Parsvnath Developers Ltd., India’s leading real estate developer with a pan India presence has won the bid to develop a Group Housing Plot in Sector 116 of Noida. The development cost of the project to the company including land would be Rs 1750 crore. This would result in 7.5 million sq ft of developed saleable area with revenues spread over next three financial years, which would add to company’s topline and bottomline.
In a fiercely competitive bid, Parsvnath emerged as the highest bidder to bag the project. Two developers were short listed as the prospective bidders after the prequalification stage for the project.
New Okhla Industrial Development Authority, which is responsible for infrastructure development within Noida, intends to develop a Residential complex, which would be an icon for the city. Noida, the business capital of UP, is currently witnessing a rapid industrial development - resulting in urban population growth and an inflow of qualified manpower from all over the country.
Commenting on winning the bid, Mr Pradeep Jain, Chairman, Parsvnath Developers Ltd said, “We have established our presence in 45 cities and 16 states across India. We are aggressively expanding our base by entering new verticals such as SEZ, hospitality business and retail space. Group housing is our focus area and this project will be another feather in our cap.”