Courts issues enjoining order against construction firm’s unilateral price hike

Tuesday, 29 November 2022 03:18 - - {{hitsCtrl.values.hits}}

The Mount Lavinia District Court last week issued an interim order against a property developer who had tried to increase the price of apartment/selling or alienating to another party in violation of the sale agreement.

The enjoining order further extended when the matter was taken up on 28 November 2022.

The Court issued the order after a purchaser who had paid money for the apartment went to court. The prices had been increased unilaterally by a development company known as Metro Asset Ltd. (the developer).

The complaint filed to court states that the developer had threatened to unilaterally terminate the agreement in the event the purchaser didn’t agree to pay the additional price demanded.

The purchaser told court that this was unlawful as a price had been initially agreed for the development of the apartment complex in W.A. Silva Mawatha, Colombo 06 and that payment has been made in furtherance of the agreement.

The case is to be heard on 5 January 2023.

Kuvera De Zoysa PC with Sithmi Wickramaarachchi appeared for the purchaser.

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