Parsvnath performs Bhoomipujan of Metro Station cum Mall at Commonwealth Games Village

Parsvnath Developers Ltd, on May 14, 2007, has announced that the Company has performed the earth breaking ceremony for Metro Station cum shopping mall at Commonwealth games village site. With this, the work on this prestigious Rs 160 crores project begins soon after the DMRC selecting the developer through a competitive bidding.

The shopping mall and station are to be developed in an approx. area of 7.30 acres of land. Approximately 3,65,000 sq. ft of area would be developed and will be located opposite to Akshardham Temple and a walking distance from the Commonwealth games village. Apart from providing transport succor at the time of games, it would provide the much needed transport support to the residents of east Delhi and Noida. The project will be completed by the mid of 2009, ahead of the commencement of Commonwealth Games.

Mr. Pradeep Jain, Chairman, of the Company said, "This project further strengthens our relationship with DMRC and our joint effort in building nation's infrastructure at a pace that matches the economic growth graph. We feel proud to build such a prestigious project at a premium location. The strategic location will facilitate the travel needs of commuters especially at the time of Commonwealth games."

This is the second DMRC project after Azadpur Metro Station for which the Company has been awarded the contract to construct the metro station with shopping mall. The Company has already entered into concession agreements to develop shopping malls on 11 stations owned by the Delhi Metro Railway Corporation (DMRC) on a Build-Operate-Transfer basis. Of these, 5 have already been executed. These include Parsvnath Metro Mall at Metro Stations at Shahdara, Pratap Nagar, Inderlok, Seelampur and Tis Hazari.

Source : Equity Bulls

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