What guarantee do we have that the construction will be completed within the specified time frame?

When choosing or buying an apartment in a new building in Tbilisi, it is important to ask the right and logical questions, which will help the user to avoid certain dangers and make a decision, as well as find out from the answer received from the developer how reliable the company is, with which he intends to cooperate.

The first, important issue, so that the purchase of an apartment does not represent a danger for you, is this – what are there any guarantees that the construction of the building will be completed within the specified time frame?

When we make a decision to buy an apartment in a building under construction, there is a possibility of certain risks. Logically, the question arises as to what guarantees exist that the construction will be completed within the specified time frame and the apartment will be handed over to the owner.

It is necessary for the buyer to specify whether the construction has a state permit, which in itself implies that the construction meets specific standards defined by law.

You have probably heard more than once about the so-called “construction pyramid” scheme, through which companies sell projects where the construction process has not yet started. According to this scheme, they plan to start and finish the construction with the money received by the buyers. It is logical to negotiate with such a construction company, which not works with a similar type of scheme, which represents the greatest danger for the customer.

Also, it is necessary to clarify with the developer whether the construction is insured or not. In the case of risk insurance, the construction object is protected directly from the beginning of the construction to the end. The construction object is insured against all the risks that may come to it during the course of construction.

The new apartment development project OLD CITY PANORAMA is fully financed by the bank, this means that the company is responsible not only to the potential buyer, but also to the bank to complete the construction of the project within the specified time frame. Apart Development is obliged to submit the completed works to the bank on a quarterly basis, and if the project is not completed within the specified time frame, the bank will impose a specific monetary penalty on the builder.