Parsvnath outbids DLF: 126-acre Chandigarh land

NEW DELHI: Parsvnath Developers Ltd has won a 126-acre land deal in Chandigarh for Rs 821 crore, outbidding real estate giant DLF Universal.

"We have won the 126-acre land deal in Chandigarh. We are making Rs 821 crore upfront payment to Chandigarh Administration," Parsvnath Chairman Pradeep Jain said.

Besides, the company would have to share 30 per cent revenue from the sale of residential properties. This is estimated to be around Rs 600-700 crore, which would take the entire deal in the range of Rs 1400-1500 crore, he said.

The high-priced Chandigarh deal comes barely weeks after another real estate firm Unitech created history by bagging a 340-acre land deal in Noida for a record Rs 1,583 crore.   While Jain did not say how much DLF had bid, industry sources said it was more than Rs 600 crore.