DMRC grants construction rights to for high-end shopping mall to Parsvnath Developers

Delhi Metro Rail Corporation (DMRC) has granted the rights for the construction, development, management, operation and maintenance to real estate company Parsvnath Developers Limited of a high-end Shopping mall located near Netaji Subhash Place Metro Station in Delhi.

“Delhi Metro Rail Corporation Limited had granted to Parsvnath Developers Limited, the concession rights for the construction, development, management, operation and maintenance of a high-end shopping mall on land measuring 28,400 sq mtrs, having a potential of 4,00,000 sq ft (approx.) leasable area, on BOT basis, situated at Netaji Subhash Place, Netaji Subhash Place Metro Station, Opposite Wazirpur District Center, Pitampura, New Delhi,” the release read.

The company has entered a Limited Liability Partnership Agreement dated November 18 with Unity Buildwell Limited for the development of the project via a Special Purpose Entity known as “Unity Parsvnaths ILLP”. The construction and development work at the site has begun after getting the required approvals and sanctions from the DMRC including the approval of DMRC for development of the Project by Unity Parsvnath ILLP.

“The Company is also focusing on development of new commercial/ group housing and other projects on unutilized land bank with new strategic/JV partners which will further strengthen the brand value of ‘Parsvnaths’,” said Parsvnath Developers' chairperson Pradeep Jain.

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