Response to consultation on Regulatory Technical Standards on equivalent mechanism for unfinished property
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Q7: The text of Article 124(3)(a)(iii)(second indent) refers to the completion of the property under construction within a reasonable time frame. What is the average time for the protec-tion provider to step in once the real estate developer fails to meet its obligations? What is the average time for the protection provider to complete the construction of an immovable property, once the completion guarantee is triggered? For the previous responses, please specify at what stage the construction was and how many housing units it comprised, if such data is available.
If a real estate developer who is not identical to the protection provider fails to meet its obligations, it is not the regular approach that the protection provider steps in. Actually, a new developer will often be needed. Hence, we do not have an answer on the average time and the other requested data.