HBPG and Construction Union’s plan to solve property crisis in TRNC

The Committee

The Committee

According to Cyprus Today (15/9/2010) the Home Buyers’ Pressure Group (HBPG) and the Construction Union have put together a rescue plan for those who find their builder is unable to finish their home within the sum of money agreed in the original contract. All of us who live here can see countless unfinished sites in which a disproportionate amount of money has been paid by purchasers for a carcass on a site with no services. It has been said by some in the TRNC that the word carcass means the builder turns your stage payments into a new CAR and you into an ASS.

Anyway, the point of this rescue plan is that the builder has used up your money and wants the next stage payment before the stage is actually complete and then spends that while the project gets even further behind. Well, the HBPG and Construction Union rescue plan is, well it’s just that, but because you have no services on the site a committee needs to be formed to collect all the individual purchasers’ share towards this costly essential. The problem has been that not all the purchasers have been prepared to stump up extra and so projects come to a halt.

Although the Construction Union seems to feel that mortgages are not a bad thing, in the early stage of a project, sensibly they feel that mortgaged projects are not ideal for this plan. However, it is not clear how the landowners’ creditors are going to be prevented from placing a memorandum on the site at a later date, especially a bank which could get far more in an auction if the project is completed than they could if it were just full of carcasses.

This is why I’ve put together the poll below, I know it’s not perfect but I’m just interested in the readers’ views concerning this plan. You don’t have to be in a property predicament to vote, you’re just showing what you feel about the plan.

Print Friendly, PDF & Email

Comments are closed.