Parsvnath Developers, a Delhi-based realty major, has bagged 38-acre railway land in the heart of the national capital for Rs 1,651.51 crore. It outbid Indiabulls in an auction. The land is located near the Sarai Rohilla railway station. This is the second-biggest land deal in Delhi after the 2007 purchase of 38 acres of DCM Group land in Motinagar by DLF for Rs 1,675 crore. Indiabulls, the only other bidder in the auction condu-cted by Indian Railways, offe-red Rs 1,257 crore for the land.
Parsvnath will use the land to create luxury premium housing in the capital apart from commercial, hotel and other civic amenities. The company will develop this project in a tie-up with private equity firm Red Fort Capital.
A total of 19 real estate developers had qualified for the auction. The site is with the Railway Land Development Authority, which has over one lakh acre of surplus land across the country. The Railways have decided to monetise this asset.