Parsvnath to develop new luxury mall

New Delhi: Parsvnath Developers Ltd (PDL) has acquired an 1.18 acre plot in Connaught Place (Delhi) for Rs 200 crore to build a new luxury mall complex with office space. The land has been acquired from Mahajan Industries.

The company acquired the plot — situated at KG Marg — through a recently formed subsidiary Primetime Realtors Pvt Ltd and the proposed project is expected to be completed in about 24 months at an overall investment of Rs 300 crore (including land and construction costs). The development activity would commence in the next three-four months.

“We have already made the payment for the land. At present, the floor area ratio is pegged at 1 lakh sq ft, but under the new Master Plan it is expected to be close to 1.65-1.70 lakh sq ft,” Mr Pradeep Jain, Chairman, Parsvnath Developers, told Business Line.

Asked about the rental expectations, Mr Jain said that the office space side would be Rs 500-600/sq ft, while for the retail space it is between Rs 1,000-1,200 for a sq ft.

The luxury mall would showcase major luxury brands across categories such as apparel, jewellery, accessories, home and electronics.