Red Fort Capital to invest in Parsvnath project
Parsvnath Developers Limited (PDL) has signed an agreement with leading 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 PDL is executing this project called Parsvnath La Tropicana.
Spread over an area of 16.84 acres, it will have 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 Rs 90 crore into PLDPL for subscribing 18% equity interest. The project is expected to be completed in three years and is forecast to generate revenues of about Rs 1,300 crore.