Parsvnath Developers Ltd, a major real estate player in the country has announced that the company has won a contract of Rs 90 crore from Chennai-based Shirdi Sai Trust for building an ashram in Mahrashtra.

Under the contract, Parsvnath will construct dormitories, residential blocks and an open air theatre and restaurant block over an area of approximately one million sq feet.

The company is already developing a 3-star hotel at Shirdi over an area of 50,000 sq feet.

The project will be initiated within the month of January 2008 and the work will be completed within 21 months from the date of commencement of construction, an official release said.

Pradeep Jain, Chairman, Parsvnath Developers Ltd said, “We feel privileged to be part of this great social work. Service to the pilgrims is paramount for us. The ashram will provide comfortable stay to Sai Baba devotees visiting the pilgrimage. Once complete, Shirdi Sai trust will hand over the ashram to Shirdi Sai Sansthan for ownership, management and further maintenance.”

Parsvnath Developers Limited a leading real estate developer in India has a PAN - India presence and an experience of more than 17 years in offering state of the art construction in 48 cities and 17 states with across key verticals of real estate industry.

At 11:55 am, stock of construction firm, Parsvnath Developers was quoting at Rs 546. It has touched an intraday high of Rs 583 and an intraday low of Rs 545. The stock was recommended for Buy yesterday by TopNews. The stock touched an all time high in yesterday’ trade.