Mumbai: Parsvnath Developers Ltd said on Tuesday it has signed an agreement with SUN-Apollo India Real Estate Fund LLC, for an investment in a residential project at Ghaziabad, Uttar Pradesh.
SUN-Apollo will invest upto Rs100 crore for a 49.9% stake in the project’s special purpose vehicle, Parsvnath Buildwell Private Ltd, it said in a statement.
“A substantial part of the total investment has already come into the project, and the rest of the money would be invested on a need basis in the project,” Parsvnath chairman Pradeep Jain told Reuters over the telephone.
The construction of the 31-acre-project, Parsvnath Exotica-Ghaziabad’, has already started and approvals have already been obtained.
The company is also in talks for further investments in various SPVs formed for other projects, he said.
Parsvnath has a land bank of about 195 million square feet (18.12 million sq metres), of which the company has put 80 million square feet on fast track for completion, he said.
At 11.39 am, shares of the company were 2.42% lower at Rs54.35 in a steady Mumbai market.