Red Fort Capital invests Rs 90 cr in Parsvnath developers
BS Reporter / Mumbai Jun 11, 2009, 12:20 IST
Real Estate and infrastructure provider Parsvnath Developers signed an agreement with real estate private equity fund Red Fort Capital to invest Rs 90 crore in its premium luxury residential project in Delhi.
With this investment Red Fort will subscribe to 18 per cent equity of Parsvnath Landmark Developers Pvt Ltd (PLDPL), a wholly owned subsidiary of Parsvnath Developers.
PLDPL is executing a premium luxury residential project spread over an area of 16.84 acres, with a saleable area of around 1.9 million sq ft. The project is expected to be completed in three years and is to generate revenue of about Rs 1,300 crore, said the company in a statement to the Bombay Stock Exchange.
The company has received all requisite approvals including sanction of the building plans by the Municipal Corporation of Delhi to enable the company to commence the construction. The approvals comprises clearances from Delhi Urban Arts Commission, The Delhi Fire Service, The Airport Authority of India, Environmental Clearance from Ministry of Environment and Forests, NOC from L&Do and the sanctions pertaining to layout and building plans by Municipal Corporation of Delhi.
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