New Delhi: New Delhi based real estate firm Parsvnath Developers Ltd (PDL) has won the bid for 38 acres of prime land from the Railway Development Authority (RLDA) in the national capital for Rs 1,651.51 crore.
Indiabulls Real Estate, the only other bidder in the auction, offered Rs 1,257 crore for the land adjacent to Sarai Rohilla railway station. “We will develop the land to provide luxury housing, commercial space and other civic amenities,” said PDL chairman Pradeep Jain in a telephonic interaction.
“The total developable area in this project will be about 5 million sq ft, of which 0.5 million sq ft would go with Railway land Development Authority (RLDA). Financial closure has already been completed for this project,” he said.
Jain said the company will have to pay 20% now and the remaining amount in the next 4-5 years. The entire project, which will be primarily housing would be completed in 10 years.