Parsvnath Developers dips after losing Exotica plot
DSIJ Intelligence / 27 Jul 2017
Parsvnath Developers has suffered a setback with land owner Devidayal Aluminium Industries (DAIPL) cancelling the power of attorney (PoA) for the Parsvnath Exotica project plot and sending a legal notice to Parsvnath Developers to vacate within a month.
Parsvnath Developers has suffered a setback with land owner Devidayal Aluminium Industries (DAIPL) cancelling the power of attorney (PoA) for the Parsvnath Exotica project plot and sending a legal notice to Parsvnath Developers to vacate within a month.
The 31-acre plot was given to Parsvnath for the Exotica project in 2004 on a revenue-sharing basis. The agreement was renewed in December 2010 and the builder got three years to complete the project. On failing to flag off construction within this time, Parsvnath got a six-month grace period but the project was yet to start. This is what has led to the cancellation.
The developer, however, termed the cancellation illegal.
Meanwhile, the stock witnessed a fall of 3.89% at Rs 23 per share on BSE. The stock on NSE attracted a traded volume of 19,12,827 shares and a traded value of Rs 458.50 lakh.
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