Bangalore Four Seasons project might come under litigation
Goldman Sachs and Century Real Estate Holdings, both are jointly developing India’s second Four Seasons hotel in Bangalore. However there is some bad news looming for them round the corner as the construction major ShapoorjiPallonji& Co Ltd (SPCL) has threatened to take legal action against them.
The Wall Street bellwether Goldman Sachs has a 73 % stake in City View Bangalore Properties and the land owner DayanandPai’s Century Real Estate Holdings has a 26 % stake in the project. However they have abandoned the project site and disconnected electricity supply at the site.Shapoorji issued a public notice on Thursday against them due to this.
This project is under construction and is located near Mekhri Circle in north Bangalore. The spokesperson of Shapoorji stated that the City View Bangalore Properties had defaulted in payments and had “not performed obligations under the contract’’. The Mumbai-based construction company SPCL is claiming dues of Rs 82 crore and said that it was pursing legal remedies.
The public notice also mentioned that in absence of any instructions and response from the employer (City View), SPCL is constrained to withdraw from the project site with effect from June 24, 2014.
The 1-million square feet lifestyle project called City View comprises of a 230-key Four Seasons hotel, 110 luxury branded residences that will also be operated by the Canadian hospitality chain, 60,000-square feet of luxury retail space, and 150,000-sqft of office space.
Bollywood star DeepikaPadukone and some Infosys co-founders have booked homes in the project.
Source- The Economic Times
Century Real Estate Holdings, DeepikaPadukone, Four Seasons hotel in Bangalore, Goldman Sachs, Mumbai-based construction company, ShapoorjiPallonji& Co Ltd
