New Delhi: Parsvnath Developers ties up with two Saffron Group managed funds, Yatra Capital and Saffron India Real Estate Fund I, for developing the BEST bus depot near Bandra Kurla Complex in Mumbai

The 30, 820 square metres of land area in Kurla, Mumbai is situated on L.B.S. Road on East side and S. G. Barve Marg on North side at Kurla (West). The land from BEST was awarded for planning, designing, constructing and re-modeling a fully equipped bus depot, staff housing and constructing buildings for commercial utilization.

Development activities will be undertaken through a special purpose vehicle under the name of Jarul Promoters & Developers Private Limited being a subsidiary of Parsvnath Developers Ltd.

PDL and Jarul have entered into agreements with Yatra Capital Limited and SIREF I whereby investors will each hold a 15% equity stake in Jarul, on a fully diluted basis. For the purpose of acquiring this stake, they will make an investment of Rs186 crore, valuing the project at Rs620 crore.

Pradeep Jain, chairman, Parsvnath Developers said, “through the SPV, we will build a state-of-the-art infrastructure that matches international standards”.

Meanwhile, the real estate company has announced the launch of Parsvnath Premium, a group housing project in association with Mass House Building Cooperative Limited at Sidhra, Jammu.