The Greater Noida Industrial Development Authority had invited offers for the allotment of commercial plots on 90 years of lease in Greater Noida in the year 2007 under the Commercial Plot Scheme. Parsvnath Developers had also submitted its tender for the same and was allotted commercial plot No. SLC-8/G, Sector Delta 2, Greater Noida having area admeasuring 18,632 sq. mtrs. Later, as per the lease plan, the allotted area was reduced to 18,012 sq. mtrs.

Due to certain reasons, the lease deed could not be registered in the name of the company, within the prescribed time and the matter was under dispute.

To resolve the issue, Parsvnath Developers had opted for the Project Settlement Policy of the authority under which the company received the lease plan for the commercial plot No. SLC-8/G/1, Sector Delta 2, Greater Noida, having an area admeasuring 4,751.16 sq. mtrs. allotted to it by the authority against the payment already made by the company.

On submission of all the requisite documents and fees/ charges with the authority, Parsvnath Developers will get the lease deed registered in its name and will obtain all the requisite sanctions and approvals from the concerned authorities for development of a commercial project on the plot.

On a consolidated basis, Parsvnath Developers reported a net loss of Rs 76.19 crore in Q2 FY22 as compared to a net loss of Rs 93.48 crore in Q2 FY21. Net sales jumped 19.9% to Rs 39.53 crore in Q2 FY22 over Q2 FY21.

Parsvnath Developers is a real estate and infrastructure development company. The company's diversified business portfolio comprises of residential, commercial (office and retail), DMRC projects, hotels, SEZs, IT parks and third party construction.

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