Parsvnath Developers partners Unity group to build mall in West Delhi; eyes Rs 100cr annual rent
Realty firm Parsvnath Developers has tied up with Unity Buildwell to develop a 4 lakh square feet luxury retail mall in West Delhi and both partners expect rental income of at least Rs 100 crore annually from this project.The construction of the shopping mall has started and is expected to be completed by the end of the next year, Parsvnath Chairman Pradeep Jain told PTI.We had got a 28,400 square meter land at Netaji Subhash Place, Pitampura in West Delhi from the Delhi Metro Rail Corporation Ltd on a 30-year lease.
Realty firm Parsvnath Developers has tied up with Unity Buildwell to develop a 4 lakh square feet luxury retail mall in West Delhi and both partners expect rental income of at least Rs 100 crore annually from this project.
''We had got a 28,400 square meter land at Netaji Subhash Place, Pitampura in West Delhi from the Delhi Metro Rail Corporation Ltd on a 30-year lease. The land is fully-paid. We have tied up with Unity Buildwell to develop a high-end mall,'' he said.
Parsvnath Developers will have 51 per cent, while Unity Buildwell will have the remaining 49 per cent stake in a special purpose vehicle (SPV) created by the two partners to develop this project.
''The mall should be in operation by December 2020. We expect an annual rental income of at least Rs 100 crore,'' Jain said.
The DMRC had granted to Parsvnath Developers the concession rights for the construction, development, management, operation and maintenance of a high end shopping mall on land admeasuring 28,400 square meters, having a potential of about 4,00,000 square feet leasable area, on BOT basis, situated at Netaji Subhash Place, Near Netaji Subhash Place Metro Station, Opposite Wazirpur District Center, Pitampura.
The company has entered into a Limited Liability Partnership agreement with Unity Buildwell Ltd for undertaking the development of the project through a SPV 'Unity Parsvnaths LLP', the company said in a regulatory filing.
The construction and development work at the project site has commenced after obtaining all the requisite sanctions and approvals, including the approval of DMRC.
''The company is also focusing on development of new commercial/ group housing and other projects on unutilized land bank with new strategic/JV partners,'' Jain said.
Parsvnath group has presence across over 37 major cities like in New Delhi, Gurugram, Noida, Greater Noida, Indore, Jodhpur, Lucknow, Moradabad, Ujjain etc. spread over 13 States. The company has already delivered 68 projects.
Delhi-based Unity Group is a diversified group with interests in commercial developments, residential projects, educational institutions, hotels, automobile dealerships, marble and healthcare.
The group has delivered more than 10 million square feet of commercial, retail, hospitality and institutional spaces till now. It has more than 100 real estate developments across Delhi and is currently working on more than 20 million sq ft of developments in Delhi.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)