Parsvnath Group, India’s leading real estate and infrastructure developer with a diversified portfolio, announced the execution of a Development Agreement with Rail Land Development Authority, Ministry of Railways, on 31st May, 2013 for the development of 15.27 hectares (38 acres) of railway land area situated at Sarai Rohilla – Kishanganj, Delhi.
Pursuant to the selection of Parsvnath Developers Limited (“PDL”) as “Selected Bidder” by Rail Land Development Authority (“RLDA”) in a tendering process for development of 38 acres of railway land area situated at Sarai Rohilla – Kishanganj (“Project”) vide Letter of Acceptance dated November 26, 2010, the Company has, after meeting the conditions precedent and completing various formalities, executed, as Selected Bidder, a Development Agreement amongst the Company, RLDA and Parsvnath Rail Land Project Private Limited, a special purpose company incorporated for implementing this project.
This project will be developed over anarea of about 38 acres, comprising of Luxury Air-conditioned Residential Apartments, Commercial/ Shopping areas, Railway Housing, Railway Service Building& Common facilities, Hospital/School and other amenities, State of the Art Club with Gymnasium and sports facilities, etc.
Commenting on the aforesaid development, Mr. Pradeep Jain, Chairman, Parsvnath Group, said:
Consequent upon securing the bid for development of 38 acres of railway land area situated at Sarai Rohilla – Kishanganj, Delhi from RLDA in November, 2010 for an aggregate value of 1651 Crores, the Company has so far made payments of two installments aggregating to 660.60 Crores and has completed requisite formalities pursuant to which the Company has executed the aforesaid Development Agreement with RLDA for development of the project. The project involves development of Luxury Air-conditioned Residential Apartments, Commercial/ Shopping areas, Railway Housing, Railway Service Building& Common facilities, Hospital/School and other amenities, State of the Art Club with Gymnasium and sports facilities, etc. The project site is located in the centre of Delhi and is at a distance of 10 minutes drive from Connaught Place, which is the Central Business District of New Delhi.
Mr. Jain further added that this project will be a masterpiece of architecture which will offer a spectacular ambience that will resonate with resounding avenues of luxury air-conditioned Residential Apartments and commercial spaces with other infrastructural facilities and amenities and M/s. Callison LLC of USA has been appointed as Architect for the project in co-ordination with Architect Sikha & Associates.
Commenting on the aforesaid development, Mr. Subhash Bedi, Managing Director, Red Fort Capital, said:
Red Fort is proud to be a partner in this landmark project which will change the skyline of Central Delhi.
Overview of Parsvnath Developers Limited:
Parsvnath Group with more than 29 years of experience in real estate industry is present in all verticals and has completed 47 projects. PDL is currently working on 50 projects with a total area of 76.3 mnsq ft. The company’s business portfolio includes Residential, Commercial (office and Retail), DMRC Projects, Hotels, SEZs, IT Parks. More information about the company is available on www.parsvnath.com
Overview of Red Fort Capital:
Red Fort Capital is a leading private equity firm with more than USD 1 Billion of Assets Under Management in India through multiple investment vehicles. The Fund has an established development track record exceeding 300 million square feet of real estate and infrastructure projects. Red Fort Capital’s leadership team has experience with firms such as L&T, DLF, General Electric, JP Morgan, Punj Lloyd, Ernst & Young among others which positions the fund as an enviable leader in the industry. Currently, Red Fort Capital has a portfolio of more than 20 projects in India with 60 million square feet under development, including Delhi One (in partnership with Four Seasons), Red Fort Capital Parsvnath Towers (Delhi), Exora Business Park (Bangalore) and Ansal Esencia among others.