Red Fort Capital to invest in Parsvnath’s project

Red Fort Capital to invest in Parsvnath’s project
The Hindu Business Line, June 12, 2009, Page 2

Our Bureau, New Delhi

The Delhi-based Parsvnath Developers Ltd has inked an agreement with real estate private equity fund Red Fort Capital to invest in its luxury residential project in Delhi. Red Fort Capital will invest Rs 90 crore into Parsvnath’s subsidiary which is executing the project, and in turn subscribe to 18 per cent equity interest.

Parsvnath Landmark Developers (PLDPL) a wholly-owned subsidiary of Parsvnath Developers, is executing the project - Parsvnath La Tropicana, spread over 16.84 acres , with a saleable area of about 1.9 million sq. ft. The construction of the project is expected to commence shortly as PLDPL has received requisite approvals, including sanction of building plans by the Municipal Corporation of Delhi.

The project is expected to be completed in three years and the company hopes it would generate revenues of about Rs 1,300 crore.

Mr Pradeep Jain, Chairman, Parsvnath Developers, said, “Through PLDPL, the company is planning to execute this premium luxury housing project, comprising three-, four- and five-bedroom units, penthouses and villas.”