Representatives of Marina West homeowners (yes, they do exist, contrary to developers' protestations) have recently met with the heads of government, ministries and BCCI, all of whom have responded positively to our pleas.
Proactive action by the authorities is already in the pipeline, but as everyone knows to their cost, the wheels of progress turn rather slowly; but this does not mean that Marina West homeowners will lose their money.
The problem, as ever, lies with the excessive demands made by the intransigent Marina West developers who since 2007 have rebuffed every approach from bonafide financial investors who offered part syndication or to fully take over this three- year stalled project.
Until test drilling is done on these partially built unprotected structures, no one will know the extent of damage by carbonation or drying shrinkage that has taken place over six summers; or for that matter the cost of rectifying any structural defects. This has to be considered within any refinancing process.
Time is running out for these pathetic Marina West developers.
Have no doubt, refinancing will commence as soon as the government appoints an administrator to oust the current developers. I just hope I live long enough to see that day; and then it's Bye, Bye to these Marina West Developers, and no longer bye bye 'Homeowners' Money!
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