Parsvnath Developers in MoU with SJP Hotels -; Resorts for its residential project 'Parsvnath Palacia'

16 Feb 2022 , 01:41 PM

Parsvnath Developers entered into a Memorandum of Business Understanding (MoU) on Wednesday with SJP Hotels & Resorts Private Limited (“SJP”), Migsun Group, for undertaking and completing the construction, development, marketing and sale of its residential Project viz. “Parsvnath Palacia’, located at Plot No. 5, Sector-Pi, Alistonia Estate, Greater Noida, on the land admeasuring 34,999.22 sq mtrs. allotted by Greater Noida Industrial Development Authority (GNIDA) on a leasehold basis.

Under the MoU, the Company has appointed SJP as an exclusive Project Management Consultant which will have operational and management control for undertaking and completing the construction, development, marketing and sale of the Project, subject to the overall supervision of the Company.

The mentioned project is an ongoing project of the Company consisting of 6 multi-storied towers having a total of 442 units.

The Company has already obtained various approvals (including Registration with RERA), permissions, sanctions, NOC etc. from the respective authorities which are necessary for undertaking construction, development, marketing and sale of the Project, which shall be revalidated as per the terms of the aforesaid MOU.

At around 1.39 pm, the company’s stock was trading at Rs17.40 per piece down by 1.4% on BSE.