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Finance | January 2011

Parsvnath raises Rs 1,000 mn in premium

Parsvnath Developers has inked an agreement with SUN-Apollo India Real Estate Fund LLC (SUN-Apollo), an international real estate private equity fund for an investment in its premium residential project at Ghaziabad, Uttar Pradesh project spread over an area of approximately 31 acres known as Parsvnath Exotica- Ghaziabad. SUN-Apollo will invest upto Rs 1,000 million for a 49.9% stake in the project SPV, Parsvnath Buildwell Private Limited, which will develop the Project. The construction of the Project has already commenced and all requisite approvals including sanction of building plans, besides various other approvals such as environmental clearance, etc., have already been obtained.

 

Pradeep Jain, Chairman, Parsvnath Developers, said, “This is the fifth project being developed by us."

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