Parsvnath developers, the Delhi based developer, bid for Rs 1651 crore and won a 38 acre land parcel from railway land development authority (RLDA).
Mumbai based Indiabulls Real Estate (IBREL) had bid for rs 1257 crore which was less by Rs 394 crore to outdo Parsvnath.
Pradeep Jain, chairman and managing director, Parsvnath told DNA Money, “The project has a saleable area of 5 msft and we will have to pay Rs 320 crore in next 90 days. After 18 months we have to pay another tranche. We have five and a half years to make the whole payment. We have already done the financial closure for the first tranche and rest would be paid through internal accruals.”
Red Fort Capital, the private equity fund headed by Parry Singh which has actively invested in Parsvnath is also a part of the financing process, though the stake sale and the amount it is invested will be divulged later, Jain added.
The developer would be putting up residential, commercial and a hotel property on the same. Though at present Jain did not comment on when the project would be launched. RLDA will handover the land after it enters into the agreement in next 90 days.
Close to fifteen companies were in the fray for the land which included Emaar MGF, Parsvnath Developers, BPTP, Indiabulls, Ackruti City, Emaar MGF, Peninsula Land, Ansal API and Godrej Properties, which were pre-qualified to participate in the bidding process.
RLDA has more than one lakh acre of surplus land across the country, which it plans to put on block in a phased manner which also includes the Bandra east prime land which was slated to be auctioned earlier this year which ealrier went to DLF. Strangely Mumbai based developers are now queing up in Delhi to bid for high end realty projects.
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