Delayed Luxury Project leads to Bangalore’s Wealthy to take legal actions

The major real estate in Bangalore named century real estate Holding and Goldman Sachs are suspending and postponing the homes in an upcoming venture which is a hotel-cum apartment in 4 four seasons based in Bangalore.

Witnessing and suffering this delay many of the major CEO’s high net worth individuals including many top lawyers are scheduling to draft a legal notice to them.

The costs of these apartments are sky high near about Rs. 4 to 15 Crore and the buyers of such luxurious entity includes Bollywood actress Deepika Padukone and many major co-founders from Infosys. As there is a disagreement prevailing between the two sectors the city view project is witnessing a stand still since February whereas the authorities promised to complete and handover the property by the end of 2014.

Big shots who own a luxury property within this project is trying to make a safe exit but the signs of the same are highly impossible. Many and almost all the purchasers are left dry and fry as their letter seems no response from the real estate developer’s end. In response to such a negligible attitude the purchasers and current stake holders are planning to take a legal action further.

According the Managing Director of the renowned realty company the century developers the company is going through a phase of ownership and management change which is hampering the project progress. This imbalance has created a temporary halt in all the transitions and proceedings of the company. This issue of ownership transfer will nearly take another a month and then after that it’s expected to resolve back to the smooth working of the organization which will be quite visible in all the companies’ undertakings. The MD himself has promised that the project will be completed within a span of 18 to 24 months.

The delayed project is spread in almost 1 million sq. ft. in the northern part of Bangalore, the project features 110 luxury branded residential units which are fully operated by the hotel chain. Thus, the project is set to have three towers known as the North Tower inclusive of 3 and 4 BHK residential units the other is the south tower which has 1 hotel and is a 2 BHK residential unit and the third is known as the West tower which has a commercial space being offered.