Laguna Residence, another housing complex subject to developer-customer conflicts

Part of the clients who have made down payments of tens of thousand euros for apartments in Laguna Residence housing project on the banks of Lacul Tei are angry about the project's being delayed as it was due to be finished late last year and want their money back, in the context where the pace of works is slow and prices set two years ago are too high compared with the current market values. Developers say they are willing to cut prices by 20-30% and offer other incentives as well, but not all the clients are ready to agree with the new conditions. The developers of the project, a group of Spanish investors, are accounting for delays by the fact that GEA Prasa joint venture was dissolved, with Grupo Prasa exiting the project, while GEA 21 is continuing works and is trying to get banking funding in the following weeks. GEA 21 says it has so far invested some 30m euros in this project using its own funds and it needs another 10m euros to finish the first units of the project that is due to comprise over 500 apartments.