Parsvnath ties up with Red Fort for Delhi project
Parsvnath Developers Limited (PDL), the real estate and infrastructure development company has inked an agreement with international real estate private equity fund Red Fort Capital to invest in its premium luxury residential project in Khyberpass, Civil Lines, Delhi.
Parsvnath Landmark Developers Pvt. Ltd, (PLDPL) a wholly owned subsidiary of Parsvnath Developers Ltd is executing Parsvnath La Tropicana, a premium luxury residential project spread over an area of 16.84 acres (68,149 sq. mt.), with a saleable area of approximately 1.9 million sq. ft.
The construction of the project is expected to commence shortly as PLDPL has received all requisite approvals including sanction of building plans by the Municipal Corporation of Delhi besides various other approvals such as environmental clearance etc.
PDL and PLDPL have entered into agreements with Red Fort Capital, which would be investing Rs90 crore into PLDPL for subscribing 18% equity interest. The project is expected to be completed in three years and is expected to generate revenues of about Rs1,300 crore.