Parsvnath Developers Ltd

Parsvnath Developers Ltd

Parsvnath Developers Limited (PDL) was incorporated on 24 July 1990. The Company is primarily engaged in business of promotion construction and development of integrated townships residential and commercial complexes multi-storey buildings flats houses apartments shopping malls IT parks hotels SEZ etc.The export facility project situated in Niryat Nagar Moradabad was commenced in April of the year 1999 which covered area of approximately 75000 square feet. In the same year month of May the company had commenced Platinum Floors & Platinum Greens Project Ardee City at Gurgaon. It was Phase I huge and prestigious housing project spread over 350 acres. The 3-Star Hotel Complex on a 5-acre plot in the midst of verdant surroundings Moradabad total covered area of 170000 square feet and designed on the most modern of concepts with all facilities was commenced in July of the year 2000. To indicate the moderate project development capacity ICRA Limited gave DR3 ICRA-NAREDCO rating to the company in March of the year 2002. PDL was the first real estate developer whose grading was published under by ICRA-NAREDCO. In the same year the month of November the company had obtained ISO 9001:2000 certifications from the International Certifications Limited (ICL) in relation to the development construction and marketing of infrastructures. Again in September of the year 2005 PDL had received upgraded rating DR2- ICRA-NAREDCO from ICRA Limited indicating strong project development capacity. During December of the same year 2005 received certificate from the ICL certifying compliance with the Environment Management System Standard ISO 14001. PDL had signed Memorandum of Understanding (MoU) with ICLEI-Local Government for Sustainability South Asia India in the year 2006 to develop and maintain a framework of co-operation in the project activities to improve renewable energy and energy efficiency in large-scale infrastructure housing commercial SEZs and etc projects. During the year 2006-07 the company had won major projects like the development of Multimedia-cum-film city centre at Sarangpur in Chandigarh at a total cost of approximately Rs. 5000 Millions and also initiated a 5-star Hotel and Multiplex-cum-Commercial Mall project at Vejalpur in Ahmedabad besides the launch of Parsvnath City a high end residential township at Dharuhera in Haryana at an approximate cost of Rs. 4580 Millions. In the same year of 2006-07 PDL had incorporated two Subsidiary companies as Special Purpose Vehicles viz. Parsvnath SEZ Ltd. to develop Special Economic Zones (SEZs) and Parsvnath Film City Ltd. to develop film city project bagged from the Chandigarh Administration Chandigarh. Besides this Parsvnath Landmark Developers Pvt. Ltd. the erstwhile Joint Venture Company engaged in real estate development business became a Wholly Owned Subsidiary of the Company. The Company had signed a MoU with Gujarat Urban Development Company Limited (GUDC) in February of the year 2007 with a view to participate in various real estate projects and development in the state of Gujarat. In line with its foray into the hospitality sector The Company made a joint venture through its wholly owned subsidiary Parsvnath Hotels Ltd (PHL) with Royal Orchid Hotels Limited (ROHL) in February of the year 2008. PDL had launched its first integrated group housing and commercial mall project in Jamnagar during April of the year 2008 and also in the same period the company had inked an agreement with two Saffron Group managed funds Yatra Capital Limited and Saffron India Real Estate Fund I (SIREF I) for the development of BEST bus depot near the Bandra Kurla Complex in Mumbai. During June of the year 2008 the company had received Letter of Acceptance (LoA) from Buddha Smriti Udhyaan Development Company Limited (BSUDCL) to develop Buddha Smriti Udhyaan at Patna. PDL picked-up 38% equity stake in NanoCity Haryana Infrastructure Limited in July of the year 2008 NanoCity is one of the biggest infrastructure projects in modern India. The Company is focusing on cities other than Delhi Mumbai Chennai Kolkata Hyderabad and Bangalore given the fact that a large percentage of the population of India is located outside