Overseas property company Larionovo has returned deposits to a number of its clients who bought units in schemes in India.
The Sunday Business Post understands that the move was prompted by concerns over the ability of buyers to repatriate funds.
Larionovo began marketing units in three schemes in India in the spring of last year. Two of the schemes, Green Hill and Green Valley, are located south of the capital of Mumbai. The third, Cape Corinth, is in the holiday resort of Goa.
Prices ranged from €29,250 for a studio at Hill View to €52,000 for a one-bedroom unit in Cape Corinth. One investor who paid a deposit on a property at the end of last year said he received a letter from Larionovo stating that there were possible issues surrounding the repatriation of funds and that the company was examining the situation.
More : sbpost.ie
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