Negative Aspects Of Investing In Projects That Are Not Completed On Time

As ESTATES ISTANBUL, why do we not work with projects that can not be delivered within the promised time?

You can say that you can only work on a project that can be completed in the promised time, but Istanbul is a bit complicated in this regard.

Assume COMPANY A started construction in 2015 and declared it would deliver in 2017. In 2016, COMPANY A completed the rough construction, and then, due to various reasons, COMPANY A  went bankrupt before finishing the building, so the construction stopped.

Let’s talk about what happens in such cases,

Undoubtedly, every construction project will be completed one day in Istanbul, where the land is gold. A trustee may be appointed to COMPANY A by the government, or another construction firm may purchase COMPANY A, which has gone bankrupt. Of course, none of this can happen right after COMPANY A goes bankrupt. It may take so much time that we can define it in “years.” Here, “these years” cost a lot to the quality and credibility of the construction.

First, bare bricks exposed to all kinds of moisture, snow, and rain lose a lot of their strength and quality. Secondly, in the eyes of potential local buyers who pass by every day and see that the construction has stopped, the unfinished project and the construction company lose their credibility and respectability. Third, as the project pauses during construction, the project’s title deed registration in the municipality also pauses. Waiting on the documentation process causes disruptions in transferring the title deed from the floor servitude to the floor ownership and obtaining the residence.

That’s why you don’t get on the ship of the captain who has lost his credibility. The project, which has such a history, may have been completed when you bought it, but we can guarantee that if you bought it for investment, you would not be able to sell it easily; if you purchased it for residence, you would not live very peacefully.

So, how can we access valid information about this project?

Estates Istanbul employs a variety of methods to obtain accurate information. You can do the simplest of these as a foreign investor who has yet to live in this country.

In Turkey, there is a site that is used a lot by customers who are victims to express their complaints. SIKAYETVAR.COM. The most significant advantage of the site is that the company officials who made the complaint immediately respond to the customer’s comments. You can check whether any negative comments are made about it by searching for the name of the project or the name of the construction company on this site.

As Estates Istanbul, accurate information is essential. We eagerly await your questions to obtain the most verifiable, real information.