News & Views on Indian Real Estate

Monday, June 30, 2008

Parsvnath secures order worth Rs 125 cr

Real estate firm Parsvnath developers today said it has received a Rs 125-crore order for constructing a park in Bihar. The company has received a Letter of Acceptance from Buddha Smriti Udhyaan Development Co (BSUDCL) to develop a park at Patna in Bihar, Parsvanath said in a filing to the Bombay Stock Exchange. The project, scheduled to be completed in nine months, is being implemented jointly by the Government of Bihar and India PPP capacity Building Trust. For this, a special purpose firm BSUDCL has been rolled out to develop the park, Buddha Smriti Udhyaan. With this Parsvanath has embarked upon its first offering in the emerging markets of Bihar thereby strengthening their pan-India presence. Shares of Parsvnath closed at Rs 131.70, down 3.59 per cent on the BSE.