Embattled home builder Bathla Group has been placed into voluntary administration, leaving customers in limbo in what it says is a “perfect storm” of circumstances.
It joins the long list of Australian residential builders and property developers which have entered voluntary administration or liquidation due to soaring material costs, labour shortages and fixed-price contracts.
Founder and director Bhart Bhushan described the move to voluntary administration as an “orderly restructure of business”.
“Our first thoughts are with our employees and the customers who have put their faith in us to deliver their dream of home ownership,” Bhushan said in a statement on Tuesday.
“It is my…