Parsvnath Developers has informed that the company has acquired property worth Rs 200 crore in Connaught Place, New Delhi from Mahajan Industries, which owned the property jointly with the Dhoot family (Videocon Group Promoters).

The company has acquired a plot at 27, Kasturba Gandhi Marg through a recently formed subsidiary Primetime Realtors Pvt. Ltd and is proposing to build luxury mall-cum-office building, which will offer a mix of fashion, lifestyle and entertainment. The mall will showcase host of selected major international and Indian luxury brands across categories such as apparel, Jewellery, accessories, home and electronics.

The company said that the development activity would start immediately after obtaining all necessary approvals.

Parsvnath Developers Limited engages in the promotion, construction, development, and sale of real estate properties in India. It currently has around 210 million square feet of developable area, including seven special economic zones.
The stock closed on Friday at Rs 236, up 1% compared with previous close of Rs 232. The total volume of shares traded at the BSE was 267,254.