Realty firm Parsvnath Developers today said it has paid Rs 500.86 crore instalment to the Rail Land Development Authority (RLDA) against the 38 acres of rail land that it had bought for Rs 1,651 crore.
Parsvnath had bought this land, located at Sarai Rohilla- Kishanganj in the national capital, from RLDA in 2010 through an auction.
“The company has so far made payments of three instalments together with interest aggregating to Rs 1,161.46 crore,” Parsvnath Group Chairman Pradeep Jain said in a statement.
In May this year, a development agreement was executed between RLDA and Parsvnath Rail Land Project, a special purpose vehicle (SPV) incorporated for implementing this project.
The company will develop luxury apartments, commercial/ shopping areas, railway housing, railway service building & common facilities, Hospital/School and other amenities.
Parsvnath has appointed Callison LLC of USA as architect for the project in co-ordination with architect Sikka & Associates.
The company will develop this project in partnership with private equity firm Red Fort Capital.