Parsvnath Developers has acquired 4,751 square metres of commercial plot in Greater Noida for nearly Rs 14.8 crore after settlement of its dispute with the development authority, according to the company’s chairman Pradeep Jain.
In a tender process held in 2007, 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.
“We got an allotment of this land in 2007 but lease deed could not get registered under the company name. The matter was under dispute. Now, we have settled the issue and got 4,751 square metres land against the amount we paid initially,” Jain told PTI on Monday.
The company had deposited nearly Rs 17.5 crore to the authority and out of the total amount, around Rs 2.6 crore has been forfeited.
The authority has now allotted 4,751.16 square metres against the balance amount of nearly Rs 14.8 crore at Rs 31,100 per square metre.
“The lease deed will be registered this month. The total development potential on this land is around 1.5 lakh square feet commercial area,” Jain said.
To resolve the matter, Parsvnath had opted for the Project Settlement Policy of the authority.
“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,” Jain said.
Parsvnath Group is having presence across over 37 major cities like New Delhi, Gurugram, Noida, Greater Noida, Indore, Jodhpur, Lucknow, Moradabad and Ujjain. The company has already delivered 68 projects.
In October, the company cancelled its joint venture agreement with Sumeru Soft Pvt Ltd and Gomathi Visweshwaran Trust to develop a 31-acre mixed-use project in Chennai and got nearly 8-acre land in a settlement with the two partners through arbitration.
Last month, Parsvnath entered into an agreement with Akshaya Signature Homes to develop a housing project on the land parcel in Chennai.
In August, it started construction work of its stalled housing project – Parsvnath Paramount – at Delhi’s Subhash Nagar after getting all statutory approvals. The balance work in this project, comprising 132 units, will be completed in the next one year.
Recently, Parsvnath Developers tied up with Unity Buildwell to develop a 4 lakh square feet luxury retail mall in West Delhi.