Upscale project stalled in Bangalore
Around a dozen high-net-worth individuals, including the CEOs and top lawyers, are planning to send a legal notice to developers Century Real Estate Holdings and Goldman Sachs for delaying their homes in an upcoming Four Seasons hotel-cum apartment block in Bangalore where apartments are priced at Rs 4-15 crore. The buyers in this apartment include Bollywood actress Deepika Padukone and some co-founders of software firm Infosys.
The apartments were to be delivered by the end of this year. However this upscale City View project has been stalled since February due to differences between the two owning companies over a potential buyer for stake in the project. As of now nothing has been informed of how long it will take to complete the project.
This has become a problem as the flat is being delayed. Problems like these keep on increasing day by with a buyer for stake in the project. The problems in stalled projects have kept on increasing day by day. However this high scale project was not expected of being stalled midway with celebrity buyers having invested in the project. Hopefully the project will start in sometime as that is being expected of now.
Source: The Economic Times
Bangalore, Century Real Estate Holdings, Goldman Sachs, high net worth individuals, upscale CityView project
