Aristo De­vel­op­ers says 1,000 ti­tle deeds are ready

Financial Mirror (Cyprus) - - FRONT PAGE -

Aristo De­vel­op­ers an­nounce that more than 1,000 prop­erty own­ers were in­formed in Au­gust that their ti­tle deeds were ready.

The com­pany said that these ti­tle deeds, re­lat­ing to prop­er­ties worth a to­tal EUR 250 mln, are free from any en­cum­brances and are avail­able for im­me­di­ate trans­fer. Thus, even if these prop­er­ties had paid their mort­gages or loan in full, and had been blocked at the Land Reg­istry as be­ing linked to other Aristo projects, they are no longer ‘trapped’ and the own­ers are free.

Fol­low­ing the re­cent in­cen­tives an­nounced by the gov­ern­ment of zero or re­duced trans­fer fees, Aristo De­vel­op­ers has called on its cus­tomers to take ad­van­tage of this op­por­tu­nity and pro­ceed to ob­tain their ti­tle deeds with­out fur­ther de­lay.

The com­pany added that “no prob­lems or in­con­sis­ten­cies are ob­served in the projects in re­la­tion to their plan­ning li­cences and there­fore the rate of is­su­ing sep­a­rate ti­tle deeds from the Cyprus Lands Au­thor­ity is very high, per­haps the high­est recorded in the Paphos Dis­trict where Aristo De­vel­op­ers mainly op­er­ates.”

The com­pany said it has also been work­ing sys­tem­at­i­cally and con­sis­tently to en­sure that, when fur­ther ti­tle deeds are is­sued for its de­vel­op­ments, these will be re­lieved from any en­cum­brances al­low­ing for has­sle-free trans­fers to ben­e­fi­cia­ries.

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