After several meetings and talks, the issue between CitiGlobal Realty and Development Inc. and several of its investors/unit buyers has been settled, thanks to Director Jann Roby R. Otero of the Department of Human Settlements and Urban Development – Region IV-A (formerly HLURB).
Dir. Otero said that the conciliation proceedings the DHSUD has conducted to resolve issues between the parties has already bore fruit. The proceedings came after several investors/unit buyers of CitiGlobal demanded for return of their payments stating delays in the turnover of their units, understandably due to the pandemic, which placed NCR and other provinces on lockdown in 2020.
In an interview with DZRH’s Deo Macalma on March 4, 2021, Dir. Otero said amicable settlements have been reached and several payments have already been made. He added three of the complainants have already received their checks, representing their refunds.
He added the marathon conciliation proceedings will continue until all matters are parties are heard and all matters are resolved. Mr. Otero said the DHSUD has so far conducted 8 concilitation proceedings. CitiGlobal representatives and complainants were present in all interventions the conducted, he added.
Mr. Otera said the DHSUD commits to help both parties resolve their issues and encourages other investors/unit buyers who may also have concerns to come forward and join the proceedings, as CitiGlobal is also more than willing to sit down with them.
This development shows not only the commitment of DHSUD to perform its mandate but also the commitment of CitiGlobal to honor its commitment to its investors.
Under PD 957, buyers of residential properties including condos, who are not in default are entitled to a full refund on the following grounds:
· The developer cancelled the project
· The developer failed to complete the development or
· If the developer neglected to deliver the project within the required period
Refund, however, does not cover buyers who are still paying for the downpayment and not the actual monthly amortization.
CitiGlobal, the developer of Tagaytay Fontaine Villas and the Tagaytay Clifton Resort Suites denies claims of neglect on their part and has been updating investors on the status of their projects. In fact, several of buildings of Tagaytay Clifton Resort are scheduled for completion this year.
While keeping their commitment to finish their leisure projects, CitiGlobal also said they will also honor and respect the decision of some of their investors to ask for a refund.
Watch Dir. Otero’s DZRH interview below.