Parsvnath ties up with the govt for Rs 1,600cr projects

New Delhi, Feb 20: Leading real estate player Parsvnath Developershas signed an MoU with the Gujarat government for developing variousprojects at an investment of Rs 1,600 crore over a period of 2-3 years.

The company will develop townships, group housing, commercialcomplexes and IT parks at Ahmedabad, Bhavnagar, Rajkot, Vadodara,Surat, Jamnagar and other districts of the state.

''Some projects are being implemented with immediate effect. Withthis tie-up, Parsvnath Developers becomes a key player in committinglarge investments in Gujarat by way of real estate projects,'' thecompany said.

At the recently held Vibrant Gujarat Urban Summit 2007, the stategovernment had invited investment from real estate developers todevelop townships, participate in the construction and management ofutilities and facilitate implementation of projects and activities inthe state.

The memorandum of understanding (MOU) were signed by Mr AshimGandhi, Vice President, (Gujarat and Strategic Planning) of the companyand Mr K Srinivas, Managing Director, GODC, in the presence of ChiefMinister Narendra Modi.

The company yesterday, won a bid to develop a Group Housing Plot at Noida at a cost of Rs 1,750 crore.

The project includes development of 7.5 million square feet of saleable area.

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