Thind Properties District Northwest condo project is a two-tower, 1,023-unit, yet-to-be-built complex billed as 'Surrey's new growth centre.'
A lawyer for a mortgage company accused the embattled developers of three debt-ridden Lower Mainland condo projects Friday of misappropriating funds meant for the Canada Revenue Agency.Thind Properties District Northwest condo project is a two-tower, 1,023-unit, yet-to-be-built complex billed as 'Surrey's new growth centre.
"When I see that word, it has a connotation on the far end — it suggests something where you need to go to police," Justice David Masuhara told the lawyer.'Ultimately controlled by the same people' Newbery said the projects carry mortgages worth a combined $250 million — and defaults dating back to September are now accruing interest at a rate of about $70,000 a day.
The fate of the three projects has drawn a great deal of media attention and questions from pre-sale purchasers wondering about the implications of a receivership for their units. In an affidavit filed with the court, Daljit Thind claims 90 per cent of units at District Northwest had been pre-sold — leaving $78 million in deposits held in trust by a law firm.
In strata housing, condo owners have title to their individual lots but own the common property and common assets of a building as a strata corporation. More than 1.5 million British Columbians live in strata housing.
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