Bangalore's Wealthy To Move Court Against Builders

Century Real Estate's managing director Ravindra Pai said, "The company is undergoing an ownership change and the work has been temporarily halted due to the transition. The change is expected to take place in the next 30 days and once that happens, the project will be completed in 18-24 months."

"Once the transition happens, the debts will be cleared and the new developer will be settling all the dues," he added.

The project is situated in I million sq ft in north Bangalore featuring a 110 luxury branded residences that will also be operated by the hotel chain, 50,000 sq ft of luxury retail space, 230-key Four Seasons hotel and 150,000 sq ft of Grade A office space.

CEO of Reward360 Amit Chawla said, "It is a sad state of affairs as we have no official communication from the owning companies on the status of the project. We invested because of names like Goldman Sachs and Four Seasons associated with the project."

The project consist of three towers - North Tower comprising 3-and 4-BHK residences, South Tower comprising hotel and 1- and 2-BHK residences and West Tower has commercial space.

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