September 11, 2008
Luxury Real Estate in India – BSR Engineering pulls out of major luxury residential development
Problems in the US real estate market are causing projects as far abroad as India to be halted
One Las Vegas
BSR Engineering and Development Ltd, a major player in the world-wide luxury development market, is suspending all real estate activity in India until further notice. The company notified the TASE (Tel Aviv Stock exchange where they are listed) that it had canceled its participation in a $20 million luxury residential project in Bangalore, which was slated as a residence for foreign workers in Bangalore’s IT sector.
BSR cited the situation of the global real estate market in general and in India and the United States in particular as its reasons for suspending activity in India. BSR Engineering is facing problems with several of its developments. At a bondholders’ meeting of subsidiary BSR Projects Ltd, the company said that projects in the US were in a very difficult situation, a mezzanine loan was in big trouble, and a major project was heading for receivership. What I hear is that BSR is desperately looking for more financing for their project in Las Vegas - “One Las Vegas,” a 19.5 acre master-planned residential “lifestyle,” condominium development, and is likely to be issuing a going concern warning soon.
Filed under Luxury Developments by Mark Knowles
Comments on Luxury Real Estate in India – BSR Engineering pulls out of major luxury residential development »
Its high time the government helped out in such situations. We need to stop depending on foreign countries and associations for resources and need to tap out the wonderful resources from our own country. And this needs a good backing from the government.
We need to reach to a good stability level where the fluctuation of another country’s market shouldn’t affect us… It will take time but it is achievable.