Parsvnath to sell 1.18 acre land in CP; appoints JLL as advisor

NEW DELHI: Realty firm Parsvnath Developers today said the sale process of its 1.18 acre of land near Connaught Place in the national capital is under progress and the company has appointed Jones Lang LaSalle India to advise on this deal.

In a filing to the BSE, Parsvnath said building plans for the development and construction has already been approved by the concerned authorities.

"The company decided to put the (KG Marg) plot of land on sale and has given an exclusive mandate to Jones Lang LaSalle India (JLL) to handle the process and the matter is under progress," it added.

Meanwhile, ICICI Bank said in a statement, "We have no plans to acquire or invest in this property".

Parsvnath's share today settled at Rs 59.30, up by 7.32 per cent from the previous closing.

According to sources, Parsvnath is expecting to raise about Rs 700 crore from sale of this land. It would utilise the fund to cut is debt, which is at present around Rs 1,250 crore.