Credit rating agency, CRISIL has reaffirmed the rating assigned to Rs 200 crore Non-Convertible Debentures (NCD) of Parsvnath Landmark Developers (PLDPL), a wholly owned subsidiary company of the Parsvnath Developers, as ‘BB-/Negative’.
The rating continues to reflect favourable location of the La Tropicana project with healthy saleability. This rating strength is partially offset by exposure to project implementation risk and modest debt protection metrics. PLDPL is a special-purpose vehicle, promoted by Parsvnath Developers to develop La Tropicana, a 0.23-crore square feet residential project located at Civil Lines, New Delhi.
Parsvnath Developers has diversified portfolio, which includes, integrated townships, group housing, commercial complexes, hotels, IT parks, among others.
