Parsvnath Developers Limited inks agreement with Red Fort Capital to invest in its premium luxury residential project in the heart of Delhi
Parsvnath Developers Limited (PDL), one of India’s leading real estate and infrastructure providers has inked an agreement with leading international real estate private equity fund Red Fort Capital to invest in its premium luxury residential project in Khyberpass, Civil Lines, Delhi.
Parsvnath Landmark Developers Pvt. Ltd, (PLDPL) a wholly owned subsidiary of Parsvnath Developers Ltd is executing a premium luxury residential project viz., Parsvnath La Tropicana, spread over an area of 16.84 acres (68,149 sq. mt.), with a saleable area of approximately 1.9 million sq. ft. The construction of the project is expected to commence shortly as PLDPL has received all requisite approvals including sanction of building plans by the Municipal Corporation of Delhi besides various other approvals such as environmental clearance etc.
PDL and PLDPL have entered into agreements with Red Fort Capital, which would be investing Rs 90 crore into PLDPL for subscribing 18% equity interest. The project is expected to be completed in three years and is forecast to generate revenues of about Rs 1,300 crore.
Speaking on the development, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited said, “I am glad that Red Fort Capital has joined hands with Parsvnath. This is a significant achievement for us as investors are showing interest and confidence in our group. We are expanding at a good pace and such developments would further help in our commitment to ensure a better performance for our investors”.
“Through PLDPL, the company is planning to execute this premium luxury housing project, comprising of 3, 4 and 5 bedroom units, penthouses and villas. This is a landmark project in Delhi. We are committed to ensure an international quality development within the complex.” Mr. Jain added.
Speaking on the investment, Mr. Parry Singh, Managing Partner, Red Fort Capital said “Red Fort Capital is happy to partner with Parsvnath for this project. Our investment demonstrates our continued commitment to providing execution capital for residential housing projects in prime locations in India’s major metro markets.”
About Parsvnath Developers Limited :
Parsvnath Developers Limited (PDL) is one of India’s leading real estate developers with a pan-India presence spread over 50 cities and 17 states, across key verticals in the real estate sector. The company has a developable area of over 200 million sq. ft. The company currently has 81 million sq. ft. of area under construction, of which 43.62 million sq. ft. has already been sold.
PDL has a track record of timely delivery of projects. Projects are constructed with in-house delivery teams which add to the company’s capability of timely delivery and quality. PDL has a diversified portfolio of real estate development projects including Integrated Townships, Residential Projects and Commercial Complexes such as shopping malls, multiplexes, hotels, IT parks, BOT Projects and SEZs. It has successfully completed 14 Residential, 12 Commercial and 7 DMRC Projects and has a customer base of 25,000.
About Red Fort Capital:
Red Fort Capital is a leading investment management firm that invests in private and public markets across asset classes, with a particular emphasis on real estate. Its investors include international public, corporate and union pension plans, as well as insurance companies, foundations, endowments and governments.
Red Fort Capital’s team has professionals with over one hundred years of real estate experience combining Indian and international real estate development, finance and capital market expertise.
Red Fort Capital’s focus is on real estate development and investment opportunities in India, paying particular attention to congested cities. The firm invests in projects across all sectors and real estate operating companies in select markets nationwide.
