No question that I understand that environment must be protected, and wholeheartedly agree with this. As I said though, at times here in Brazil it appears that they go overboard in respect to this. I was at EMURB earlier this week and two years ago they passed a federal law that states that in any development there has to be at least a total of 35% of the land that is reserved for "green areas" or areas where no construction exists.

35%.....that's a lot imo.

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www.mjrdevelopments.com/ www.rosegardenbrazil.com

The problem is in my opinion, that great damage is done to the investment industry. It seems incredible that a project can be passed and get their licences from all the environmental agencies, and it then be overturned at some later stage. Vast sums of money have already been spent by GS, not only in architectural and planning costs, but also in the publicity machine that goes with the marketing, not to forget the salaries of all the staff working on the project sales etc. What chance do they have of compensation? zero! The vast plan they had is as big as a town, and not a small one. The whole of Natal has population of just 800,000. this GS project promised to be 20% the size of Natal! What amazes me in hindsight is how it ever got passed in the first place.

Whether it is passed or not doesn't matter now, who is going to invest in off plan developments in Natal once they read about this debacle?

This is exactly why I and others have advised to do due diligence and not get sucked into buying without an independent lawyer to check the deal over. They did not have all their licences anyway. As for off-plan developments, they will always be popular all over the world as they offer the best opportunity of capital growth before delivery.

Hi all,

Im in agreement with the fact that they will not abandon the project that easily!!

And YES if they have to re-model and redesign it or reduce the size dramatically then they will do so first!

They have so far only launched stage 1 which is the elegance natal section- so so far if theres no issue with sand dunes etc in this area as yet then that should be fine!

Then they would have to look at re-designing the rest of the grand natal golf layout and this should be fine as no customers have yet purchased so it shouldnt get to massy at this point!!

I dont believe that the local government do not want this project to go ahead as they have supported this project endlessly since the beginning!

Even so our money is safe as its bank guarenteed and I do not believe that GS will loose much money if they have to cancel the whole project at this point as there are 2,500 properties alone being sold in the elegance phase off plan most are sold and all have paid each a 6,000 reservation fee upfront!

so say 2000 sold x 6,000 euros = 12,000,000 (12 million euros) sitting in their banks gaining interest of around 4% = 500,000 pa of interest gained on the 12 mill sitting in the bank!!

So even now if they have to give back our money then they would have already earned around 500,000 euros to put towards or cover any costs involved so far for GNG !!!

So I believe their moetary loss will not be that much if any???

Take care-D

P.S- Either way if no planning money back to re-invest elsewhere!!!
And Im in no rush so if plainning is given then all I hope is that its ready before the WORLD CUP 2014!!!!!!!!!

All this and today had a great story in the times about Brazil (which we happened to get a mention in).

Where to buy property in Brazil: the sultry northeast - Times Online

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Brazil Property | Pipa Brazil

Societe General and Northern Rock had Guarantees in place too! There is a great difference in life between reality and theory. If indeed they have to pay back deposits how long and when will this take place, why not ask investors in Equitable Life? As for confidence, how is it going to stimulate a "booming" market when potential investors hear about this? What world do you guys live in?

I also saw two mentions for "property bond" in that article. To say that they have had an unsatisifactory history here in Brazil is an understatement. They used to be in bed, and still may be, with Joaquim Soares, and refused to send buyers payments on to the developer in the infamous Howard Davis scandal with Viva Vida and only returned them to the buyers after the 1st group of english entered a brazilian court!

I know, I helped the first english group enter the court and have power of attorney for one of them.

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www.mjrdevelopments.com/ www.rosegardenbrazil.com

I never liked GN personally as it sounded way too ambitious (which is one reason we never listed it) and I am not sure GS has the experience to build something that big, but it is still just one project and no buyer has lost any money (assuming GS will uphold their guarantees, which seems pretty likely).

There are still plenty of projects that are properly licensed and are being built. We have clients who bought from us 6 months ago now happily living in or holidaying in their villas and apartments.

On on a brighter note: becks is on his way.... David Beckham to take academy to Brazil - Sunday Mirror

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Brazil Property | Pipa Brazil

Exactly as Michael said. As long as you do due diligence exams on the projects, you won't run these risks.

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Yes, I work for a Real Estate company doing market research and analysis but I'm not involved in sales.

Have a nice day