Parsvnath gets approval for Delhi housing project

June 1st, 2009 - 7:41 pm ICT by IANS  

New Delhi, June 1 (IANS) Realty major Parsvnath Developers Monday said it had received approval for its luxury housing project at Civil Lines in Delhi and was expecting a return of Rs.1,300 crore from the project in three years.
Parsvnath Landmark Developers, a subsidiary of Parsvnath Developers, has received all approvals to start construction of the project, comprising 453 units with a built-up area of 20 lakh square feet, the company said in a statement.

“The company is expected to have a realisation of about Rs.1,300 crore in three financial years from the said project,” it said.

Parsvnath chairman Pradeep Jain said the excavation work at the site had already been completed and “now we shall be deploying equipment and manpower to take up construction in full swing and complete the project within the time frame”.

Parsvnath has recently announced that it would raise up to Rs.2,500 crore through private placement of shares to clear its debt.

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