Ramdanee Group: Liquidation Proceedings Against Matala Properties

10 years, 4 months ago - December 10, 2013

The difficulties faced by projects villas Real Estate Scheme (RES) are confirmed. An application for liquidation was filed against Matala Properties Ltd to the Supreme Court.

Milestone Construction Consultants Ltd , a South African company, has initiated a lawsuit under the Insolvency Act to the Commercial Division of the Supreme Court last week against Matala Properties. The Quantity Surveyor for Matala Lifestyle Estate & Spa project wishes to recover money owed by his client.. The South African company has not yet to reveal the amount of the claim made at Matala Properties, one of the main promoters is Ramdanee group..

The residential area Matala Lifestyle Estate & Spa is an ambitious project launched in October 2011. Developers planned to build 52 villas on a plot of 45 acres at the entrance of the National Park of the Gorges de la Rivière Noire. For the first phase, 30 villas were to be delivered with an initial investment of Rs 600 million. The prices of these luxury residences vary between Rs 20 million and Rs 60 million for areas ranging from 150-700 square meters. 30 villas have already been sold before the start of construction.

However Matala Properties had struggled from the start, in terms of the sale of villas in the second phase. Of reservation even know were canceled. It had pourtantpas enough to discourage developers.

Text by lexpress.mu

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