The Na’ot HaPisga Company, involved in the construction of thousands of housing units in Modi’in Illit, announced it finds itself in a difficult financial situation. The announcement comes about two years after the Cheftziba collapse, which left many chareidim and others without their dream home and without their money.
The company on Monday notified the Tel Aviv Stock Exchange of its current difficulties, turning to the Tel Aviv District Court to halt legal proceedings against the firm, blaming the entire situation on the IDF.
The company explains that land areas in Modi’in Illit planned for housing have been expropriated by the IDF towards the construction of the partition security barrier, Chareidim reports. The company informed TASE officials that its debt is close to NIS 120 million, and as such, it is ceasing operations.
The company is promoting and building no less than 2,318 housing units in Modi’in Illit, and its bleak announcement on Monday will have a direct impact on the chareidi community as well as anticipated growth in Modi’in Illit. 454 units have already been built, sold, and are occupied. 74 are under construction and Chareidim adds it has learned that 70 chareidi families have already paid most of the money for housing units which may not be completed.
Company officials released a statement that the project Na’ot HaPisga in Modi’in Illit has bank guarantees and investors needn’t worry. The company blames the IDF for freezing land parcels, which are now unavailable for prospective buyers, locking up its operations and planned progress on the new housing in the community. The company awaits the army’s decision to unfreeze the plots to permit moving ahead with the project, adding officials remain optimistic at this time.
(Yechiel Spira – YWN Israel)
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2 Responses
Maybe this will finally wake up some our Chareidi world who have thought of the so called peace process as a good thing (since it only affects “those other types” of Yiddin)
I find it very hard to believe the army is responsible. As a resident of Modiin Elite, Na’ot Hapisga has a reputation for being overly expensive for its location. The Housings are small, far from any major supermarket with a bus citybus that rarely goes there.
Brachfeld is expanding steadily with another 6 building in final stages of completion (housing 32 familys each).
Kriyat Sefer also have been building in its new neighbourhood of Nofe Ilit.
Face it. Not even the current residence want to live there.
Stop blaming the army and the peace process…im sure the planning committee, or the Vaad should be looked into.