Parsvnath Developers Ltd (PDL) has acquired a 1.18-acre plot in Connaught Place, Delhi, for Rs 200 crore to build a new luxury mall and an office complex. The land has been acquired from Mahajan Industries.
Pradeep Jain, chairman, Parsvnath Developers, said: “We have already made the payment for the land. At present, the floor area ratio is pegged at one lakh square feet, but under the new master plan it is expected to be close to 1.65-1.70 lakh square feet.”
Speaking about the rentals, Jain said that the office space side will be priced between Rs 500 to Rs 600 per square feet, while for the retail space it will be between Rs 1,000 to Rs 1,200 per square feet.
According to the company, the plot is acquired through its 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. The development activity will commence within next three-four months.
The mall will house premium brands across categories including apparel, jewellery, accessories, home and electronics.