Major Sydney developer Bathla Group collapses, placing buyers in limbo

Embattled western Sydney housing developer Bathla has been placed into administration, following months of financial crisis.

Documents filed with the corporate regulator on Thursday morning reveal Teneo has been appointed as administrator of the company, along with its hundreds of related entities including Universal Property Group and Raj and Jai Constructions.

In an Instagram post on the company’s page, founder and director Bhart Bushan described the voluntary administration as the “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,” he said. “It is my sincere hope this process can allow that to happen by working collaboratively with the administrators, our suppliers, contractors and lending partners.”

In a statement, Bathla chief executive Robert Loader said the company recognised it was a “difficult situation”.

“We have taken a proactive decision to appoint voluntary administrators as it is in the best interest of all stakeholders,” he said.

“The business has been through a period of declining sales and falling property prices, while construction costs have increased.

“We will work constructively with the administrators to support the continued delivery of much-needed housing for western Sydney.”