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Monday, 06 April 2009
The Real Estate Board has launched a major investigation into the operations of three large privately-funded housing developments across the island after uncovering suspicious activities.
Operations at Orchid Estate in St. Thomas, Providence in Manchester and Charlton in St. Catherine are now under the microscopes of the authorities.
The three housing developments have been reportedly dormant for some time with millions of dollars in depositor's money hanging in the balance.
The Real Estate Board has issued several public notices appealing to depositors in the housing schemes to come forward with receipts and other documents in order to verify monies that have been paid to the developers.
In the case of Orchid Estate, the Real Estate Board is seeking to contact 65 persons who paid monies for the land in that housing development.
When contacted, General Manager of the Board, Sandra Watson was tight lipped about the agency's investigations into the activities of their schemes.
She however said that the agency is concerned about of new entrants into the real estate development sector who flout the regulations.
"There are a lot of new entrants to the industry and they are sometimes unaware and sometimes reluctant to register the schemes and our officers have to do a lot of monitoring to ensure that they are registered and licensed and monitored to ensure that contractual obligations are honoured," said Ms. Watson.
She says the Real Estate Dealers and Developers Act is now being reviewed to make way for stiffer penalties to be levied on non-complaint housing developers.
<span style="font-style: italic">here we go again....i still cannot memba reading about the disposition of alll the other investigations dat have gone before....yet here is anodda new one...</span>
)fi do scheme an di lack of said scheme coming to light wen a Jcan living in VI came out to see di progress...visited an found dat ongle road was cut despite being dunned for payment for 2nd phase..wen would not pay, was sued so went public wid di goings awn...made di gleaner an den nutten more....
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