Parsvnath gets approval for Delhi housing project

October 1st, 2009 NEW DELHI - Realty major Parsvnath Developers has sold an additional four percent stake in a luxury residential project in Delhi to private equity fund Red Fort Capital for Rs.25 crore. Red Fort had earlier picked up an 18-percent stale in the Parsvnath La Tropicana project in north Delhi's Civil Lines area from Parsvnath in June for Rs.90 crore.

June 23rd, 2009 RAIPUR - Decks have been cleared for the 4,000-MW ultra mega power project (UMPP) in Chhattisgarh as the central government has finally approved the project, ending months-long controversy. The government, which had earlier selected Chhattisgarh as one of the five states for setting up UMPPs, reportedly rejected the project last August as the state government stuck to its demand for 50 percent of power at "invariable cost" from the project.

June 21st, 2009 CHANDIGARH - The Haryana government has sought the intervention of Prime Minister Manmohan Singh to get an early clearance for the Rs.20.8 billion (Rs.2,082 crore) Delhi-Faridabad metro project from the Delhi government. "The detailed project report of Delhi-Faridabad metro project, having a length of 13.875 km, was prepared by Delhi Metro Rail Corporation Limited (DMRCL).

June 19th, 2009 NEW DELHI - The Cabinet Committee on Economic Affairs (CCEA) Friday gave go-ahead to the 100-MW Tripura gas-based power project, to be developed by the state-run North Eastern Electric Power Corp (Neepco). The estimated cost of the project is Rs.421.01 crore.

June 15th, 2009 NEW DELHI - Taking a cue from the other realty companies like Unitech and DLF, Ansal Properties and Infrastructure, part of the Ansal API group, will raise up to Rs.1,500 crore by way of qualified institutional placement (QIP), the company said Monday. "The board of directors at its meeting held on Monday has decided to seek the approval of shareholders to issue equity shares, to resident and non-resident qualified institutional buyers by way of QIP for raising a sum of up to Rs.1,500 crore," the company said in a statement.

June 11th, 2009 NEW DELHI - Private equity fund Red Fort Capital will invest Rs.90 crore in a luxury residential project in the capital being developed by realty major Parsvnath, the realtor said Thursday. According to an agreement reached between the two firms, Red Fort will pick up 18 percent equity interest in the project, expected to be completed in three years and generate revenues of about Rs.1,300 crore.

June 4th, 2009 NEW DELHI - Realty major Parsvnath Developers has bagged an order worth Rs.19.86 crore from Delhi Metro Rail Corp for constructing a residential project at Mundka Depot here, the company said Thursday. In a regulatory statement, the company said it would build 130 flats during the second phase of the Delhi Mass Rapid Transport System (MRTS) project.

May 25th, 2009 NEW DELHI - Taking cue from the other realty majors, the board of real estate firm Parsvnath Developers Monday approved a proposal to raise up to Rs.2,500 crore (Rs.25 billion/$529 million) through qualified institutional placement (QIP). "The board has decided to raise funds by various means, including through issuance of further securities to persons other than the existing equity shareholders of the company and also by way of QIP to qualified institutional buyers (QIB) for raising a sum of up to Rs.2,500 crore," Parsvnath said in a regulatory statement.

May 21st, 2009 NEW DELHI - Realty major Parsvnath Developers will develop an IT park in Gurgaon, it said Thursday. The company is already in possession of the land and will invest Rs.135 crore in the project, Parsvnath Technica, it said in a statement.

May 18th, 2009 NEW DELHI - Realty major Parsvnath Developers has got environmental clearance from the Haryana government for its Parsvnath Paliwal City project at Panipat, the company announced Monday. 'After getting environmental clearance (from the State Environment Impact Assessment Authority), Parsvnath is now in a position to start the construction of the township project soon,' a company statement said.

April 17th, 2009 NEW DELHI - Hit by severe cash crunch, realty major DLF has requested the central government to denotify four special economic zone (SEZ) projects that were allotted to it. These four SEZs are IT and IT enabled Services (ITeS) projects, the company said in a statement Friday.

March 17th, 2009 AHMEDABAD - Parsvnath Hotels Ltd (PHL), a subsidiary of real estate major Parsvnath Developers, Monday said its Rs.2.5-billion (Rs.250-crore) five-star hotel project in Vejalpur near here would be completed by 2010-end. The 152-room luxury hotel will also have a 24-hour coffee shop, multi-cuisine and specialty restaurants, conference rooms, a business centre and a few boutique stores, a senior company official said.

March 5th, 2009 NEW DELHI - Realty Major Parsvnath Developers Ltd Thursday announced the launch of Parsvnath Royale Floors, a housing project in Lucknow that offers houses in the range of Rs.1.39 million-2.75 million. The city-based developer will invest Rs.1 billion (Rs.100 crore) to execute the project that will have houses with a floor area in the range of 435 square feet-1,135 square feet, the company said in a statement.

January 13th, 2009 NEW DELHI - The Communist Party of India-Marxist (CPI-M) Wednesday accused the Planning Commission of refusing to approve the Kochi Metro and sought Prime Minister Manmohan Singh's 'immediate intervention'. The CPI-M said in a statement that the Planning Commission wanted 'a private party brought into the Metro Project on a Private-Public-Partnership (PPP) model ...

January 6th, 2009 CHANDIGARH - Controversial mega projects in Chandigarh worth billions of rupees under prevailing market prices are under the scanner of the Central Vigilance Commission (CVC). The CVC has sought all files pertaining to the mega-projects from the Chandigarh administration to investigate alleged corruption in land deals, official sources in the administration confirmed Wednesday.