Parsvnath Developers performs Bhoomi pooja for 5 Star hotel and commercial complex at Vejalpur, Ahmedabad

Rs 250 crore landmark project in the city with in two and half years.Ahmedabad/New Delhi, February 23, 2007: Parsvnath Developers Ltd today conducted the earth breaking ceremony( bhoomi poojan) of its five star hotel and commercial mall project in Vejalpur in Ahmedabad. The Rs 250 crore project which will be a land mark complex in the city. The complex is expected to be completed and operational in two and half years.

Parsvnath had bagged the 22,365 sq. metre plot from Ahmedabad Urban Development Authority(AUDA) in an open auction last year. The plot situated in the heart of the city on the100 feet wide road will have a 5 five star hotel, commercial, mall and mutiplexes. Parsvnath has already tied up with Movie Times for the multiplexes.

The complex is to have around 5 lakh sq.ft. built up area. Mr. Mohit Gujral , a prominent architect from New Delhi has conceptualized the complex, which is expected to be a world class one.

The project will be a show case, state-of-the-art complex, of Parsvnath Developers in Gujarat. We have commited Rs. 1600 core projects in the State and this project will be first among the projects to come up?, said Mr. Sanjeev Jain, Managing Director of Parsvnath Developers Ltd.

We have enquires from all big retail chains and we are in discussion with many hotel chains for a tie-up for the 5 star hotel?, Mr. Ashim Gandhi, Vice President,Gujarat of Parsvnath said. The new 5 star hotel is expected to ease the acute shortage of luxuary hotel rooms in the city.

Last week Parsvnath had signed a MoU with Government of Gujarat for developing various projects at an investment of Rs 1600 crore. The company will develop townships, group housing, commercial complexes, IT Parks amongst others at Ahmedabad, Bhavnagar, Rajkot, Vadodra, Surat, Jamnagar and other districts in Gujarat.

Source : Equity Bulls

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