Bangalore's Wealthy To Move Court Against Builders

BANGALORE: The developers Century Real Estate Holdings and Goldman Sachs are delaying the homes in an upcoming Four Seasons hotel-cum-apartment block in Bangalore. As a result some high-net-worth individuals including CEOs and top lawyers are planning to send a legal notice to them.

These apartments are priced at Rs 4-15 crore and buyers include Bollywood actress Deepika Padukone and co-founders of software firm Infosys.  Due to differences between the two owning companies, the CityView project has been stalled since February.

The apartments were said to be ready by the end of this year.

Senior Supreme Court advocate Basava Prabhu Patil, who owns an apartment in the project said "Goldman Sachs has been trying to exit the project but they have not identified a third party to take their shares in the project. Courtesy their internal rift, the homebuyers have been left high and dry, we have already sent them a letter and there has been no response. Now, we plan to seek legal action." reports The Times of India.

The two owning companies are Goldman Sachs (73 percent stake) and the landowner Dayanand Pai's Century Real Estate Holdings (26 percent stake).

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