Kfar Saba TAMA 38 Project Buyers Seek Insolvency Proceedings
Translated & summarized from TheMarker by baba
Apartment buyers in Kfar Saba's unfinished TAMA 38 project have asked a court to initiate insolvency proceedings against the developer and guarantors, citing project delays and significant financial losses.
The story in 5 lines · by baba
- Buyers seek court intervention for an unfinished Kfar Saba construction project.
- The project was originally due for completion in 2021.
- Buyers allege issues with the developer and guarantors.
- A recent report indicates NIS 9.5 million in project losses.
- Buyers are requesting a receiver to complete the work.
Apartment buyers in a TAMA 38 urban renewal project on HaRama Street in Kfar Saba have petitioned the Central District Court, alleging issues with the developer, "Aleh HaRama TAMA 38 Kfar Saba," and its guarantors, "Michlol Hitkadshut Ironit" and "Clal Insurance."
The project, which was slated for completion in 2021, remains unfinished. The buyers are requesting the court to appoint a receiver to oversee the completion of the construction work.
According to a January supervision report, the project has incurred a loss of NIS 9.5 million, not including NIS 3 million in rental payments owed to the buyers.