Parsvnath bags 38 acre rly land for 1,651 crore

Parsvnath bagged 38 acre Railways land in auction for Rs 1,651 crore to develop a number of projects — residential, hotel, offices and shops. The auction was conducted in 2010 and the company has already paid Rs 660.6 crore.

While Railways has already given the possession of the land to the company, NCR-based developer signed a development agreement with Rail Land Development Authority (RLDA), Ministry of Railways, on May 31, 2013. To implement the project, a special purpose vehicle was incorporated, where Parsvnath holds 51% and the rest 49% is owned by Red Fort Capital. TNN

Published in: on June 6, 2013 at 3:31 pm  Leave a Comment  

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