Parsvnath Developers gets DMRC nod for high-end shopping mall

Parsvnath Developers was granted the concession rights by Delhi Metro Rail Corporation (DMRC) for the construction, development, management, operation and maintenance of a high end shopping mall.

The shopping mall will be built on land admeasuring 28,400 sq. mtrs., having a potential of 4,00,000 sq. ft. (approx.) leasable area, on BOT (build-operate-transfer) basis, situated at Netaji Subhash Place, Near Netaji Subhash Place Metro Station, Opposite Wazirpur District Center, Pitampura, New Delhi - 110034.

The company has entered into limited liability partnership (LLP) agreement on Thursday, 18 November 2021, with unity buildwell for undertaking the development of the project through a special purpose entity viz. 'Unity Parsvnaths LLP' incorporated for the same. The construction and development work at the project site has commenced after obtaining all the requisite sanctions and approvals in respect of the project, including the approval of DMRC for development of the project by Unity Parsvnaths LLP.

On a consolidated basis, Parsvnath Developers reported a net loss of Rs 76.19 crore in Q2 FY22 as compared to a net loss of Rs 93.48 crore in Q2 FY21. Net sales jumped 19.9% to Rs 39.53 crore in Q2 FY22 over Q2 FY21.

Parsvnath Developers is a real estate and infrastructure development company. The company's diversified business portfolio comprises of residential, commercial (office and retail), DMRC projects, hotels, SEZs, IT parks and third party construction.

Shares of Parsvnath Developers declined 4.16% to end at Rs 16.80 on Thursday, 18 November 2021. The domestic stock market was shut yesterday, 19 November 2021 on account of Guru Nanak Jayanti.

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