Indecopi: Seven real estate companies fined over half a million soles

Seven Business Real estate companies and their managers have been fined S$586m 915k for failing to comply with their users’ requirements, Indecopi reports.

The companies did not take the necessary actions to complete the construction real estate projects what was offered, which means a violation of the Code of Protection and Protection of Consumer Rights.

According to article 19 of the aforementioned code, suppliers are responsible for the quality and suitability of the products and services they offer.

“With regard to the real estate sector, the consumer expects the supplier to fulfill the obligations expressly assumed in the sales contract, such as the quality of construction and safe constructions, ensuring the independence of the property and its timely registration, among other things,” specifies Indekopi.

Managers real estate They were also sanctioned because the code states that persons managing or representing a supplier “are jointly and severally liable to the extent that they knowingly or through unforgivable fault participate in the planning, commission or execution of an administrative offense.”

Which companies are sanctioned?

Indecopi indicated that Promotora Ibiza SAC companies were under sanctions; “Ibiza SAC Promoter Developer”; “Constructora e Inmobiliaria Rato SAC”, “Promotora Costa Azul SAC”, “Promotora Ocean View SAC”; “Designer Girasoles II SAC” and “Designer Inmobiliaria Girasoles II SAC”

Projects which have not been concluded and in respect of which sanctions administrative proceedings have been initiated, are:

• “Ibiza”, located at Calle Echenique Sublote 45 E Miramar San Miguel Urbanization.
• “Costa Azul” located in Plot B, Plot 3, Northern Zone, Ciudad Satellite, Ventanilla, Callao.
• Ocean View at Jirón Leoncio Prado N°285 Miramar Urbanization, San Miguel, Lima.
• “Sunflowers II” at no. 215 Los Nisperos Street in Fundo Vicentelo Alto, El Agustino.

In the case of the real estate agencies Promotora Ibiza SAC and Developer Promotora Ibiza SAC, a fine of SGD 95,404 (20.74 UIT) was imposed and their representatives were fined SGD 46,000 (10 UIT).

Regarding Business “Constructora e Inmobiliaria Rato SAC”, “Promotora Ocean View SAC”, “Promotora Costa Azul SAC”, “Promotora Girasoles SAC” and “Developadora Inmobiliaria Girasoles II SAC”, fined S/376,510 (81.85 UIT). His managers received a SGD 46,000 (10 UIT) sanction.

It is worth noting that these companies still have a statutory deadline to file an appeal with the Indecopi Specialized Chamber for Consumer Protection.