Emlak Konut: Transparent Image For Real Estate
Emlak Konut is a rooted, publicly-traded Turkish government partner company, established in 1953 to meet the needs of modern residences. It is the largest real estate investment Fund in Turkey. Emlak Konut has a partnership structure of 50.6 % share traded at Borsa Istanbul (Istanbul Stock Change) and 49% owned by TOKİ (Housing Development Administration of Turkey) a public (Government) subsidiary of the Ministry of Environment and Urbanization. With approximately 24 billion TL assets, the company built 130 thousand independent units so far.
Emlak Konut went public twice, crowning its fast growth and taking its targets to wider horizons. The initial public offering which took place in 2010, ranked among the top 5 public offerings in the Republic’s history. The second one, in 2013, became the greatest real estate public offering in the last 5 years in Europe. Growing with public offerings, Emlak Konut strengthens its place among the largest companies in Turkey with its paid-in capital of TRY 3,8 billion and its total value of assets of TRY 24,8 billion.
Since its foundation, Emlak Konut has been taking firm steps towards the future with its increasing momentum, human-oriented corporate culture, and its latest state. It is getting closer and closer to its goal of becoming Turkey’s pride as a global player in the world.
What is Emlak Konut Assurance?
Regardless of which operating model Emlak Konut uses, the company audits every stage in its operations from planning, material quality, infrastructure to environmental planning. The company also follows any possible problems that may arise after the properties are delivered and intervenes to solve these problems. It ensures that projects are implemented according to the contracts. All real estate projects undertaken by Emlak Konut so far have been delivered to the owners on time.
Below, is the full translation of Emlak Konut's Guarantee and Assurance to the investors and homeowners on every project they handle.
Pre-Sale Examination and Documentation
1) Emlak Konut will provide controlled procedures for the development of real estate projects by the relevant laws and regulations. Emlak Konut will not approve projects without ensuring laws and legislative regulations related to the construction of residential projects have been implemented.
2) Emlak Konut will set the comfort of humanity above all else. The projects approved by them must all have prioritize quality of life on their designs.
3) Emlak Konut will and can only approve the sale of a project after it acquires every required residential and construction permits.
4) Emlak Konut must and will check all data and information on catalogs, pre-sale promotional publications, commercials, newspaper ads, models, and sample apartments, on similarities with the actual designs of the projects. Emlak Konut does not approve of any false advertising.
5) Emlak Konut will prepare all contracts, procedures, and price quotes to sales systems, pricing, and all that is required before selling. The projects can not start selling independent units, or independent projects without the approval and permission of the Capital Authority. Emlak Konut will upload the prices on their system before the sales start. Emlak Konut will audit the process and during-sale documentation.
During the Sales Examination and Documentation
1) Emlak Konut will sign all sales contracts in the presence of an official notary. All documents (plans of the project, floor and apartment plans, and total apartment spaces gross and net, a copy of the title deed, certificates of approval and ratification from the municipality, etc.) will be examined by Emlak Konut's experts before the sale. Through this method, the buyer avoids any potential mistakes that may occur after the sale process.
2) Emlak Konut accepts all payments, accounts and the bonds payments to its account, i.e. the account of Emlak Konut GYO, for payment of contractors' amounts and expenses, they shall be paid in installments throughout the construction progress. After the construction is fully completed, the initial title deeds will be issued, and rights and titles will be handed over to their owners, the quality of the construction shall be verified and check again after one year experience of housing. After the quality and continuity of the construction are verified and progressed well, and ensuring there are no problems or lack in construction, the contractor can receive all the remaining installments. In the event of any shortage or modifications that are to be completed by the Contractor, Emlak Konut shall first implement any missing promise and make such modifications and alterations as necessary after delivery.
Examination and Documentation During the Construction
In all its projects after the signing of the contract, Emlak Konut guarantees and provides specialized architects, civil engineers, mechanical engineers, electrical engineers, map engineers, landscaping engineers, On-site verification and research, ensuring the safety and suitability of the construction site, and ensuring the establishment of a workers' oversight office to carry out the following audits and reviews:
1) Emlak Konut does not allow the start of construction and building without the approval of all services (architectural, structural, mechanical, green spaces, etc.). Emlak Konut's experts shall also verify the construction, all materials, and equipment used in the construction process, their accuracy, and suitability in the construction. If the materials are found to be unsuitable for construction, Emlak Konut will not make any payments to the Contractor, before the correction of the specific materials that are to be used in construction.
2) All projects and buildings carried out by Emlak Konut will be implemented and built as 3-D models. This method will allow a thorough examination that they are resistant to severe earthquakes, and the company can request the dynamic analysis in case of severe earthquakes. These reports and analyses will be presented to technical universities in the project area, then they shall be submitted for testing before Emlak Konut approves the construction.
3) Before construction, Emlak Konut shall request geological reports relating to the Earth's structure from the relevant official authorities. Emlak Konut will not accept any project if the ground floor is not suitable for construction.
4) After the drilling is carried out before construction, Emlak Konut will conduct further geological tests. Only after the validity of these tests and the land's suitability for construction, Emlak Konut can then issue the necessary permission to complete the construction.
5) Emlak Konut will test and verify a sample of each concrete quantity that is poured for use in construction. All materials and supplies that will be used in construction are must be tested according to quality standards and construction standards, and accordingly, approval or non-approval will be granted and granting the required permission to carry out the construction process.
6) The company will verify all materials and supplies that will be used in construction to ensure its quality. In the event of any problems or defects in these materials, they will appear while conducting the tests, and therefore the company will avoid the use of materials and supplies containing technical problems. Insulation, plumbing, wind, air, etc. tests are also shall be carried out on used materials.
Examination and Documentation During and After the Delivery of the Project
1) Upon completion, Emlak Konut will check the quality of the construction and the materials used again before delivery, it shall check and verify every part of construction and building, and ensure that it is completed as it should have been following project requirements and project plan.
2) After officials confirm that the project is `Temporarily Ready`, the apartments will be available for sale to customers and buyers.
3) Emlak Konut will and must issue the initial title deed, the final title deed, the housing permit, and all the documents required by the Notary under the date specified in the contract.
4) Emlak Konut will make a deal with the contractor firm and appoint a temporary Administration for the Residential Complex for the first 2 years of the projects to meet the requirements, needs, and security of the residents.
5) Even after completion and housing process, complaints that could be received from the residents will be evaluated and fixes on the complaints will be enforced on the contraction firm.
6) After the project is housed by a community for at least 1 year, Emlak Konut's experts will come back to review the project and confirm the final approval of the project, where they grant the project `Completely Ready` verification.