these cities. PDL also intends to construct number of hotels and information technology parks on commercial land acquired by the company or with respect to development rights. During 2009 the Company commissioned Azadpur Metro Station project at Delhi launched 9 Residential projects Parsvnath Premium at Sidhra Jammu; Parsvnath Residency at Moradabad; Parsvnath Premier at Indore; Parsvnath Pragati at Dharuhera; Parsvnath Pratishtha at Pune; Parsvnath Planet Plaza at Lucknow; Elite Villas at Dharuhera; Parsvnath Royale Floors at Lucknow and Parsvnath Precious - Integrated group housing at Jamnagar and 3 Commercial Projects Parsvnath City Centre at Sonepat Haryana; Commercial mall project at Jamnangar and Parsvnath Mall at Seelampur Delhi; commenced construction of 5-star hotel at Vejalpur Ahmedabad; Parsvnath Technica (Cyber Park) at Gurgaon and `La Tropicana' Group Housing Project at Civil Lines Delhi completed Azadpur Metro Station project at Delhi; announced joint venture with Constructora SAN JOSE S.A. a subsidiary of Grupo SAN JOSE a leading Infrastructure Development Company in Spain.The Company came out with the Initial Public Offering (IPO) of its equity shares in November 2006 and raised Rs.1089.77 crores through fresh issue of 36325800 equity shares of Rs.10/- each at a premium of Rs.290/- per share transaction which was completed in February 2008.The Company launched Township at Saharanpur consisting of plotted development expandable villas independent floors and commercial development in 2010; completed construction of Akshardham Metro Station - Delhi Metro Rail Corporation Limited (DMRC) operational area was handed over to DMRC in November 2009; Metro Station (Dhaulakuan) - DMRC operational area was handed over to DMRC for laying tracks between December 2009 to February 2010 commenced handing over of Parsvnath Green Ville Gurgaon Phase- II. . M/s Hessa Realtors Private Limited ceased to be a subsidiary company w.e.f. December 16 2009 during year 2009-10.During 2010-11 four companies Parsvnath Estate Developers Private Limited; Parsvnath Promoters And Developers Private Limited; Parsvnath Hospitality Holdings Limited Singapore and Parsvnath MIDC Pharma SEZ Private Limited became subsidiary companies. Thereafter the Company disinvested into four subsidiary companies viz. M/s Baasima Buildcon Private Limited Jarul Promoters & Developers Private Limited Parsvnath Developers (GMBT) Private Limited and Parsvnath Developers (SBBT) Private Limited and hence the said Companies ceased to be subsidiaries as at March 31 2011. The Company launched Red Fort Parsvnath Towers A-Grade Office-cumCommercial Complex in the heart of New Delhi's Connaught Place Zone on Bhai Veer Singh Marg; The Parsvnath an ultra-modern state-of-the-art Office-cum-Retail Complex on Kasturba Gandhi Marg New Delhi; Parsvnath Paramount a Super Luxury Air-conditioned Group Housing Project at Subhash Nagar New Delhi and Parsvnath Exotica Group Housing Project Ghaziabad in 2011. It commissioned Parsvnath Exotica Group Housing Phase I & II Gurgaon; Parsvnath Panorama Group Housing Greater Noida; Parsvnath Green Ville Gurgaon (Tower Block); Parsvnath Narayan City Jaipur; Parsvnath Royale Floors Jodhpur (Part possession); Parsvnath Panchvati Agra; Parsvnath City Jodhpur (Part possession; Parsvnath City Ujjain (Block D); Parsvnath City Sonepat (Block A); Parsvnath King City Rajpura (Phase I & II); Parsvnath City Dharuhera (Part possession); Parsvnath City Indore (Block A & B); Parsvnath Paradise -II Ghaziabad Parsvnath Kaushambi Mall Ghaziabad Parsvnath City Mall Faridabad; Parsvnath Eleganza Dehradun and Parsvnath Metro Mall Seelampur Metro Station (Part I) Delhi in 2011.The first hotel of the Company's 100% subsidiary viz. Parsvnath Hotels Limited under the name Comfort Inn Anneha became operational at Greater Kailash Enclave II New Delhi in 2012. Parsvnath City Karnal Parsvnath Greens Derabassi Parsvnath City Centre Bhiwadi and Parsvnath Pleasant Dharuhera were the new project launched in 2012. Parsvnath Rail Land Project Pvt. Ltd. became a subsidiary company during 2011-12.Parsvnath HB Projects Pvt. Ltd. became a subsidiary company and Parsvnath Realty Ventures Ltd. ceased to be a step-down subsidiary of the Company