William Kiama is another victim. He entered into an agreement with Nairobi-based Vaal Real Estate Limited to buy an off-plan apartment for Sh 12 million.
This has been exposed by Nation Media
He paid Sh 8 million for a one bedroom apartment in Westlands, Nairobi.Along the way, Vaal Real Estate Limited got another buyer buying the same property at Sh 14 million .
The developer terminated the agreement they had entered with Kiama.
Kiama asked for a refund but the developer refused to refund the entire amount claiming it is him who had breached the agreement forcing them to resell. The developer wanted to deduct Sh 1.8 million from Kiama from Sh 8 million he had paid.
Mr Kiama went for arbitration seeking to recover the whole amount and punitive damages of Sh 4 million which was awarded including a 16% commercial interest that was backdated to 21st June, 2021 when he was entitled to that entire refund.
The developer moved to the High Court in Nairobi seeking to settle aside the arbitration award and failed and upon their failure, they moved to the court of Appeal where a three court bench rejected their application and dismissed it with cost.
What started as a Sh 1.8 million dispute is now Sh 9 million award.
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