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Parsvnath starts construction work of stalled housing project

Parsvnath said the site has already been mobilised for expeditious completion of the balance work.

PTI | New Delhi |

Realty firm Parsvnath Developers on Monday said it has started construction work of its stalled housing project at Subhash Nagar in the national capital after getting all statutory approvals.

Parsvnath said the balance work in this project, comprising 132 units, will be completed in the next one year.

In a regulatory filing, Parsvnath informed that its subsidiary Parsvnath Realcon Private Ltd (PRPL) has been constructing and developing a luxurious project “Parsvnath Paramount” at Subhash Nagar.

The project consists of 5 towers, including one separate tower of EWS (economically weaker section). There are 132 units in these five towers, including 45 units in EWS Tower.

“The construction in the said project was stuck due to inter-se dispute between the Government agencies relating to the said project,” the filing said.
The legal matter/dispute was contested on and at every appropriate forum.

After long litigation, PRPL succeeded in getting the sanction of the building plans from the South Delhi Municipal Corporation on December 16, 2019. It also got the environment clearance extended with the validity up to 2024.

“All the statutory approvals have been duly obtained by PRPL. PRPL has also got the said project registered under the norms of the RERA Act and obtained the RERA Registration Certificate on August 13, 2021,” the filing said.

Parsvnath said the site has already been mobilised for expeditious completion of the balance work.
The construction and development work at the project site was going on in full swing, it added.

“It is our endeavour and we are looking forward to completing the project within a year,” the filing said.
Parsvnath Group Chairman Pradeep Jain said: “This is a further step taken by the company to complete its on-going Projects which will help in fulfilling its commitment to the customers”.

Parsvnath Group has a presence in over 37 major cities spread across 13 states.