Parsvnath Developers Ltd said it has brought 38 acres of land worth Rs1,651.5 crore from the railways in Delhi through competitive bidding. The developer will invest additional Rs1000 crore in developing the plot.
The company said it will develop luxury housing, commercial space and other civic amenities on the land had has partnered with private equity firm Red Fort Capital.
"The total developable area in this project will be about 5 million sq ft, of which 0.5 million sq ft would be Railway Land Development Authority (RLDA). We will invest another Rs1,000 crore on the construction. Financial closure has been completed for this project," Parsvnath Developers said.
The entire project, which will be primarily housing, is expected to be completed over 10 years.
On Friday, Parsvnath Developers shares ended 2.1% down at Rs64 on the Bombay Stock Exchange, while the benchmark Sensex also declined 2.1% to 20,156 points.
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