Delhi-based real estate company Parsvnath Developers on August 30 said construction and development work has started in its stalled luxury housing project at Subhash Nagar in the national capital and that it has obtained all necessary approvals.
The company hopes to complete the project within a year.
The project consists of five towers including one separate Tower of EWS, having total 87 residential units in four towers and 45 units in EWS Tower.
“The balance work in this project, comprising 132 units would be completed in the next one year,” the company said.
“This is a further step taken by the company to complete its on-going projects which will help in fulfilling its commitment to the customers and will further strengthen the brand value of Parsvnaths,” Pradeep Jain, chairman of the company, said in a statement.
“Pursuant to the provisions of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that Parsvnath Realcon Private Limited (PRPL), a wholly-owned subsidiary company of the Company, has obtained all the necessary approvals including sanction of building plans, environmental clearance, RERA Registration Certificate, etc. for its luxurious project “Parsvnath Paramount” situated at Subhash Nagar,” it said in a regulatory filing.
Parsvnath Realcon Private Ltd is a subsidiary of the company.
“Accordingly, the construction and development work at the project site is now going on in full swing,” it said.
The construction in the project was stuck due to inter-se dispute between the government agencies relating to the said project. The legal matter/ dispute was contested on and at every appropriate forum and consequently, after long litigation, PRPL succeeded in getting the sanction of the building plans from the South Delhi Municipal Corporation on December 16, 2019, and also got the environment clearance extended with the validity up to 2024, the company said.All the statutory approvals have been duly obtained by PRPL. PRPL has also got the said project registered under the norms of the RERA Act and obtained the RERA Registration Certificate on August 13, 2021. The site has already been mobilised for expeditious completion of the balance work and the construction and development work at the project site is going on in full swing, it said.