Updated ,first published
Embattled western Sydney housing developer Bathla Group has collapsed into voluntary administration, leaving hundreds of buyers who purchased off-the-plan homes in limbo.
Documents filed with the corporate regulator on Tuesday morning reveal Teneo has been appointed as administrator of the company, and its hundreds of related entities including Universal Property Group and Raj & Jai Construction.
In an Instagram post on the company’s page, founder and director Bhart Bhushan described the voluntary administration as the “orderly restructure of business” and blamed the decision on “a perfect storm” of declining sales, rising construction costs and the federal government’s May budget.
“Our first thoughts are with our employees and the customers who have put their faith in us to deliver their dream of home ownership,” he said. “It is my sincere hope this process can allow that to happen by working collaboratively with the administrators, our suppliers, contractors and lending partners.”
In a statement, Bathla chief…