An arbitral tribunal has upheld Parsvnath Developers’ claim of Rs 1,034 crore in a dispute with Rail Land Development Authority (RLDA) related to a project in the national capital. RLDA has been directed to pay this amount, along with 4 per cent interest rate from July 15, 2015 till the payment date.
In February 2016, Parsvnath Developers had terminated its development agreement with RLDA due to a title dispute related to a 38-acre land stretch that the company had bought for Rs 1,651 crore.
Parsvnath Developers has diversified portfolio, which includes, integrated townships, group housing, commercial complexes, hotels, IT parks, among others.
