Parsvnath pays its 3rd installment for rail land

For the purchase of 38 acres of Indian Railways at Rs 1,651 crore, realty firm Parsvnath Developers has paid Rs 500.86 crore as third installment to the Rail Land Development Authority (RLDA). Parsvnath had bought this land, located at Sarai Rohilla-Kishanganj in Delhi from RLDA in 2010 through an auction.

The company has so far made payments of three instalments together with interest aggregating to Rs 1,161.46 crore, Parsvnath Group said in a statement.

A development agreement was executed between RLDA and Parsvnath Rail Land Project in May this year and a special purpose vehicle incorporated for implementing this project. The company will develop luxury apartments, shopping areas, railway housing, railway service building, hospital and other amenities in the land.