AIG realty arm serves legal notice on RMZ Corp
Indian arm of AIG‘s global real-estate business has served a legal notice on Bangalore-based developer RMZ Corp. The notice came due to failure to let AIG exit its investment in a stalled joint venture in Hyderabad.
AIG Global Real Estate India Advisors had invested Rs 350-crore in the mall project, which got delayed due to lack of consensus over whether it should be residential or for mixed use purpose.
AIG arm served a legal auction notice to RMZ in mid-September asking it to sell stake held by both RMZ and AIG in Millenia Properties, the special purpose vehicle (SPV) formed to execute the project.
Initially, the SPV was expected to construct a mall-cum residential property in Hyderabad by early 2012. However, considering Hyderabad realty slowing down, RMZ was given the option of developing a residential project.
AIG Global Real Estate India Advisors, AIG realty, Bangalore, Hyderabad, Legal notice, mall-cum residential property, Millenia Properties, Residential property, RMZ Corp, special purpose vehicle (SPV)
