Apartment buyer facing $40k shortfall as Bathla collapse puts discount offer at risk
An apartment buyer faces a potential $40,000 financial shortfall following the collapse of property developer Bathla Group. The buyer is now uncertain if a promised 5 percent discount will be honored as the project transitions to new lenders.
Why it matters
The collapse of major developers creates significant financial instability for individual homebuyers and highlights risks in the off-the-plan property market.
After Bathla collapsed, May is unsure if the discount she was promised on her apartment will eventuate. ( Supplied )
An apartment buyer fears she will have to pay almost $40,000 extra at settlement after property developer Bathla collapsed last month.
May purchased the apartment after being told about Bathla's "5 per cent incentive" offer that reduced its price.
The development has been taken over by another private credit lender but does not fall in the current short-term funding arrangement.
Link copied Share Share article When May agreed to buy an off-the-plan apartment for around $800,000 in north-west Sydney a few years ago, an offer from the developer to reduce the price by 5 per cent as part of the deal was central to her decision.
Today, her apartment remains under construction, the property developer behind it has collapsed, and there is no guarantee Bathla's discount will apply.
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