Parsvnath Developers has acquired property worth Rs 200 crore in Connaught Place in New Delhi. Pradeep Jain, Chairman, Parsvnath Developers said that they have already acquired the property and paid money for the land. Jain added that they will develop a luxury retail mall with office space property.
According to Jain, if any other property is available and any opportunity comes, they will definitely grab it, depending on the size and location of the property.
Monday, May 5, 2008
Parsvnath Developers buys Rs 200cr New Delhi property
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Real estate firm Parsvnath Developers Ltd has sold 30 percent stake in a Mumbai project to foreign funds for 1.86 billion rupees, the company. Shares in a company hit a high of and were trading 4.57 percent higher. Parsvnath will sell 15 percent stake each in the Kurla bus station redevelopment project to Euronext-listed Yatra Capital and Saffron India Real Estate Fund-I, both promoted by Mauritius-based fund manager Saffron Asset Advisors. Yatra and Saffron have picked up the stake at land-value basis. They will also proportionately fund all future development and construction activities for the project, Parsvnath said. Future investment is estimated at 2 billion rupees and the project is to be completed in 2-½ years. The deal will help unlock value of the property and help establish a strong relationship with well-known foreign direct investment partners, Parsvnath said. Jones Lang LaSalle Meghraj was the consultant for the deal. Foreign investors have rushed to invest in India’s expanding real estate market over the last few years, attracted by easier investment rules and rising property prices, which have gone up for the fifth straight year.For more view- realtydigest.blogspot.com
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