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News Updates

Parsvnath raises fund from Kotak


Raheja Universal 6 to sell land parcel

Realty developer Raheja Universal is said to be selling 38-acre land parcel, which is part of its flagship project Raheja International Cor- porate City, including an informa- tion technology Special Economic Zone in Navi Mumbai.

Parsvnath Developers is raising Rs 120 crore from Kotak Realty Fund for a new 100-acre integrated township project on Sohna Road in Gurgaon. Kotak Realty Fund will get a 20% stake in the special purpose vehicle that will develop the yet unnamed project.

The project will be largely resi- dential in nature with some com- mercial and retail developments, and will be launched in the next

8 High Court breather to realty majors

The Bombay High Court has struck down the notices issued by the Brihanmumbai Municipal Corporation (BMC) to six realty developers on their projects con- structed under the parking FSI policy.

These include luxury residential projects like DB Realty’s Orchid Crown at Prabhadevi, Indiabulls Sky Forest at Jupiter Mills and

40 GIREM 101

Sky Suites at Elphinstone Mills, the proposed 117-storey World One Tower by Lodha at Shrinivas Mills, Kohinoor Square at Ko- hinoor Mills in Dadar and Palais Royale at Shreeram Mills in Worli. These were the first few projects that were approved under the BMC’s policy of allowing develop- ers a maximum FSI of 4 if they construct a public parking lot on their plot and hand it over to the

BMC. The court held that the policy cannot be revised through a mere circular and that the state government must amend the Development Control Regulations (DCR) in order to bring about any change in the rules. State government officials confirmed that they would be issuing the amended rules soon.

two months.

Red Fort Capital had earlier picked up 24.5% for Rs 120 crore in an office project Parsvnath is developing on land it had got from the Delhi Metro Rail Corpo- ration in New Delhi. In January 2011, Sun-Apollo India Real Estate Fund invested Rs.100 crore for a 49.9% stake in a residential pro- ject Parsvnath Exotica in Ghazi- abad near Delhi.

Raheja Universal said: “RICC is our flagship project, part of which we are looking to sell to captive end- users. We will still develop rest of the land on our own and this will still be our flagship project.”

The project Raheja International Corporate City (RICC) was pro- posed to be spread over total 138 acres with three phases and a total developable space of around 36.27 million sq ft. The land parcel is located near Juinagar railway station and adjoining the National Highway 4.

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