Parsvnath Developers Limited (PDL), one of India's leading real estate and infrastructure providers, has inked an agreement with leading international real estate private equity fund Red Fort Capital, to invest in its premium luxury residential project in Khyberpass, Civil Lines, Delhi.

Presently, Parsvnath Landmark Developers Pvt. Ltd, (PLDPL), a wholly owned subsidiary of Parsvnath Developers Limited is executing a premium luxury residential project viz. Parsvnath La Tropicana, spread over an area of 16.84 acres with a saleable area of approximately 1.9 million sq. ft.

The construction of the project is expected to commence shortly as PLDPL has received all requisite approvals including sanction of building plans by the Municipal Corporation of Delhi besides various other approvals such as environmental clearance etc.

It should be noted that, PDL and PLDPL have entered into agreements with Red Fort Capital, which would be investing Rs 90 crores into PLDPL for subscribing 18% equity interest.

The project is expected to be completed in three years and is forecast to generate revenues of about Rs 1300 crores.