In a bid to achieve better sales realisation and brand value, realty firm Parsvnath Developers has dropped its plan to sell a prime land in Connaught Place and is planning to develop a commercial building at Connaught Place at a cost of around Rs 70 crore.
Further, the company is expecting to garner over Rs 1,000 crore from the proposed commercial building with saleable/leasable area of 1.3 lakh sq ft.
The company, earlier in 2008, acquired 1.18 acre of commercial plot at KG Marg near Connaught Place for Rs 212 crore. By 2011-end, the company had put this plot on block for about Rs 700 crore and had even appointed consultant Jones Lang LaSalle to find buyers.
