Parsvnath Gets Rs 29.5 Crore Contract

Real estate firm Parsvnath Developers on Friday said it has bagged an Rs 29.5-crore order from Delhi Metro Rail Corporation for constructing station box at the upcoming Dhaula Kuan metro station.

‚ÄúParsvnath is proud to strengthen its association with DMRC through the construction of station box at Dhaula Kuan. The project reinforces the confidence of DMRC in our execution capabilities,” company Chairman, Mr Pradeep Jain said in a statement.

As per the contract, Parsvnath would construct a station box in the upcoming Dhaula Kuan station, which would be on the DMRC’s Connaught Place-International Airport route.

The company is already developing shopping malls in 13 metro stations across the city, Jain said. The project is scheduled to be completed within a period of 15 months, the company said.

The capital-based realty firm is currently developing 114 projects, spread over 211.32 million square feet across 51 cities.

One Comment

  1. Posted October 20, 2008 at 4:43 am | Permalink

    Property developers are looking towards real estate funds as funds from banks and capital markets have become difficult to access. This year, only 42 companies have raised Rs 19,396 crore through initial public offerings – and more than half the amount was garnered by Reliance Power Ltd alone. As a result, realty funds are virtually the only source of raising large amounts of money for real estate companies. Consequently these funds are calling the shots and getting a better deal for themselves. “While the risk is entirely borne by the developer, the first returns come to the fund,” said Mr. Ramesh T. Jogani, Managing Director and Chief Executive Officer of Indiareit Fund Advisors Pvt. Ltd, the real estate fund division of the Piramal Group that has $450 million (Rs 2,191.5 crore) under management across three funds. He added that the new deals also ensure the developer does not use the capital to ‘cash out’, or pay for the land that he has previously bought. Rather it’s used to fund the development of the project. Besides Indiareit, other large domestic entities include HDFC Property Fund, ICICI Venture Funds Management Co. Ltd’s realty fund and Kotak Realty Fund.For more view-

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