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News & Views on Indian Real Estate

Wednesday, April 30, 2008

Parsvnath Sells Off Thirty Percent Stake In Mumbai Project


Real estate firm Parsvnath Developers Ltd has sold 30 percent stake in a Mumbai project to foreign funds for 1.86 billion rupees, the company. Shares in a company hit a high of and were trading 4.57 percent higher. Parsvnath will sell 15 percent stake each in the Kurla bus station redevelopment project to Euronext-listed Yatra Capital and Saffron India Real Estate Fund-I, both promoted by Mauritius-based fund manager Saffron Asset Advisors. Yatra and Saffron have picked up the stake at land-value basis. They will also proportionately fund all future development and construction activities for the project, Parsvnath said. Future investment is estimated at 2 billion rupees and the project is to be completed in 2-½ years. The deal will help unlock value of the property and help establish a strong relationship with well-known foreign direct investment partners, Parsvnath said. Jones Lang LaSalle Meghraj was the consultant for the deal. Foreign investors have rushed to invest in India’s expanding real estate market over the last few years, attracted by easier investment rules and rising property prices, which have gone up for the fifth straight year.

Rajani said...

Parsvnath developers are again in market with their new projects. Their previous project has got good business and the same is expected by the coming projects too.

' said...

parsavanth developers is a reputed name in real estate ,they have made many projects and currently there are many outgoing projects of their

Vikas Bamotra said...

The Parsvnath Group is a buoyant conglomeration of companies endowed with impeccable foresight, enviable expertise and innate acumen providing cost effective and holistic solutions to the Real Estate & Construction World.

The business philosophy of the group derives its strength in its commitment to create architectural marvel by using state-of-the-art technology, consulting global architects and by motivating human potential to scale new heights.

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