Parsvnath group ties up with Railways

In a major effort at raising resources and unlocking commercial value of the enormous land at its disposal, the railways have entered into an agreement with Parsvnath group to develop 15.27 hectares (38 acres) of land located at Sarai Rohilla-Kishanganj in Delhi.

After its selection as the developer through a bidding process, Parsvnath Developers Limited executed the formalities with the Rail Land Development Authority (RLDA) and set up a special purpose vehicle – Parsvnath Rail Land Project Private Limited – to execute the project awarded to it.

It had bagged the project for an aggregate value of Rs. 1651 crore of which it has paid Rs. 660.60 crore in two instalments to the RLDA.

The project comprises constructing luxury air-conditioned residential apartments, commercial and shopping areas, railway housing, railway service building and common facilities. Other amenities include hospitals, schools, state of the art club and gymnasium and sport facilities.

Parsvnath group chairman Pradeep Jain promised to develop the area located in the centre of the national capital with a masterpiece of architecture that would provide a spectacular ambience.

The group has appointed M/s. Callison LLC of USA as the architect for the project in coordination with Architect Sikha and Associate.

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