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Parsvnath Developers opts for Project Settlement Policy of Greater Noida Industrial Development Authority; Stock hits 10% upper circuit

The company has received the lease plan for the Commercial Plot in Greater Noida, having an area admeasuring 4,751.16 sq. mtrs.

December 06, 2021 2:54 IST | India Infoline News Service
Parsvnath Developers
Parsvnath Developers Limited has opted for the Project Settlement Policy of Greater Noida Industrial Development Authority (Authority), the company has received the lease plan for the Commercial Plot in Greater Noida, having area admeasuring 4,751.16 sq. Mtrs, allotted to it by the Authority against the payment already made by the Company.

On submission of all the requisite documents and fees/ charges with the Authority, the Company will get the Lease Deed registered in its name and will obtain all the requisite sanctions and approvals from the concerned Authorities for development of a Commercial Project on the said Plot.

At around 2.57 pm, Parsvnath Developers Ltd was trading at Rs20.15 per piece up by Rs1.8 or 9.81% from its previous closing of Rs18.35 per piece on the BSE. The scrip opened at Rs19.20 and has touched a high and low of Rs20.15 (10%, upper circuit) and Rs18.15 respectively.

The Authority had invited offers for allotment of Commercial Plots on 90 years of lease in Greater Noida in the year 2007 under the Commercial Plot Scheme. Parsvnath Developers Limited (‘the Company’) had also submitted its tender for the same and was allotted Commercial Plot No. SLC-8/G, Sector Delta 2, Greater Noida having area admeasuring 18,632 sq. mtrs. (Later, as per the lease plan, the allotted area was reduced to 18,012 sq. mtrs.).

Due to certain reasons, the Lease Deed could not be registered in the name of the Company, within the prescribed time and the matter was under dispute.

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