Parsvnath to develop mall at Greater Noida

MUMBAI: Realty major Parsvnath Developers Ltd on Wednesday said it has won the bid from Greater Noida industrial Development Authority to develop a shopping mall at an investment of Rs 160 crore.
   
The estimated cost of the project to the company, including land, would be Rs 160 crore, Parsvnath said in a communique to the Bombay Stock Exchange.
   
The mall to be developed on 18,632 sq mt of land at sector Delta-II in Greater Noida would have around 3.6 lakh saleable area on completion, the company informed.
   
The realty major expects revenue of over Rs 300 crore from the project to be spread over the next three financial years, which would add to company's topline and bottomline.
   
Construction on the project would be initiated after the company bags the necessary approvals from the authorities concerned, Parsvnath said.
   
The company is already developing 23 commercial projects in India, which includes shopping malls and multiplexes. Also, it already has a commercial project named Parsvnath Bibhab Plaza running successfully in Greater Noida, it said.
   
Shares of the company were trading at Rs 380.05, up 2.99 per cent on BSE.