Parsvnath Developers Ltd., one of the leading real estate developers of the country, has won the bid to develop a modern city centre at Ranchi, Jharkhand's state capital. The tentative project value will be around Rs 400 crore.

In a fiercely competitive bid involving 20 developers, Parsvnath emerged as the highest bidder to bag the project. The tentative saleable area of the project will be 10, 00,000 lakh sq.feet.

After the expression-of-interest (EOI) stage, 20 developers were short listed as the prospective bidders for the project, which included DLF Ltd., Ansals, Eldeco, Aerens, Nagarjuna Constructions, Simplex Infrastructures Ltd., Omaxe, Kumar Builders, IVRCL, Chalet Hotels, Parsvnath Developers and others.

The project will witness the development of the first five star hotel in Ranchi, a city which needs more quality hotels. With only a very few quality hotels on offer and the business class visitors increasing by the day, a 4-5 star business class hotel is a highly viable business proposition.

Source: moneycontrol.com