Realty firm Parsvnath Developers Ltd today said it has (PDL) inked an agreement with international real estate private equity fund Sun-Apollo which will invest Rs 75 crore in Parsvnath's premium luxury residential project in Gurgaon.
The Sun-Apollo will invest the money for a 50 per cent stake in the project SPV which will develop Parsvnath Exotica Part-II in Gurgaon, a company statement said.
''We are starting to see recovery in the real estate markets following improvement in liquidity and rationalisation of property rates, especially in the residential segment which has struck a definite high note over the last one and a half quarters with pent-up demand materialising into sales,'' said Mr Pradeep Jain, Chairman, PDL.
He said the company's association with Sun-Apollo is a significant achievement as it highlights investors' faith in ''our commitment and execution capabilities.''
Source: Central Chronicle