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Developer Must Pay NIS 444,000 for Undelivered Penthouse
A real estate developer has been ordered to pay NIS 443,775 in compensation to a couple for a penthouse in Petah Tikva that is over three years late. The Herzliya Magistrate's Court rejected the developer's claim of force majeure due to the "Swords of Iron" war, stating the delay predated the conflict.
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What happened
- 01Developer ordered to pay NIS 443,775 for a penthouse delayed over three years.
- 02Court ruled the "Swords of Iron" war was not a valid reason for the delay.
- 03Delays were caused by the developer's own problems with subcontractors, court found.
- 04Compensation awarded is based on market rent, exceeding the contract amount.
- 05The penthouse was originally due for delivery in August 2023.
The court found the delays were caused by the developer's own issues with subcontractors, not the war. The couple will receive compensation based on market rent rates, significantly higher than the contractually agreed amount.
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