The realty boom took a downturn in 2008 thus putting many developers to think twice before taking up the ventures. Apart from housing and commercial all the other projects are on hold and mainly to be pointed out are the hospitality projects.
As per the reports from the realty sector, Bangalore was about to host for much hospitality projects and if everything was fine then by now all the proposed projects would have been completed says the realty experts. The source further claimed at www.propertykhazana.com that in the year 2008 Sobha Developers had a prestigious hospitality project which was planned in about 2 acres of land in the core of the city, but the developers put the project on hold and it just in the paper now and no implementations are expected in the short time. Speaking on the matter, a senior officer revealed that, the impact after the slow down has made the company not to look for any of the hospitality projects and will only continue with the housing and commercial projects.
Meantime, the Prestige Group is also on the same track and had proposed to construct 3 projects and no project was initiated with full force and as revealed by the reports it has a project named Hilton, The Marriot Resort near the international airport and few service apartments. Because of the downturn in the realty market the projects are not executed on time and at the same time Nitesh Estates announced an international collaboration hospitality project and the company sources said that due to the downfall of the real estate the project was delayed and will be completed in another 6 months.
Source: NIMMA BENGALURU
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