Parsvnath gets possession of Sarai Rohilla land1 min read . Updated: 04 Jun 2013, 05:44 PM IST
The developer plans to build a high-end housing project after getting regulatory approvals
Bangalore: Parsvnath Developers Ltd said on Tuesday it has taken possession of a 38 acre land in Delhi from the Railway Land Development Authority (RLDA), on which it plans to build a high-end housing project after getting regulatory approvals.
The company won the land in Sarai Rohilla-Kishanganj area in an auction in 2010 after agreeing to pay Rs1,651 crore for it. Parsvnath said it had so far paid Rs660 crore to RLDA in two instalments and furnished bank guarantees.
Chairman Pradeep Jain said Parsvnath will now apply for building approvals for the project, expected in 6-9 months.
Parsvnath has a 51% stake in the project and Red Fort Capital Advisors Pvt. Ltd the balance 49%.
Jain said the proposed project will be developed in phases. “We will also construct around 600,000 sq. ft of housing for the railways department in the same as part of the agreement," he said.