A developer who failed in a court action to wrest apartments back from off-the-plan buyers so they could be resold at higher prices has had indemnity costs for the landmark case awarded against him.
In a final blow to the builder-developer who finished the quarter-built boutique project in Surry Hills, and then lost a bid to cancel sales to 12 buyers, the NSW Supreme Court has now awarded all costs against him.
Lawyer Stephen Goddard, a spokesman for apartment-owners peak body, the Owners Corporation Network, said he felt this was a landmark decision for property buyers.
“It’s a watershed moment for consumer protection,” he said. “It’s uplifting to see the NSW Parliament understanding the need for greater consumer protection in the strata space. This process has affirmed that buyers should have more confidence in the future in choosing to buy into strata and making it their lifestyle of choice.”