Parsvnath Developers Wins Bid for 38 Acres of Delhi Land for Rs 1,651.52 Crore

Strategic Insights -

Parsvnath Developers, a leading real estate developer, has secured the bid to develop 38 acres of prime land in the heart of Delhi for the construction of residential projects. The land, owned by Indian Railways, was auctioned for Rs 1,651.52 crore, making it the second-largest land deal in Delhi after DLF's 2007 purchase of 38 acres in Motinagar. The land is strategically located near the Sarai Rohilla railway station, just 4 km from Connaught Place, and will be used for a mixed-use project with a focus on residential development.

Key Takeaways:

  • Parsvnath Developers emerged as the winner of the bid to develop 38 acres of land in Delhi, offering Rs 1,651.52 crore, which is the second-largest land deal in the city after DLF's 2007 purchase.
  • The land, owned by Indian Railways, will be used for a mixed-use project, with one-third of the project reserved for the railways and the rest for Parsvnath Developers.
  • A total of 14 real estate developers were pre-qualified for the auction, including Godrej Properties, Indiabulls, and Omaxe, but leading developers DLF and Unitech chose to stay away.
  • Parsvnath Developers will invest Rs 1,000 crore in the project, in addition to the Rs 1,651.52 crore bid amount, for the construction of residential projects.
  • Parsvnath Developers is one of India's leading real estate developers, present in 45 cities across 16 states, with a diversified portfolio that includes integrated townships, group housing, commercial complexes, hotels, and IT parks.

Statistics:

  • The bid amount of Rs 1,651.52 crore is the second-largest land deal in Delhi after DLF's 2007 purchase of 38 acres in Motinagar.
  • The land will be used for a mixed-use project, with one-third of the project reserved for the railways and the rest for Parsvnath Developers.
  • Parsvnath Developers will invest Rs 1,000 crore in the project, in addition to the Rs 1,651.52 crore bid amount.
  • The project will be located near the Sarai Rohilla railway station, just 4 km from Connaught Place, a posh area in Delhi.
  • Parsvnath Developers has a pan-India presence across 45 cities in 16 states, with a diversified portfolio of various real estate developments.

Sources:

  • "Parsvnath Developers Wins Bid for 38 Acres of Delhi Land for Rs 1,651.52 Crore" by Accord Fintech, distributed by Contify.com
  • "Parsvnath Developers Limited" company profile on Contify.com