Group items tagged

Detroit in Total Economic Meltdown

The global economic meltdown has incessantly led to slump in property rates of major cities across the nation, Mumbai, the commercial capital of India, being one of them. However, inspite of rising inventory and steady decline in Mumbai's real estate market, multi-storeyed projects in the city has witnessed an escalating path. Key developers and builders in Mumbai have been coming up with a slew of multi-storeyed projects in the city, with the approval of the highrise committee of BMC.

A developer of luxury condominiums in one of Mumbai's popular business districts is seeking private equity funds to buy distressed assets from rivals reeling under record debt. Sunteck is among those real estate companies that emerged relatively unscathed from the global meltdown and also from a domestic slowdown, even as bigger rivals found themselves holding excess inventory amid dwindling sales and were unable to shift their properties when they needed to do it quickly.

Sunteck, whose clients include Bollywood celebrities, is seeking private equity funds to buy distressed assets from rivals reeling under debt. Sunteck is among those companies that emerged relatively unscathed from the global meltdown and a domestic slowdown, even as bigger rivals found themselves holding excess inventory amid dwindling sales.