Does anyone out there have any information about the development, Lago Azul, located just outside Tibau, on the road to Pipa????? Thx, ML
Thank you for your reply...Any info you can add would be great..MLI did the DDR analysis on this development back in 2007 and I'm afraid to say at that time it did not pass the checklist - in 2007 the developer was unable to provide me with the basic documentation needed to approve the development for sale. It is very possible that the documentation was approved later but I did not follow up - I think I spent around 7 months trying to get the documentation unsuccessfully and then gave up.
I have driven past there several times over the past year or so on my way to Pipa and although I have not done any DDR checks since 2007. At least the last time I went passed (a couple of months ago) from the outside the buildings which had been built looked in a poorly state of disrepair.
I know they sold a large chunk of units (300 or so) to a Spanish developer some years ago which was going to finance the construction of the development but it appears that they have stopped construction for now.
It was after all just nice to hear some sign of life from our project. Thank you for taking the time to reply in this forum. Right now you are our only connection to the project, so I would greatly appreciate everything you want to find and tell us about. It's a long distance from Denmark to Natal. But we have seen that our apartment is built with walls and roof, others still do not have foundation made yet, so in that way we have after all something, which form really is not even finished. How are you aware of the project? Are you even from the local area? It sounds that you are from Brazil, but just a guess. I attach also the last photo we have from the site, maybe you know about if they get longer than that? Yes sorry for all these questions, we just need to get some information, I think you understand, we have not heard anything for nearly a year now. A SPECIAL THANKS FOR YOU :adore::adore::adore:View attachment 10246
Do anyone know something about the legal battle, is there any solution ?
Do anyone know what is exactly the problem between Costa tour and Promaga.
We have been told, that the authority would controlled the rest of the project, to finished it.....but maybe another telling.
We appraise to hire an lawyer now, do anyone know one to recommend
Hello UFO, I am a new member of this forum and, like you, are buying a property at Lago Azul.
I last heard from Promaga, the Spanish developers, in November 2010. The man in charge of the project said the legal dispute with the original builders and owners of the land was settled and agreement had been reached for them to take over the project. He said he expected the agreement to be signed 'soon' and then Promaga would 'begin the paperwork to resume work as soon as possible and to deliver the houses to take advantage of the 2014 World Cup'.
He said he hoped he would be able to give me the date for restart and delivery 'soon'. That information was just over three months ago. I have emailed the contact twice since then asking for an update and have not received a reply. I talked today to the Promaga office and they suggested I email the contact again, which I am about to do.
We actually visited the site in November 2007 and were able to go inside the villa we are purchasing. The builders were putting on the roof at the time and we expected the project to be completed by December 2008.
So this delay is very frustrating. However, we are still interested in the project and believe that if it is delivered as originally promised it will be worthwhile.
But we are not prepared to wait for ever. Promaga have offered us an apartment in Spain instead of Lago Azul but this does not interest us. We have had some wonderful holidays in the Pipa area of Brazil and want to be able to spend our winters there.
Of course, one big concern is whether the stage payments we have made are safe. When we signed up for the project it was said that this was the first project in Brazil to be covered by a Bank Guarantee. But despite asking several times for proof of this we have seen nothing.
Whilst we did originally consult a solicitor in the UK when we signed the purchase contract we have also thought lately about contacting a solicitor in Spain with a view to recovering the money we have paid. We have the name of a firm of lawyers who say they have been successful in doing this.
But, as I said, we would still like to go ahead with the project. So it is a bit of a dilemma for us as well.