Parsvnath Developers Ltd was awarded the development rights under a tender process for the 30,820 square metres of land area in Kurla, Mumbai. The land from BEST was awarded for planning, designing, constructing and re-modeling a fully equipped Bus Depot, Staff Housing and constructing buildings for commercial utilisation.
The development activities would be undertaken through a special purpose vehicle under the name of Jarul Promoters&Developers Pvt Ltd, being a subsidiary of Parsvnath Developers Ltd.
PDL and Jarul have entered into agreements with Yatra Capital Limited and SIREF I, whereby the investors shall each hold a 15 per cent equity stake in Jarul, on a fully diluted basis.
For the purpose of acquiring this stake, investors would make an investment of Rs 186 crore, thereby valuing the project at Rs 620 crore, said a statement.
Parsvnath Chairman Pradeep Jain said, ''Through the SPV, the company is planning to build the complex with state-of-the-art infrastructure setting a benchmark for the area. We are committed to ensure an international quality development within the complex.''