Dispute at Largest Real Estate Development Project in Budapest Leaves Condo Owners Homeless
- 7 Mar 2024 6:31 AM
- Hungary Around the Clock
Some 1,500 people who purchased condominium units in the largest real estate development project in Budapest have been unable to move in due to a dispute between the developer, the D&B real estate group, and construction 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 completed in the autumn. At that point a dispute erupted between the developer and the builder 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 different newly built residential property in Budapest, also developed by the KÉSZ Group, until the Duna Terasz Grande apartments are handed over.
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