India’s leading real estate and infrastructure developer, Parsvnath Developers (PDL), has entered into an agreement with Red Fort Capital – a leading international real estate private equity fund. As per the agreement, Red Fort Capital will invest in the premium luxury residential project – Parsvnath La Tropicana in Khyberpass, Civil Lines, Delhi.
The company’s subsidiary Parsvnath Landmark Developers (PLDPL) — a private limited company — is engaged in executing this premium luxury residential project. Parsvnath La Tropicana is spread over a land area of 16.84 acres (68,149 sq.mt) with a saleable area of approximately 1.9 million sp.ft. PLDPL is expected to commence construction of this project very shortly and it has also received sanction from Municipal Corporation of Delhi.
PDL and PLDPL have entered into an agreement with Red Fort Capital, which would be investing Rs 90 crore into PLDPL for subscribing 18% equity interest. The project is expected to be completed in 3 years and is anticipated to generate revenue of about Rs 1,300 crore.