Real estate firm to refund 2.5M riyals
The Court of Appeal for Investment and Commerce has ruled to cancel the purchase contracts for four off-plan apartments for a family after the original court annulled the contracts and ordered the refund of the paid amounts, totaling approximately 2.5 million riyals, along with compensations valued at 300,000 riyals. The rulings confirmed that the real estate developer failed to adhere to the delivery deadlines, which led the family to file a lawsuit against him. The cases were managed electronically, with all financial data provided, which helped expedite the issuance of rulings and achieve justice. The case concluded with the family's compensation and the contracts being annulled, along with an obligation for the developer to refund the guarantee checks or their equivalent value.
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