Red Fort Capital and Parsvnath Developers have launched a five million square foot residential and mixed-use project in the heart of New Delhi.
Located on a 38-acre parcel convenient to the Connaught Place central business district, the project is New Delhi’s largest integrated mixed-use project.
The project was secured from India’s Rail Land Development Authority for a consideration of USD360m.
The marquee project offers home buyers over three million square feet of residential design, luxurious appointments, green space and a prime New Delhi address. In addition, over 500,000 square feet of mixed-use space – including retail, office, hotel and health care facilities – will enable the project to become a landmark destination in New Delhi. The project also includes civic facilities and redevelopment space allocated to the RLDA.
Parry Singh, managing director of Red Fort, says: "Red Fort and Parsvnath are pleased to announce this landmark 38-acre project, which will redefine urban living in New Delhi. Together, we will develop the project according to international mixed-use urban standards and establish a new benchmark for urban India."
Pradeep Jain, chairman of Parsvnath, adds: "Together, Parsvnath and Red Fort Capital will develop a world-class urban destination in the heart of New Delhi, modeled after international mixed-use offerings. The project is a well-connected hub from day one, with strong infrastructure access and close proximity to Connaught Place."
