Ramee Group, the Indian hospitality company, bought the stalled Juffair Views project in Bahrain for BHD 3.6mn, reported Arabian Business on Wednesday.
At a public auction, the Indian hospitality company, Ramee Group, bought Juffair Views, a 26-storey residential tower, for BHD 3.6 million and plans to complete it in 2017.
For an additional cost of BHD 7 mn, the Indian developer is to redesign the residential project to include 80 serviced apartments, a penthouse, and a health club.
Back in 2007, construction of the Juffair Views took place and was scheduled to inaugurate in 2009 but the whole project came to a halt with the global financial crisis, like many other developmental projects in the country. Recently, the government publicly auctioned such projects and even set up a committee to take care of all delayed developments.