Early this Month we had reported about India's Most Expensive Real Estate Deal. We have learnt from the Delhi authorities that BPTP has defaulted to pay the first installment of Rs 1,251 crore [$300 mn]. BPTP has sought an extension of 60 days. However, they now have to pay an interest of 14% on the initial amount.
Foreign Investors caught in the sub-prime crisis are looking closely at the Real Estate sector and hence none of them were able to extend their support to BPTP yet. According to RBI regulations they can't go in for an ECB. Unfavorable market conditions rules down the listing on London's Alternate Investment Market.
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