Parsvnath Developers secures another DMRC Project

Parsvnath Developers Ltd on June 21, 2007, has announced that the Company has bagged another DMRC project for developing an ultra modern fully Air-Conditioned shopping mall outside Netaji Subhash Place Metro Station in North Delhi.

The prestigious project located at a prime location on the Ring Road, slated to attract huge footfall, would cost approximately Rs 150 crores. The Company bagged the project through a competitive bidding process.

The project sprawls over an area of 19,400 sq.mtr with a developable area of 2,50,000 sq.ft. The project aims to gratify the shopping needs of public traveling by metro. The shopping mall would be truly world class and will house a number of big brands to cater to huge local demand in the area. The project will have multiple pull factors and global brand mix that will ensure enormous attraction value.

Speaking on the achievement, Mr. Pradeep Jain, Chairman of the Company said, "We are extremely privileged to have won this highly competitive bid and are glad to once again associate with DMRC. The Project will boast of a state of the art construction and layout and will give a truly world class shopping experience to the residents of North Delhi."

With this project, the total number of DMRC projects, which the Company is developing, goes up to 13. The Company has already entered into concession agreements to develop shopping malls on 12 stations owned by the Delhi Metro Railway Corporation (DMRC) on a Build-Operate-Transfer basis. Of these, construction of 6 is already completed.

The Netaji Subhash Place mall is expected to be fully operational within three years.

Source : Equity Bulls

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