during 2013. Consequent upon disinvestment of equity shares of Parsvnath Retail Ltd. (PRL) by the Company PRL has ceased to be subsidiary company; pursuant to acquisition of securities of Parsvnath Hessa Developers Pvt. Ltd. (PHDPL) by the Company from PE funds PHDPL has become subsidiary company; Parsvnath Rail Land Project Pvt. Ltd. (PRLPPL) is no longer a subsidiary company. Further Parsvnath Buildwell Pvt. Ltd. (PBPL) & Parsvnath Realcon Pvt. Ltd. (subsidiary of PBPL) became subsidiary companies in 2013.During 2014-15 Parsvnath Hospitality Holdings Limited subsidiary of Parsvnath Developers Pte. Limited Singapore has ceased to be step-down subsidiary of the Company with effect from January 20 2015. During 2015-16 Parsvnath Realty Ventures Ltd. became subsidiary of Company consequent upon acquisition of 50000 Equity Shares effective from July 16 2016. Parsvnath Estates Developers Pvt. Ltd. subsidiary company became wholly owned subsidiary of the Company consequent upon acquisition of 1225000 Class B Equity Shares held by the overseas investors w.e.f. May 24 2016.In 2016-17 Parsvnath Landmark Developers Pvt. Ltd. subsidiary company has become a wholly owned subsidiary of the Company consequent to the acquisition of 160101 Class A equity shares and 561951 Class B equity shares with effect from November 2 2016. Vasavi PDL Ventures Pvt. Ltd. (VPVPL) was incorporated as a subsidiary company by subscribing to 51% of the paid-up capital of VPVPL with effect from October 31 2016. Farhad Realtors Private Limited (FRPL) became a wholly owned subsidiary of the Company consequent upon the acquisition of 10000 equity shares with effect from July 29 2017.During FY2018-19 the Company created two more subsidiaries namely Jarul Promoters and Developers Pvt. Ltd. (Jarul) and Suksma Buildcon Pvt. Ltd. (Suksma) to develop Seelampur and Inderlok projects respectively. As on June 30 2019 Parsvnaths had 13 completed Integrated Township projects having a total developed/developable area of 1310240 Sq. Mtr. or 14.10 Mn. Sq. Ft. Parsvnath Rail Land Projects Pvt. Ltd. (PRLPPL) which became a subsidiary of the Company in 2018 has ceased to be an Associate Company of the Company with effect from May 7 2018. Jarul Promoters & Developers Private Limited (JPDPL) became a wholly owned subsidiary of the Company consequent upon the acquisition of 100000 equity shares with effect from March 16 2019. Suksma Buildtech Private Limited (SBPL) became a wholly owned subsidiary of the Company consequent upon the acquisition of 10000 equity shares with effect from March 16 2019. Parsvnath Telecom Private Limited (PTPL) ceased to be a Subsidiary of the Company due to transfer of entire shareholding by the Company on June 29 2019.During 2019-20 Parsvnath Realcon Private Limited (PRPL) erstwhile step down Subsidiary became a wholly owned Subsidiary of the Company consequent upon the acquisition of shares from Parsvnath Buildwell Private Limited (PBPL) with effect from September 3 2019. Snigdha Buildwell Private Limited (SBPL) became a wholly owned subsidiary of the Company consequent upon the acquisition of entire shareholding with effect from December 14 2019. Generous Buildwell Private Limited (GBPL) became a step down subsidiary of the Company being a Subsidiary of Snigdha Buildwell Private Limited with effect from December 14 2019. Evergreen Realtors Private Limited (ERPL) became a step down subsidiary of the Company being a Subsidiary of Snigdha Buildwell Private Limited with effect from February 6 2020. Primetime Realtors Private Limited (PRPL) ceased to be a Subsidiary Company due to transfer of entire shareholding by the Company on February 17 2020. Parsvnath Promoters & Developers Private Limited (PPDPL) ceased to be a direct Subsidiary of the Company and became a subsidiary of the Company by jointly owning 51% shares alongwith Parsvnath Rail Land Project Private Limited (PRLPPL) Subsidiary Company which is holding 46.14% shares w.e.f. March 3 2020. Parsvnath Buildwell Private Limited became a a Wholly-owned Subsidiary of the Company with effect from June 11 2021.During the year 2022 Vasavi PDL Ventures Private Limited has ceased to be a Subsidiary of the Company due to transfer of entire shareholding by the Company.