$3b building collapse leaves thousands of Aussie homes in limbo
$3b building collapse leaves thousands of Aussie homes in limbo
#breakingnews #australia #housingmarket #housingcrisis
The dream of homeownership has turned into a living nightmare for thousands of Australians after Western Sydney property titan Bathla Group appointed administrators from Teneo while drowning in over $3 billion in debt. Founded by former taxi driver Bhart Bhushan, the group—operating entities including Universal Property Group and Raj & Jai Construction—has left approximately 15,000 homes in limbo across key growth corridors such as Schofields, Marsden Park, and Rouse Hill. Bhushan blamed a “perfect storm” of skyrocketing construction costs, softening sales, and federal budget tax changes for the collapse. While administrators scramble to stabilize operations, families holding off-the-plan contracts are left in complete uncertainty regarding whether their homes will ever be completed.
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