SUN Apollo to invest Rs.750 crore in Parsvnath’s project
December 11th, 2009 - 9:11 pm ICT by IANSNew Delhi, Dec 11 (IANS) Global real estate private equity fund SUN Apollo will invest Rs.750 crore ($160 million) in a luxury residential project of Parsvnath Developers.
As per the terms of the partnership, SUN Apollo will get 50 percent stake in special purpose vehicle to be formed to execute the Parsvnath Exotica Part-II project in Gurgaon near here.
“We are starting to see recovery in the real estate markets following improvement in liquidity and rationalisation of property rates, especially in the residential segment,” Parsvnath chairman Pradeep Jain said Friday.
“With the strengthening of the Indian economy, the investors’ faith in the country’s real estate sector has also strengthened,” Jain added.
Parsvnath had earlier joined hands with Red Fort Funds for the Parsvnath La Tropicana premium project in Delhi.
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