Listed real estate company Parsvnath Developers has acquired 4,751 square metres of commercial plot in Greater Noida for nearly Rs 14.8 crore following settlement of its dispute with the development authority, the company said in a regulatory filing on December 6.
The company was allotted over 18,000 square metres of plot on a 90-year lease by the Greater Noida Industrial Development Authority in Uttar Pradesh in a tender process held in 2007.
Pradeep Jain, chairman of the company, said that the “company is leaving no stone unturned to settle all disputes relating to allotment of land in company’s favour, either through taking appropriate legal recourse or through amicable resolutions/solutions. In this process, the company has got the long-awaited allotment of commercial plot by the Greater Noida Industrial Development Authority, which will further strengthen the land bank of the company.”
Greater Noida Industrial Development Authority had invited offers for allotment of commercial plots on 90 years of lease in Greater Noida in the year 2007 under the commercial plot scheme. Parsvnath Developers Limited had also submitted its tender for the same and was allotted a commercial plot in Greater Noida spread over an area admeasuring 18,632 sq. m, the regulatory filing said.
Also Read: Parsvnath starts construction work of stuck luxury project in Delhi's Subhash Nagar
Due to certain reasons, the lease deed could not be registered in the name of the company within the prescribed time, and the matter was under dispute. To resolve the matter, the company had opted for the Project Settlement Policy of the Authority under which the company has received the lease plan for the commercial plot admeasuring 4,751.16 sq. m allotted to it by the Authority against the payment already made by the company, the regulatory filing said.
On submission of all the requisite documents and fees/ charges with the Authority, the company will get the Lease Deed registered in its name and will obtain all the requisite sanctions and approvals from the concerned Authorities for development of a commercial project on the said plot, it said.
Parsvnath Group has a presence in over 37 major cities including New Delhi, Gurugram, Noida, Greater Noida, Indore, Jodhpur, Lucknow, Moradabad and Ujjain.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
