Courts enjoin construction company price hike

Monday, 19 September 2022 02:53 - - {{hitsCtrl.values.hits}}

The Colombo District Court on Friday issued an enjoining order against a property developer who had tried to increase the price of apartments in violation of the sales and purchase agreement.

The Court issued the order after a few persons who had paid money for the apartment went to court. The prices had been increased unilaterally by a development company known as Elish Developers. The complaint filed to court states that the developers had threatened to unilaterally terminate the agreement in the event the purchasers didn’t agree to the price hike.

The purchasers told court that this was unlawful as a price had been initially agreed for the development of the apartment complex in Visakha Road and that payment has been made in furtherance of the agreement.

The case is to be heard on 29 September.

Faizer Musthapha PC with Shaheeda Barrie and Amila Perera appeared for the purchasers.

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