A Sydney property developer whose company has left up to 25,000 homes in limbo after being placed into voluntary administration is building a luxury compound complete with an eight-car underground garage, tennis court and pool.
Bhart Bhushan, who co-owns the Bathla Group alongside his brother Rajinder Mohan, announced the property group would enter voluntary administration on Tuesday, citing a ‘perfect storm’ of softening sales, tax change impacts, and higher construction costs.
The business is believed to owe an estimated total of $3.6billion to private credit firms and other creditors.
Administrators from Teneo have been appointed to undertake an ‘immediate assessment’ of the company’s finances in an effort to stabilise operations….