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HATC SAMPLE EDITION:
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7th March, 2024
Dispute leaves condo owners homeless
Some 1,500 people who purchased condo-minium units in the largest real estate devel-opment project in Budapest have been unable to move in due to a dispute between the de-veloper, the D&B real estate group, and con-struction company KÉSZ Építő.
Units in the nine-storey, 790-apartment Duna Terasz Grande in the 13th District went on sale in January 2021 with a completion date of March 2023.
Work fell behind schedule, but was com-pleted in the autumn. At that point a dispute erupted between the developer and the build-er over the quality of the apartments.
According to Portfolio, there were indeed technical problems with the apartments, but they were mostly repaired in time. However, the developer terminated the construction contract in January, making the handover of the flats impossible.
After the buyers staged a protest on March 1, KÉSZ offered them the option of renting a flat at a significant discount in a dif-ferent newly built residential property in Buda-pest, also developed by the KÉSZ Group, un-til the Duna Terasz Grande apartments are handed over.
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Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).
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