PDL raises Rs 1,000 mn in residential project

Parsvnath Developers Limited (PDL), a leading real estate and infrastructure providers, has inked an agreement with SUN-Apollo India Real Estate Fund LLC, an international real estate private equity fund, for an investment in its premium residential project at Ghaziabad, Uttar Pradesh.

SUN-Apollo will invest upto INR 1,000 Million for a 49.9% stake in the project SPV, Parsvnath Buildwell Private Limited, which will develop the project.

The project- Parsvnath Exotica- Ghaziabad-is spread over an area of approx. 31 acres.

Commenting on the investment by SUN-Apollo, Pradeep Jain, Chairman, Parsvnath Developers Limited, said, ?This is the fifth project being developed by us in which foreign investors have made foreign direct investment. This is the second project being developed by PDL, where SUN-Apollo has made an investment.?

The construction of the project has already commenced and all requisite approvals including sanction of building plans, besides various other approvals such as environmental clearance, etc., have already been obtained, said the company on Tuesday.