Frequently Asked Questions
What is the advantage of buying from Obadi real estate developers?
It costs lower than building it yourself because we buy construction materials in very large quantity, and get it at much lower price. Obadi Real Estate, we tried to be more self-sufficient and pass on the savings to you by acquiring machineries, transport vehicles and aggregate stone crusher machinery with quarry. We also produce building materials such as concrete hollow blocks, terrazzo tiles and septic tanks, wooden doors and cabinets.
We are building 28 – 33 houses therefore; you are not sharing your compound with 200+ families like the other Real Estate sites.
Have the plots been acquired? Are they now available?
The site has been acquired and the construction of 1 model homes is almost complete and 3 more are underway.
When do you plan to finish the construction?
The agreement provides for the completion of construction and the handing over of property to the owners in 15 months from the first payment and as long as the second and third payment is done according to the agreed time.
How large is the site and how many houses can be built?
The site has an overall area of some 22,000 square meters. 16,500 of the land area will accommodate the residential Houses and the green are, while 5500 would be used for internal roads. Therefore, we intend to build 33 Houses.
Is the plot lease hold or free hold?
Plots are on leased hold and lasts for a term of 99 years.
Can the developer arrange for loans from local banks? If so, what are the requirements?
It is up to the borrower to convince the bank of their ability to repay the loan. What the developer has agreed with a bank is for the buyer to be able to set up an Escrow account. For more information please see the “Financing / Mortgage” section of our website.
Can prospective House owners appoint representatives to follow up on the progress of their homes? If so, what are the requirements?
Yes. The only requirement is that representatives have legally authenticated power of attorney, a copy of which should be lodged with us.
How do you receive payments from abroad? Do you receive in cash, checks or bank transfer?
As a rule, we prefer all payments to be made through bank transfer. However we also accept cash and cheques as long as these are done though the bank.
What is the procedure for allocating plots?
Plots are allocated on a first-come first-served basis
When do House owners get the title deed for their property?
As a rule, handing over will be accompanied by detailed documentation except for the title deed, which will be finalised within maximum 60 days from date of hand over. However, the developer will release title deeds to banks on behalf of our clients who need mortgage financing to build their Houses.
Can the client design the plan for their House?
For reasons of efficiency and economy, we are trying to build standardized Houses. Therefore, it will be difficult for us to accommodate any number of individual plans but what a client can do is request to change certain aspects of the interior plan. For example… have more or less bedrooms than the intended design or even have the living room in the first floor and not on the ground.
Can we make variations to the existing plans and/or extensions to the basement?
If the design is with in our standard & acceptable to municipal regulations we will do the construction. Any extra cost will be discussed and agreed up on signing the contract with buyer.
When do we need to register and when is the 20% first installment to be paid?
Registration should be made as soon as possible because early registration also means early allocation of plots. Please Note that the registration fee of 2000 ETB is not refundable except upon signing the agreement which will be considered as part of the payment.
The 20% first installment is due at the time of signing the construction agreement.
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