Parsvnath to develop project near Connaught Place
Parsvnath Developers Ltd, one of India’s leading real estate developers, has planned to raise fund of Rs 360 crore through a non-convertible debenture issue (NCD).
In 2010, the developer had purchased a land parcel in a prime location in the national capital. It had then paid Rs 1,651 crore for the deal, which was a partial payment.
Sources said that, Parsvnath has planned to raise the fund in order to pay the due amount. Parsvnath Developers had planned to pay for the land in six annual installments of which the first installment of RS 330 crore was made in 2011.
The land, located near the Sarai Rohilla railway station, around 5km from Connaught Place in Delhi, was auctioned by the Railway Land Development Authority (RLDA).
To develop the railway land area, a subsidiary named Parsvnath Railway Land Project Pvt. Ltd (PRLPPL), has been created as a special purpose vehicle (SPV). At presently, the project is at the stage of acquiring sanctions and will largely be a residential development.
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