Parsvnath Developers Limited (PDL), one of India’s leading real estate company with a pan-India presence and a diversified portfolio has inked an agreement with two Saffron Group managed funds, Yatra Capital Limited and Saffron India Real Estate Fund I (SIREF I), for the development of BEST bus depot near the Bandra Kurla Complex in Mumbai.

Parsvnath Developers Ltd. was awarded the development rights under a tender process for the 30, 820 square metres of land area in Kurla, Mumbai, situated on L.B.S. Road on East side, S. G. Barve Marg on North side at Kurla (West). 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 utilization (“Project”).

The development activities will be undertaken through a special purpose vehicle under the name of Jarul Promoters & Developers Private Limited (“Jarul”), being a subsidiary of Parsvnath Developers Ltd.

PDL and Jarul have entered into agreements with Yatra Capital Limited and SIREF I (“Investors”), whereby the Investors shall each hold a 15% equity stake in Jarul, on a fully diluted basis. For the purpose of acquiring this stake, Investors will make an investment of Rs 186 crore, thereby valuing the project at Rs 620 crore.

Speaking on the development, Mr. Pradeep Jain, Chairman, Parsvnath Developers Ltd said, “I am glad that Yatra Capital and Saffron India Real Estate Fund I have joined hands with Parsvnath. This is a significant achievement for us as investors’ are showing interest and confidence in our group. We are expanding at a good pace and these developments would further help in our commitment to work towards better results for our investors”.

“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.” Mr. Jain added.

Last year in August, Parsvnath Developers Ltd had also bagged redevelopment project for Mahim Bus Terminus, Mumbai with a developable area of 40,000 sq ft from BEST for commercial and residential utilization along with remodeling of existing bus station.

Sourced From: Adfactors Public Relations Pvt Ltd

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