among all parties, which meant that home-buyers wishing to terminate their contract would get a full refund and Al Hidd Real Estate of Grnata Group had submitted the required financial guarantees to complete the project according to the agreed time period.

This comes after the regulator announced on December 27 last year that it was cancelling licences awarded to Golden Gate Developers, “in view of serious and repeated violations committed by the developer, and failure to fulfil legal obligations towards the regulator, the buyers and the project, and failure to implement the directives of RERA to address the violations despite ample time being provided for the same.”

In November 2018, the $130 million project in the heart of Bahrain Bay was launched as a joint venture of Bahraini-based Kooheji Golden Gate and Indian real estate companies Ajmera Realty and Mayfair Housing.

The 140,000sqm development consists of two towers of 45 and 53 storeys, having 746 apartments and 999 car parking bays.

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